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/
