Cashlyt : Smart Location - Based Cash In and Cash out Platform for UPI and Bank Balance Conversion

A proposed system suggests an innovative, practical and secure solution that allows users to convert cash into digital money by using a geographic-aware platform that allows to switch from one currency form to another [6]. Being connected to nearby agents, users will be able to perform financial operations easily and reduce dependence on banking infrastructures, such as ATMs and banking offices [1]. Using a real-time location services system will make it easy to find a suitable agent, while OTPs-based security will increase the security level and minimize risks of unauthorized actions[7]. In addition, the proposed system provides great possibil-ities of ensuring financial inclusion since a reliable tool of entering the digital finance sector has been developed. Using transaction logging and verifying the identity of agents will promote more accountability and trust [10]. Though some challenges exist in relation to the system and its usage, such as a need to rely on the presence of agents and use external payment platforms, overall, this system seems to have a great future perspective.

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