Project Cpost''''
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This document proposes the Central Postal Card System (Cpost) to introduce a new way for customers to pay utility bills through postmen using reloadable plastic cards. The system would allow cardholders to pay electricity, water, and telephone bills conveniently on weekends without having to handle cash. Payments would be processed electronically through the bank's network. It is estimated that over 1 million new bill payments could generate around 15 million rupees in monthly income for the bank. The system aims to reduce the use of cash and help transition Sri Lanka to a cashless society, while creating new jobs and economic opportunities.
Project Cpost''''
- 1. Cpost Card System Cpost Paying Bills never being Easy..! Project Title : Central Postal Card System (Cpost) Project Purpose : To introduce a new way of paying Utility Bills at home through the Postman by a Plastic Card Project Implementer : Bank Of Ceylon – bankers to the nation Project Designed by : R. D. Chaminda de Silva
- 2. Cpost 2 | P a g e Contents 1. Brief Introduction of Plastic Money ………… Page 3 2. Main Objective of the Proposal ………… Page 3 3. The Characteristics & Benefits ………… Page 4 4. Operational Mechanism at a glance ………… Page 5 5. Market & Profitability Analysis ………… Page 5 6. Look-in to the Future ………… Page 5 7. Trade, not Aid ………… Page 6 Appendix Project Sketch
- 3. Cpost 3 | P a g e 1 Brief Introduction of Plastic Money he development of plastic money is one of the recent Phenomenon's in the banking sector. Plastic money is a charge card and a debt instrument issued by some specialized companies, in this case Bank Of Ceylon (BOC). It is one step forward towards cash-less and cheque-less society. These cards are key to the opening of bank accounts for daily payments by the card holders and have been rightly called “PLASTIC MONEY” and are need of hour, as people can use these cards on a vast scale & vast transactions. Plastic money or polymer money, made out of plastic, and is a new and easier way of paying for goods and services, which includes Debit cards, ATMs, Credit Cards, Smart cards, etc. 2 Main Objective of the Proposal The objective is to provide convenience and security way of paying all utility bills at home, without going any payment centres through the Postman by a top-up/ reloadable plastic card which eliminates cash transactions, that saves lot of time, and reduces the risk of handling a huge amount of cash 3 The characteristics & Benefits The proposed facility consists following characteristics and benefits; a) Any individual or corporate body can be obtained, not necessarily to be an account holder. Cpost card can be used to pay utility bills for all sectors like; any individuals and for companies as well. b) Can be only obtained from any BOC – Branches Island wide and will be restricted only to pay utility bills especially; Electricity, Water, Telephone etc. If this project succeeds, the bank may have every & each persons’/ company accounts’ in the country where deposit base will be over boost and also will have an opening for cross-selling as well. T
- 4. Cpost 4 | P a g e c) Personal Identification Number (PIN) will be used, instead of Signature when confirmation of payment. The Cpost card can be leftover at home for a known third party to pay the bills, and cannot be used by others if lost or stolen. d) Minimum card limit will be LKR.1,000/- and above (sky is the upper limit) where can be top-up or reload from any boutique/ place, very similar to the mobile re-loading system. Even a small family can be use this facility and very convenient to top-up or reload,; in addition to that, the bank-BOC also benefits from the balance outstanding which answers to the banks’ capital adequacy problem. e) All bill payment can be made through a Postman by his paying machine/ unit where he used to work/ come 6 days of the week, including Saturday. Saves lot of time, convenient and reduces the risk of losing cash where any utility bill won’t be defaulted as Postman by himself will reminds it,; and even busy worker will benefits this facility as they can do it on weekend. f) In addition to the bill payment, LKR.15/- surcharge will be deducted through Cpost facility, as where as LKR.7/50 for the Bank, and LKR.2/50 each for the Postal Department, Android application, for Maintenance respectively. The Bank’s other-income balance will be heavily boosted due to detrimental impact of bill payments from other methods/ payments made by other banks, or substitute payment centres whilst the cost of the Postal Department declined. 4 Operational Mechanism at a glance The operation of the card facility (Cpost) is done through electronic funds transfer {EFT} installations and interbank network of the Bank (BOC), The costs of payment machine/ unit and plastic cards will be borne by the Bank. First and foremost, to get this facility, client has to get a Cpost card from the Bank (BOC). Load such cards, minimum amount of LKR.1,000/- from the Bank itself.
- 5. Cpost 5 | P a g e When payments are made through the Postman, should get a receipt for such payment as all such machines are directly linked to the Banks’ network and no need for physical cash for same. All Cpost cards can be reloaded from any BOC branches island wide or from any-ware, similar to the mobile reloading, and all card reloads, payment confirmations, balance outstandings will be quickly uploaded to the mobile link/ phone. End of the day (EOD); the relevant bank branches, postal offices can get a daily statement and can be kept for future references and all bill payments will be automatically uploaded/ updated to the relevant authorities/ companies i.e. Electricity Board, Water Board, Sri Lanka Telecom etc. End of the month (EOM); all surcharges will be credited and sent to the respective accounts/ departments/ companies. 5 Market & Profitability Analysis Over 10 Million Electricity or Water connections for households/ companies are registered in the Colombo region (since every one using these facilities) out of which, if at least 1,000,000 (1/10th of all connections) new payments will be originated through the BOC; over LKR.15.0 Million (LKR.7/50 x 1,000,000 new connections x 2 with Electricity & Water) income will be generated monthly and will keep magnifies when it popularized and when this operation spread in to other regions. 6 Look-in to the Future We want to reduce/ eliminate the handling of physical cash; this is the new era of economic revolutions to be implemented as the whole world leads to cashless society, and why don’t we..??? We want you to get the whole picture; think this PROJECT is as Phase-1 and in Phase-2 & 3 we can extend/ introduce this operation to the Transportation sector e.g. Three-wheelers, Trains, Buses, etc., and then for the small scale Groceries, Boutiques to purchase day-toad household items and so on….., ! ?
- 6. Cpost 6 | P a g e 7 Trade, not Aid The world needs/ leads towards cashless society a new way of payment term, one that is not only effective, but also convenient, sustainable and secure. The potential PROJECTS may have found that way with new ideas to help creating the cashless society even in middle economic communities in the developing world. Over 90% of Sri Lankans still pays their utility bills through hard/ physical cash and fills so many vouchers to do so, in which around 2% of them are losing their money by lost or stolen. The moneys/ surcharges that clients spent through this facility will be not only a profit to the INVESTORS but it also will help to develop our country’s economic system; and every surcharge CLIENTS’ spent from their utility bills they are helping to rebuilt/ improve the Economic-system in this country which might have a better, brighter future for tomorrow. That’s the idea....! ? Further, this PROJECT may also create a chain-reaction to the economic community to implement more similar projects for electronic transactions (e-transactions). It would not only provide the society a whole new level of convenience and comfort, but also it would built the highest economic standards. All the machines and plastic cards are use for this PROJECT will unlock NEW JOB OPPORTUNITIES in the society/ the country where the profits that earned in this PROJECT will help the country to grow and create new economic development for better tomorrow. What is more idea for cashless society towards economic development..? Please use this power – this opportunity to help to change the country’s economy and to improve more JOB OPPORTUNITIES and that will provide a sustainable source of income and new skills to make it work. That’s the idea. What’s yours..? Help—Join in the cause and make it happen..!