The electronic purse is a device that can store money without a bank account. It allows the customer to make offline payments directly on the POS.
It is represented as a form of prepaid cards (smart card type), and can also be integrated through standardized techniques, on a wide variety of devices such as mobile phones.
- To banks :
• Limit the need to provide bank notes and coins, whose management is much more expensive (counting, conservation, transportation, etc..) than data processing
• To reach a population that doesn’t have a bank account.
- To merchants :
• Reduce the management of cash (petty cash conservation, counting, handling, transportation, etc.).
• Limit the risk of cheques.
• Enjoy a lower cost than the general card. For some forms of distribution (vending machines, payphones transportation, parking, etc.) to avoid the use of tokens or tickets (expensive to produce), and to avoid the risks of traveling with a stock of money or keep them in an insecure place.
- To customers :
• To make life easier by reducing the size of coins and bank notes.
• To avoid having to carry a card assigned to a type of service (parking, bicycle, canteen).
• Compensate temporary lack of cash.