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..!