OffWallet – Zero Internet Wallet Patent Granted

 

          BetaBuilds Team can now proudly say from ‘Patent Pending’ to ‘Patent Granted’.

          The team has successfully navigated the various levels for ‘Patent Granted’, badge, with a Vision & on a mission to “Bridge the Digital Divide”,

  

BetaBuilds team has multiple patents, & recently received GRANTED status  for their unique “OffWallet” Technology that allows users to make payment and receive them, without internet, and the tagline of OffWallet highlights the same --  “We enable your Wallet to Work without Internet”.

          The thought process of BetaBuilds team is guided to enable bank account holders to safely transfer their money from one account to another account, without any dependency on the internet.

          There are multiple challenges associated with digital internet transactions. To overcome these challenges and simplify the digital transaction process without the internet, is the prime focus area of BetaBuilds.

          Due to falling mobile rates, more and more account holders are shifting to digital transactions. However, the challenge of sudden connectivity failures is a major limiting factor.

 

          BetaBuilds has come up with a patented FinTech technology for account holders to transact over mobile on

01) No Data Mode

02) No Network Mode

Under – ‘No Data Mode’, transactions via financial apps is possible with No Wifi or Mobile Data

Under – ‘No Network Mode’, limited transactions via financial apps is possible with No Wifi or Mobile Data or Voice/SMS

BetaBuilds patented technology can be adopted by BFSI Industry’s Financial Apps for

01) Digital Payments Wallets

02) Banking Apps i.e. MOBILE BANKING APPS/ NEFT/RTGS/IMPS

03) Credit/Debit Card payments

04) Bill Payments

05) Insurance and EMI Payments

06) UPI Based payments

07) POS Payments

In short, any financial app which leads to a Debit (Payment) or Credit (Receipt) in a bank account.

The bank account can be of individuals or merchants.

Under Mission #LessCashNotCashLess, my preferred usage of OffWallet is BBPS (Bharat Bill Payment Systems) transactions.

OffWallet can minimise / eliminate the worst-case scenario of bank account holders losing internet connectivity while transacting a BBPS bill payment.

In case of transaction disruption due to connectivity failure, the account holder is not sure of the transaction success. The respective utility companies do not respond in time for the query. Thereby discouraging BBPS transactions via mobiles.

 

 

 

The OffWallet technology can add the extra assurance for a successful BBPS transaction.

FinTech patents are relatively a new area in the Patent World.

FinTech companies require patent protections to recover the costs associated with a new technology or process.

Without patent protection, the company that spent the time and development costs in creating new FinTech solutions would always lose out to second-mover advantage.

FinTech is all about tech, so patents are uniquely powerful over copyright and trademark protections.

Patents specifically prevent others from making, using, or selling services based on a protected technology.

Patent laws are designed to help you hold onto market share while you reimburse your R&D investment.

          354 patents are under various process stages at inPASS with the keyword ‘Banking’ @ https://ipindiaservices.gov.in/PublicSearch/PublicationSearch/Search

          This shows the scope of FinTech innovation going in India, with a focus on patent obtention to safeguard future revenues.

Looking forward to early adoption of BetaBuilds OffWallet technology by Financial Apps across the world.    

 

References:

Patents filed by India-domiciled companies in US continue to decline; here’s the key reason

Economic Times — FinTech Patents — Finance Technology Innovations Implemented Over Digital Platform

View the demo of OffWallet - https://youtu.be/fL5jujtme2M

Check out the complete OffWallet process flow @ http://betabuilds.com/