“Digitization has simplified our life and without the digital presence we seem so handicapped!”
In this world of virtuality, where friends exist, we converse without actually meeting them, could look for traffic health of Las Vegas Streets, visit Ajanta and Ellora caves from your laptop and watch your favorite sports as good as live expecting cash to be managed and carried in a wallet would seem unfair. That’s one of the reasons that we could see and feel its digital presence with the mobile wallets, online transfer, bitcoins, virtual currency and vouchers!Our current post would throw some light on one of the companion of the digital money – EVDS or Electronic Voucher Distribution System and how it could ease a consumer’s life.
The Evolution Cycle of Electronic Voucher Distribution System [EVDS]
Scratch Card Distribution System
The scratch-card distribution system work in the a following manner, the PIN information was stored in an electronic format and then printed on to a scratch card, which was later dispatched to the agents via distributors. The Agent would sell it to the Retailers and from there it would be bought by the consumer. The overall process because of being manual was time-consuming and also holding dead inventory or blocking money for long across various SKUs was another issue. Theft and leakage was a big concern with many workers on the shop and a physical card had the pin and a scratch away for anyone.
SMS Based Distribution System
When in 1992 the first SMS sent out successfully, nobody knew if that could be a way to send voucher information to the consumers. The SMS based voucher distribution took off quite elegantly because it was quick and instantaneous. The authorized dealers would send a request to the server for PIN information and once received the voucher details were send directly to the customer.
Web Based Distribution System
The Internet that started as early as 1969 made Voucher System much more accessible that too at a super fast speed. However, the inclination to use vouchers started in late 2008 and early 2009. You may find many Internet websites devoted to promoting these deals and vouchers online, as well as Facebook groups offering items such as student discounts and 2-for-1 restaurant voucher deals.
Electronic Voucher Distribution System
The principle although was based on Scratch Card Distribution System, but was instantaneous. All the PIN information were stored in an electronic format in a server, a retailer who wishes to provide a mobile recharge voucher to its consumer would initiate a request, that would be authorized by the server. Once authorization is done, the request is processed, and acknowledgment along with details is sent back to the access terminal (Phone/PC or POS terminal) at retailer’s sale touch point, with the recharge amount.
Benefits offered by EVDS
Systematic and Structured Approach
Reducing chances of theft and fraud
Access from anytime, anywhere
Online and offline transaction modes available
No need to carry exact change, flexible denomination voucher are available
As a distributor, one could manage multi-service providers with a single device
Minimal installation and operational cost
Real time money credits
Instantaneous, Flexible yet simple in operation
Guaranteed quality assurance
The Markets that Are most Viable and Market Makers
Before we jump into the Markets Viability, let’s give it a thought of why and what are the areas where we need vouchers?
The conclusion that could be drawn is the voucher system is aimed to help and boost the economic condition of the country and the people. Some of the sectors that mostly need vouchers and that would need an EVDS are –
The Promising Future
After getting into what, when, how and why of EVDS one thing is for sure – Vouchers are the way to the Future!
On one hand when Voucher codes are being used to avail daily services like mobile recharge, DTH recharge, virtual currencies, digital content or remittances on the other it is a way to provide comfortable and contended environment to people who need to avail education, food or skills or pay taxes.
With vouchers being delivered with pinless recharge and delivery mode, other advancements like customized vouchers tailoring as per user needs, shareable vouchers when crowd prefer to “share” what they found, mobile vouchers could also be seen. In fact few of the vouchers are also now “hidden vouchers” with vouchers being saved onto customer’s loyalty card.
EVDS that is already on its way to attract customers is a healthy “here and now” solution that perfectly fits into any financial system. With its simplicity in use, EVDS is getting comfortable in any distribution channels, due to the flexibility of converting the cash into a digital payment method.