Cashless Payment System for BSL Bank

BSL Bank Case study Cashless system Project BSL Bank

Project Location: Beirut, Lebanon

The cashless system is an economical introduction to a cashless society for individuals. The cashless system started to give opportunities to banking institutes, businesses, companies and government worldwide. The cashless system is an easy process of transferring money and exchange currencies. It is the best and secure process for transfer money to purchase goods and availing services. Nowadays, the cashless payment system is growing in financial development. It is a pellucid, reliable payment method and very secure.

A few months ago, the world was very upset during the pandemic condition of COVID-19, almost were countries suffering in lockdown. Peoples do want to put money in their hands. All banks get an effort for cashless payments regarding safety precautions to follow social distance and to avoid touching any surface. In the Cashless society, crime rates have been reduced, no crimes are seen of stealing money—cashless society providing the facility of exchange of money, no need to go out for exchange.

Business Requirements:

  • The cashless payment system is more beneficial for the business environment and industrial areas.
  • BSL Bank wishes to introduce a closed-loop cashless system for some schools and colleges using their online Payment Gateway.
  • Online parents’ portal to top-up Student cards as and when required.
  • It saves precious time of staff, instead of wait and stands in line for collecting payment from students.
  • It is the demand of students and canteen staff for reducing time for counting the Banknotes and do change management.

Benefits of Contactless Campus Cashless solution:

  • Cashless system project will enable them to avoid the use of paper-based Banknotes.
  • Online transactions can be done easily by parents, teachers and Students.
  • There will be no need to keep cash with students always.
  • Portable and small size card can also be used as Student ID card.
  • A cashless system is secure and fast.
  • It is easy to manage.

Solution offered:

  • Out of Box cashless engine
  • Transactions can be offline and no need internet to do Transactions.
  • Parents can use Parents’ payment portal to top-up cards using Bank debit or credit cards.
  • It has a proper record of the transacted amount.
  • The Bank and Schools can easily track the record of money transaction recorded data.
  • Students can do transactions in less than 1 sec and to avoid long queues in Canteen areas during Lunch breaks.
  • It will develop the business and satisfy customers and the bank.
  • It is an easy and fast transaction method of speed less than 1 sec
  • Bank charges have been reduced by using this service.