Decades ago, the thought of having paperless cash was unfathomable. Gradually, the society has been embracing this idea, and it is time to call a spade a spade. The future of paper cash is bleak and behold the new thing in town is contactless pay. According to the Federal Reserve Bank of San Francisco, in 2015 cash payments was still the most preferred mode of payment and it accounted for 32 % of all transaction. At a close second was the debit card with an estimated use of 27 % of all transactions. Lastly, credit cards accounted for 21 % of all transactions.
With the number of cash and card payments dwindling, people are starting to join contactless payment bandwagon. PSI is a company that has challenged the societal concept of using paper cash. Their concept involves the use of a ring which is a combination of debit and credit card system. The ring is designed to create a comfy feeling while being waterproof and also damage proof. To capture each individual, they have developed 12 unisex rings which are made of different sizes.
The current global system has been experiencing some shortcomings when it comes to maintaining a client’s security. As every year ends most financial institutions add a layer of security which seems to bring havoc to the industry instead of creating a haven for financial transactions. For instance, in 2017, it is estimated that over 2.5 billion payment records were either compromised or stolen. This was a subsequent increase from 2016 which had 0.3 billion documents stolen.
The benefit of having PSI pay is that your financial records are safe. They combine data from your previous transactions while checking your financial trends. They also have some of the brightest minds who keep a close look in your financial transactions, and if they suspect an unusual transaction, they will flag it for further security measures. Additionally, they involve the use of third-party companies that help them verify your account. With their revolutionary security system, you can transact efficiently without fear of being compromised.
Anil’s propensity for excelling became evident early in his adult life. Upon receiving his B.A. in Economics, with honors, he jumped immediately into his M.B.A. studies, obtaining that M.B.A. (with an emphasis in financial management) just two years later in 1973.
The year 1987 finds Anil Chaturvedi oceans away from New Delhi, having traded one of Asia’s great cities, New Delhi, for North America’s most important city, New York City. There we find him working for the State Bank of India as a manager of development and planning. His assignment? Planning and implementing a marketing strategy aimed at non-resident Indians in the USA. He was successful — to the tune of 500 million in new business. This success, among other accomplishments, led to the Bank of India awarding him Man of the Year honors — all this in a span of just barely under four years.
After a two-year stint at Grindlay’s Bank (in New York) where he served as both Vice President and Senior Representative for US operations, 1993 finds Anil serving at one of America’s premier financial institutions — Merrill Lynch (in the greater New York City area). At Merrill Anil served as an International Managing Director, where his primary duty was creating bespoke investment vehicles for the very wealthy. And there at Merrill Lynch, the largest wealth management company on the planet, Anil Chaturvedi became one of Merrill’s top financial advisors, going on to become one of Merrill Lynch’s Circle of Champions.
After nearly 18 years at Merrill Lynch, Anil moved on, making his second move across the oceans to settle on yet a third continent — Europe. Mr. Anil Chaturvedi is currently managing director of Hinduja Bank, Ltd, located in Geneva, Switzerland, where at present, he has served nearly seven years. Never one to stop growing and learning, Anil now advises corporations on strategies to facilitate cross-border alliances between corporations on the three continents with which he is by now, so intimately familiar. His areas of focus include raising capital from institutional investors, advising on the management, financial restructuring, and sale of troubled assets. Mr. Chaturvedi duties also include advising on the implementation of credit syndications.