We perceive almost everything virtually in this information era. We travel to different places virtually, make virtual friends, enjoy virtual reality and even shop from virtual platforms. As a matter of fact, virtualization is growing at breathtaking pace and we can expect to see a lot more common in the next few years or so.
Keeping this in mind, it really doesn’t come as a surprise that we have started transacting our money in this way. Through electronic voucher systems, we can recharge mobile phones, book tickets, pay bills, buy lotteries and purchase in retail stores with e-money. Simply choose a service, punch in your information, and get your vouchers!
So, how do these systems work? Let’s take a closer look: there are two main components of an electronic voucher system: a portable Point-of-Sale terminal and a centralized web server. The companies maintain the servers and their dealers have a Point-of-Sale terminal present in their retail space.
Different services can be availed by the end users, let’s say mobile recharge, by punching in their account information and the amount to be recharged in the Point-of-Sale terminal. All the information is sent to the server for authentication, before it sends out the recharge code to the Point-of-Sale terminal.
Immediately, the customer’s account will be debited with the desired amount and they will receive an update confirming the latter. Once the transaction is complete, the Point-of-Sale terminal produces a voucher for the authentication of the completed transaction, which can either be stored in the terminal as a record or downloaded instantly.
Moreover, transactions can also be made without PIN information. In this case, the operator authenticates the Point-of-Sale terminal once and the balance details are constantly updated in the server. Apart from the voucher for the transaction, an acknowledgement of the balance is also received by the retailer.
The electronic voucher system is useful for both dealers and customers as it has a wide range of applications! For example, it can be used for the payment of your post-paid bill or recharging your prepaid connection. That’s not all, though. These systems also facilitate easier bill payments, such as internet, gas or water, to ensure easier card recharge options, and offer simpler solutions for bank transactions and booking tickets. Slowly, the electronic voucher system is being incorporated into other purchase places as well. Newer designs are being created and several innovations are being tested to solve the unique challenges faced in the retail world.
Electronic voucher systems offer a wide range of advantages:
As you can see, electronic voucher systems are a win-win model for the business world as they promise easy and safe transactions. Hopefully, now you are aware of every aspect of how these systems work!