Future Age Solutions (FAS), a Singapore-based disruptive products innovation startup, is about to launch an innovative product called Digital Wallet, a payment device enabling peer-to-peer payments that works without Internet, reaching even the remotest areas of the world.
The Digital Wallets will eliminate or minimize the needs of worldwide printing of currency notes, minting of coins, ATMs, and Internet based phone payment options. In addition, worldwide counterfeit currency business will come to an end, says Vinod Khillan, Vice President FAS.
On an average, 10% of the world economy is transacted in cash mainly for small payments through physical wallets. The idea of this invention is to replace the physical wallets by Digital Wallets.
Digital Wallet, a handheld slim and tiny biometric device that works on fingerprint authentication, makes payments or transactions highly safe and secure in encrypted mode. Moreover, the total isolated private network, encrypted inter-communication and total isolation from Internet connectivity makes the digital wallet extremely safe, secure and immune to hacking and data theft.
The Digital Wallet functions on proprietary systems like processor, operating system, Unique Embedded Text Script and payment processing software application inventions by an Indian origin inventor and founder of FAS, Raj Tore.
The Digital Wallet is a currency specific product which will cover all 180 legal tender currencies of the world within the geographic territories of the currencies. FAS’s US subsidiary corporation, Digital Cash Inc, will setup worldwide currency specific subsidiaries to enable Digital Wallets’ transactions.
The Digital Wallets will start rolling out in stages worldwide starting 2019.