what is a COWRI?
Moneta (money cowrie ), used as money in certain parts of Asia and Africa, or that of C. tigris, used for ornament.
Cowri NFC is also the holder of value for payment for small amounts. Cowri, is the technology that can be white labelled to anyone wanting to operate their own wallets or payments. They can do this without investing a lot into building the technology.
what is NFC?
NFC stands for “Near Field Communication” and, as the name implies, it enables short-range communication between compatible devices. This requires at least one transmitting device, and another to receive the signal. A range of devices can use the NFC standard and will be considered either passive or active.
Passive NFC devices include tags, and other small transmitters, that can send information to other NFC devices without the need for a power source of their own. However, they don’t process any information sent from other sources, and can’t connect to other passive components. These often take the form of interactive signs on walls or advertisements.
Active devices are able to both send and receive data, and can communicate with each other as well as with passive devices. Smartphones are by far the most common form of active NFC device. Public transport card readers and touch payment terminals are also good examples of the technology.
How DOES NFC WORK?
Now that we know what NFC is, how does it work? Just like Bluetooth and Wi-Fi, and all manner of other wireless signals, NFC works on the principle of sending information over radio waves. Near Field Communication is another standard for wireless data transitions. This means that devices must adhere to certain specifications in order to communicate with each other properly. The technology used in NFC is based on older RFID (Radio-frequency identification) ideas, which used electromagnetic induction in order to transmit information.
HOW DO I CREATE A COWRI NFC IMPLEMENTATION PROJECT?
SHOULD I BUILD MY OWN INFRASTRUCTURE OR RENT?
Typically, organizations have had two alternatives when it comes to selecting a wallet / payment system:
A highly complex, custom-designed application to meet the organization’s specific requirements typically developed in a legacy environment.
An off-the-shelf application designed that can dynamically adapt to a changing environment and be implemented more rapidly at a lower cost.
Although custom-designed applications provide the desired degree of functionality, their size and complexity require lengthy design, development, and implementation efforts.
To address the limitations of custom applications, off-the-shelf applications have been developed. They provide broad functionality, better integration with existing legacy systems, greater flexibility to change and upgrade, and a lower total cost of ownership.
DO I need RBI APPROVAL?
Yes. You are the owner of your wallet or your payment system. You will need an RBI approval.