WO2016157114A1

WO2016157114A1 - A system for converting electronic cash to physical cash and vice versa via person to person electronic fund transfer and method thereof

Info

Publication number: WO2016157114A1
Application number: PCT/IB2016/051832
Authority: WO
Inventors: Anupam Varghese; Abhinav Sinha; Abhishek Sinha
Original assignee: Eko India Financial Services Pvt. Ltd.
Priority date: 2015-03-31
Filing date: 2016-03-31
Publication date: 2016-10-06

Abstract

The present invention relates to a system based transaction to convert physical money to electronic money and vice versa. More particularly, the invention pertains to a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform. The method and system thus allowing the customer to discover, mediate, and facilitate transaction by leveraging cash-in-hand and/or electronic balance.

Description

"A SYSTEM FOR CONVERTING ELECTRONIC CASH TO PHYSICAL CASH AND VICE-VERSA VIA PERSON TO PERSON ELECTRONIC

FUNDS TRANSFER AND METHOD THEREOF"

FIELD OF THE INVENTION

The present invention relates to system based transaction to convert physical money to electronic money and vice versa. More particularly, the invention pertains to a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform. The method and system thus allows the customer to discover, mediate, and facilitate transaction by leveraging cash-in-hand and/or electronic balance.

BACKGROUND OF THE INVENTION In view of recent development in e-commerce, money is circulated in many forms such as e-money or electronic money, plastic money or the good old hard cash.

E-money, or electronic money, is money that is exchanged electronically, as opposed to actual currency notes or coins. Generally, e-money or e-currency transactions are performed over the internet, or using cards that are linked to a bank account.

The electronic balance is provided on the basis of the physical balance or other form of security. The advantages of electronic money are plethora, such as, hassle free transactions, safety, transaction records, anytime and anywhere service etc.

Plastic money is a term that is used predominantly in reference to the hard plastic cards we use every day in place of actual bank notes. They can come in many different forms such as cash cards, credit cards, debit cards, pre-paid cash cards, store cards etc. Although, the prominence of such currency has been felt all over the globe but it has not replaced the physical form. However, because there are so many forms of currency there has always been a requirement of conversion.

Banks through their network of branches and tellers used to be the points of conversion between physical and electronic cash. However, it is well understood that setting up, scaling and maintaining a huge network of physical branches is not feasible. This led to the deployment of automated tellers, or ATMs.

ATMs or Money Vending/ Money Deposit machines allow users typically with an access to a bank issued card to deposit or withdraw cash. The problem with ATM is the installation cost and maintenance cost of the ATM. In addition to the same security concerns of such ATMs is increasing day by day with the increase in incidents of forgery, or theft, or manipulation of ATM machines, or cash being looted at the time of cash loading in ATMs. However, rolling out an ATM network would also be a time and capital intensive exercise. To truly make electronic cash ubiquitous, there needs to be a far better and far more democratic method to achieve the same functionality as an ATM. A system which can make use of each participant customer as an on-demand ATM, leveraging on the computing infrastructure is now available through the customers' mobile phones.

US8751379 discloses the method for person-to-person money transfers and, more specifically, to systems and methods for providing direct person-to-person money transfers over mobile devices. The embodiments allow person-to-person money transfer to be conducted over a handheld mobile device using any suitable text messaging service, such as SMS, e-mail, and the like. In one implementation, the money transfer may involve a payer providing a payee's phone number and the amount to be transferred via a text message to the payer's financial institution or via the financial institution's Web site. However, the system and method does not allow the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform. US8662384 describes the systems and methods that may permit a payor to make payments to various payees. The payment process may occur through the simple composition by the payor of a text message that includes identifying information for the payee and an amount of the payment. The message may then be sent to a payment processing system, which may debit an account of the payor (i.e., reduce it in value), credit an account of the payee (i.e., increase it in value, such as monetary value), and notify either or both of the payor or the payee that the money has been transferred. The system describes the computer-implemented method of effectuating an electronic on-line payment. The method comprises receiving at a computer server system a text message from a payor containing a payment request representing a payment amount sent by a payor device operating independently of the computer server system, determining a payment amount associated with the text message and debiting a payor account for an amount corresponding to the amount of the payment request, and crediting an account of a payee that is independent of the computer server system. The text message may be in the form of an SMS message. The method may also comprise associating identifying information extracted from the text message with an account of the payee at the computer server system. In addition, the payment request may include information identifying a payee account. However, the system and method does not allow the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

US20120054102 provides a system and method for managing forms of electronic value exchange, where the value exchange can be a donation, payment or other transfer. The value exchange can be readily initiated from a mobile device using either a code character string or a command character string, and allows the nature of the transfer and the recipient to be readily entered from such a mobile device. However, the system and method does not allow the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

US20090070263 describes a system that enables funds to be transferred from one individual to another via a peer to peer-like network. For instance, in accordance with the features, functions and benefits of the innovation, a user can automatically (and securely) transfer funds to another individual through the use of a mobile device (e.g., cell phone, smartphone, personal digital assistant (PDA), personal media player). The first mobile device can transfer a digital certificate to the second mobile device as an electronic check or e-check which the second device can collect from the first device's associated bank. The transfer of the e-check can be with or without a wireless network. However, the system and method does not allow the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

EP2013842 describes a financial transactions system comprising a consumer interface, coupled to a network, comprising a Web interface to handle transaction requests from a Web browser client; a mobile Internet browser to handle transaction requests from a mobile Internet browser on a mobile phone client; an SMS interface to handle transaction requests using SMS text messenging; and a mobile client application interface to handle requests from a mobile client application executing on mobile phone client. The invention further describes a method comprising: providing an application program interface to conduct transactions with a first financial partner; providing an SMS messenging interface to receive requests to conduct transactions; and providing a mobile client application interface to receive requests to conduct transactions, wherein through the SMS messenger interface or the mobile client interface, a client may request a transfer money from a first account at the first financial partner to a second account at the second financial partner. However, the system and method does not allow the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

There is a technological gap wherein there should be a system and method that allows the user to convert electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform overcoming all the technological gap of the existing prior art.

OBJECT OF THE INVENTION Accordingly, the main object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

Yet another aspect of the invention is to provide a system comprising of a communications module configured to receive a query, providing information and describing a desired offering; send the query describing a desired offering from the system wherein the communications module is also configured to send or receive query of one or more customers, registered agents and merchants system; filter module is configured to filter customers, registered agents and merchants, on the basis of physical balance, electronic balance, social relations, location, distance and performance rating; and further the module is also configured to capture participants' consent and enable transaction. For instance, where feasible, the system would preferentially pair up colleagues and family members (by collating such information from social networks like Facebook or from the phone's contacts/ address books or by the explicit input from the members) instead of anonymous strangers

Yet another aspect of the invention is to provide a system comprising of an authorization module configured to provide authentication to enable transaction. Yet another aspect of the invention is to provide a system comprising of a communications module configured to send the query to a server system and send desired information from the server system wherein the communications module is also configured to receive information from one or more customers, registered agents and merchants system simultaneously for offering services.

Yet another object of the invention is to enable every registered customer to act as a human ATM or wallet leveraging cash-in-hand and electronic balance; and to use the present method and system to discover, mediate, and facilitate such a transaction. Yet another object of the invention is to provide a system and method for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform.

Yet another object of the invention is to provide a system and method for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform, eliminating any settlement risk.

Yet another object of the invention is to provide a system and method for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform with minimum risk of fraud by specifically selecting peers that are selected based on social rating system(s) and thus maintaining transparency.

Yet another object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform associating minimum systemic cash risk. Yet another object of the invention is to provide a system and method to anticipate future participation or otherwise, for the participants based on pre-determined threshold rating values.

Yet another object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform that shall reduce the cost that is centralized around installing the ATM systems.

Yet another object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform that shall obviate the need to concentrate large amounts of cash at a few locations.

Yet another object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform such that facilitating customer could be incentivized for acting as a human ATM for another customer.

Yet another object of the invention is to provide a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform such that in case another facilitating customer is not found or is not willing to act as a human ATM, the requesting customer is directed to the closest agent or an existing ATM or a branch. SUMMARY OF THE INVENTION

Accordingly, the present invention relates to a system based transaction to convert physical money to electronic money and vice versa. More particularly, the invention pertains to a method and system for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform. The method and system thus allowing the customer to discover, mediate, and facilitate transaction by leveraging cash-in-hand and/or electronic balance.

The method of converting electronic cash to physical cash or equivalent, or vice versa, the method comprising of various steps: locating other customers, registered agents, an agent outlet, and merchants; sending a request by a customer for converting electronic cash to physical cash or equivalent to the system, acquiring of physical co-ordinates of the customer by the system; searching customers, registered agents and merchants by the system having physical balance greater than the requested conversion amount, within a certain maximum physical distance from each other and having minimum performance rating; sending request to all the selected facilitators to execute the conversion within a specified time; accepting the consent of the selected facilitators; choosing a facilitator with preference given to known facilitators including friends, relatives, colleagues, social network connections, mobile network connections and sources alike by the system; communicating the customer of the selected facilitators with their proximity, location, previous performance and information alike, allowing the customer to choose a facilitator; and notifying the selected facilitator via the system.

In an embodiment of the present invention, the system providing support services to facilitate fair and legitimate transfer to notify appropriate measures to safeguard the interest of both the parties', such measures may include providing methods to check fake notes, keeping a record of the physical exchange via photographic, phonographic or video recordings, allowing both the customer and the provider to initiate photographic, phonographic or video recordings recording of the physical transaction; and allowing the system to record details related to the conversion such as location of the meeting.

In another embodiment of the present invention, the system allowing transaction after authentication from associated financial institution or banks which facilitate the electronic fund transfer corresponding to the physical cash transfer or delivery of a service or product in lieu and details alike.

In another embodiment of the present invention, the system for converting electronic cash to physical cash or equivalent, or vice versa, the system comprising of a communications module configured to receive a query, providing information and describing a desired offering. The communication module send the query describing a desired offering from the system and send or receive query of one or more customers, registered agents and merchant's system which filter the module which is further configured to filter customers, registered agents and merchant's systems, on the basis of physical balance, location and performance rating; and further the module is also configured to provide consent and enable transaction. The present system comprising of authorization module configured to provide authentication to enable transaction.

BRIEF DESCRIPTION OF THE DRAWINGS

A complete understanding of the system and method of the present invention may be obtained by reference to the following drawing:

Figure 1 shows the system of the present invention via a block diagram;

Figure 2 shows the location services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device; Figure 3 shows the service details provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device;

Figure 4 shows the push notification services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device;

Figure 5 shows the map guidance services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device; Figure 6 shows the electronic transfer confirmation services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device; and

Figure 7 shows the electronic receipt services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device.

DETAILED DESCRIPTION OF INVENTION

The present invention will now be described more fully hereinafter with reference to the accompanying drawings in which a preferred embodiment of the invention is shown. This invention may, however, be embodied in many different forms and should not be construed as being limited to the embodiment set forth herein. Rather, the embodiment is provided so that this disclosure will be thorough, and will fully convey the scope of the invention to those skilled in the art.

Referring now to the drawings, and in particular to Figure 1, shows the system, Fundu™ Mobile App 100 for converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent. The Fundu™ application server 101 communicates with plurality of mobile phone devices for receiving a query, providing information and describing a desired offering. The Fundu™ application server 101 has a ranking system comprising of ranking module 102 to provide a performance rating based on feed backs of the customer and the facilitator after each successful transaction. Further Fundu™ application server 101 has a locator system comprising of locator module 103 to determine the location of the service providing customers, registered agents, and merchant's systems based on the primary variable as the distance.

Further Fundu™ app server 101 has a consent and transaction enabling module 104 to send the consent by the customers, registered agents, and merchant's systems who act as the facilitators, and the consent of customer for converting electronic cash to physical cash or equivalent, via peer to peer electronic commerce between one or more existing and authenticated wallet customer.

The system is synced to other systems to facilitate transaction. The Eko transaction platform or APIs module 105 is synced to Fundu™ server 101 to facilitate transaction. The Eko SimpliBank transaction platform or APIs module 105 can also act as a wallet.

The system further synced to other financial institutions including banks, electronic wallets and card systems 106 for authorization, if required.

The method of converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent, the method comprising of steps:

Step 1: Locating other customers, registered agents, an agent outlet, and merchants:

A customer having physical cash requiring to convert it into electronic form or make an electronic purchase on an e/m commerce gateway puts in a request for funds on the platform Fundu™ 101 through a front-end application 100 which exists with every customer. The platform 101 then pushes this request to all other customers, registered agents, an agent outlet and merchants in the customer's vicinity (retrieved using location information from the mobile devices being used by the customer) that matches a certain selection algorithm including the individual ratings, proximity or distance, available electronic or physical funds, location terrain, mutual social association (e.g.: friends, colleagues) and any other inputs that are selected. All the entities listed above are being collectively referred to as facilitators.

A request is then sent to all the selected facilitators to give consent to executing the conversion within a specified time either one by one, or all at the same time;

A facilitator may accept and give consent through an interface on the Fundu™ app. This consent is then sent to the Fundu™ server. Fundu™ server further communicates with Fundu™ app of the customer who had requested for the service. This customer is now presented with a choice of selecting a particular person (or an agent outlet which may be in the vicinity) on a map overlay. Alternatively, Fundu™ server may do the selection and send only one selected facilitator's details back to the Fundu™ app of the customer who had requested for the service.

The customer then selects a particular Fundu™ on 100 and is directed to transact.

The system further allows both the parties to create a record of the meeting, location; and facilitates the electronic fund transfer corresponding to the physical cash transfer or delivery of a service or product in lieu.

Step 2: Support Services:

Once step one is accomplished, to facilitate fair and legitimate transfer the system shall notify appropriate measures to safeguard the interest of both the parties, such measures may include methods to check fake notes, keeping a record of the physical exchange via photographic, phonographic or video recordings.

The system shall allow the both the customer and the provider to initiate photographic, phonographic or video recordings of the physical transaction. Step 3: Transaction:

Once step one and two is accomplished; the system shall facilitate transaction by transaction enabling module 104, thereby converting electronic cash to physical cash or equivalent, or physical cash to electronic cash or equivalent.

The enabling module 104 shall ask for for authentication to transfer electronic funds into the provider or customer account 106 or Eko transaction platform 105 which acts as a wallet.

The system shall then process the electronic transaction and if the authentication is successful then based on the electronic confirmation message and flow of electronic cash. Step 4: Post Transaction:

Once step one, two and three is accomplished, after converting electronic cash to physical cash or equivalent, or physical cash to electronic cash or equivalent an electronically generated receipt is provided to both the provider and the customer; moreover a feedback is mandatory for both the provider and the customer based on their experience to create a rating system for the customer and the provider.

While this provisional specification contains the description of the principal inventive concepts, the complete specification pursuant hereto, will fully and particularly describe the preferred embodiments of the present invention.

As shown in Figure 2, the location services provided for facilitating converting electronic cash to physical cash or equivalent, or converting physical cash to electronic cash or equivalent on a mobile computing device is illustrated. The step for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets using a common platform, using the location services to initiate conversion, herein wherein a map is provided to the user to locate the potential facilitators/agent in case the conversion is required. The demand is raised by selecting the "need cash" button. On the other hand "load wallet" is provided in case electronic cash need to be sourced, in case physical cash is to be converted to electronic cash.

As shown in Figure 3, the snapshot of one of the steps for converting electronic cash to physical cash or equivalent, or vice versa via peer to peer electronic commerce between one or more existing and authenticated wallet customer, using a common platform is shown; wherein service details are shared. The service detail includes amount to be sourced which is uploaded after activating "need cash" button. The amount is displayed which may be chosen by a slider based input mechanism. The conversion as illustrated requires a convenience fee to be paid that is selected by the user. The convenience fee may be calculated on a percentage basis or a fixed amount may be charged, however other arrangements may also be implemented and is not limited by the boundaries of the current disclosure.

As shown in Figure 4, one of the steps for converting electronic cash to physical cash or equivalent, or vice versa via peer to peer electronic commerce between one or more existing and authenticated wallet, where push notification is sent to the facilitator, herein any facilitator may respond or the user may address any facilitator present in the selected area. The offer is time bound and may lapse temporarily or permanently. Optionally, photographic and other identity including public rating shall be displayed.

As shown in Figure 5 is of one of the steps for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets, where guidance is provided to the user and the facilitator to meet and perform actual transaction, herein once the facilitator accepts the offer, then the user shall confirm or cancel transaction. The user shall also be able to precisely locate the destination, more specifically the route and the distance, optionally other information such as traffic; fastest route may also be displayed.

As shown in Figure 6, one of the steps for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets, where electronic transfer confirmation is shared to the facilitator and the user, herein after the facilitator is locked, the details of the transaction, social rankings, identity of both the parties and other related information shall be displayed. Further, once the transaction is complete the user shall confirm the receipt.

As shown in Figure 7, one of the steps for converting electronic cash to physical cash or equivalent, or vice versa via person to person electronic funds transfer between one or more existing bank accounts or electronic wallets, where electronic receipt is generated for both the users and facilitator, herein after the transaction the balance shall be displayed for the facilitator and the user; and both shall have the provisions to rate each other services, in a star rating system.

The method of converting electronic cash to physical cash or equivalent, or vice versa, the method comprising various steps of locating other customers, registered agents, an agent outlet, and merchants, sending a request by a customer for converting electronic cash to physical cash or equivalent to the system, acquiring of physical co-ordinates of the customer by the system, searching facilitating customers, registered agents and merchants by the system having physical balance greater than the requested conversion amount, being within a certain maximum physical distance to each other and having minimum performance rating, sending request to all the selected facilitators to execute the conversion within a specified time, accepting the consent of the selected facilitators, choosing a facilitator with preference given to known facilitators including friends, relatives, colleagues, social network connections, mobile network connections and sources alike by the system, communicating the customer of the selected facilitators with their proximity, location, previous performance and information alike, allowing the customer to choose a facilitator; and notifying the selected facilitator via the system.

Claims

CLAIMS We Claim:

1. A method of converting electronic cash to physical cash or equivalent or vice versa comprising steps of: raising demand or query for converting electronic cash to physical cash or equivalent, or vice versa; locating customers, registered agents, an agent outlet, and merchants via GPS or any other location service; filtering facilitating customers, registered agents and merchants by the system having physical/electronic balance greater than the requested conversion amount, being within a certain maximum physical distance to each other and having minimum performance rating;with preference given to known facilitators including friends, relatives, colleagues, social network connections, mobile network connections and sources alike by the system; sending request to all the selected facilitators to give consent to executing the conversion within a specified time either one by one or all at the same time; accepting the consent of the selected facilitators; choosing a facilitator; communicating the customer of the selected facilitators with their proximity, location, previous performance and information alike; allowing the customer to choose a facilitator; notifying the selected facilitator via the system; providing support services to facilitate fair and legitimate transfer; and facilitating the electronic fund transfer corresponding to the physical cash transfer or delivery of a service or product in lieu and details alike; wherein: electronic cash is generated for obtaining physical cash; electronic cash is generated in lieu of the cash or the credit from any financial institution to any participating members; electronic cash is communicated to the selected facilitator for cash exchange; physicalcash is communicated to the selected facilitator for electronic cash; and electronic cash form different users may be combined via electronic transfer within the selected facilitators.

2. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1 , wherein electronic cash can be en-cashed only in the physical presence of the selected facilitator and the user.

3. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1 , wherein one of the limiting parameters of the method is the distance that may be used as a filter to choose the facilitators.

4. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1 , wherein a user may source electronic cash from other registered members.

5. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1 , wherein single electronic cash may be broken down to various denominations.

6. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1 , wherein single electronic cash may be used partly or in full.

7. The method of converting electronic cash to physical cash or equivalent or vice versa claimed in claim 1 , wherein single electronic cash may be used partly with one facilitator and the balance may be used with other facilitator.

8. The method of converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 1, wherein new electronic cash is generated once the amount is exhausted.

9. A system for converting electronic cash to physical cash or equivalent or vice versa comprising of: an authorization module provided to facilitate fair, legitimate transfer and notify appropriate measures to safeguard the interest of both the parties; and facilitate transaction after authentication from associated financial institution or banks; and a communications module configured to create at least one group linking all the members using a common platform for converting electronic cash to physical cash or equivalent or vice versa; send the query describing a desired offering to the group; receive a query, providing information and describing a desired offering from the members; and further the module is also configured to provide consent and enable transaction;

Wherein: to safeguard the interest of both the parties may include providing methods to check fake notes; keeping records of the physical exchange via photographic, phonographic or video recordings; allowing both the customer, the provider to initiate photographic, phonographic or video recordings recording of the physical transaction;

allowing the system to record details related to the conversion such as location of the meeting; and the communication module is adapted to read query describing a desired offering from the system and send or receive query of one or more customers, registered agents and merchant's system.

10. The system for converting electronic cash to physical cash or equivalent or vice versa as claimed in claim 9, wherein the communication module filters customers, registered agents and merchant's systems on the basis of physical balance, location and performance rating.