Payment Solutions - Rice: Fill & Download for Free

The short answer is the current system is not optimized for speed. It was designed to let the card self authenticate and authorize a transaction without the need for a dial out or connection to an authorization system.To get to a satisfying answer there is need for a historic perspective.The European EMV InventionThe first standard for smart payment card transaction was on a Carte Bancaire M4 from Bull-CP8 in Paris, France on April 6th at 10:30 am in 1986. By 1995, Euro Pay, MasterCard and Visa (EMV) formed a committee for the purpose of establishing a standard that allowed for payment cards to have a secure, encrypted, embedded "chip." These competing companies were on diverging compatibility paths prior to forming this group and thus would have required merchants to use 3 different payment card terminals to accept all 3 payment products. Although it was at one time common for merchants in Europe to not accept all 3 payment products, it was actually becoming more popular to offer as many payment options as possible. There were quite a few other reasons for the standardization, but a common and interoperable design was the basis of the group.In the epoch when EMV was formed a typical medium distance phone call in parts of Europe could cost the equivalent of over $3.00 for the first minute. The payment card terminals used the telephone network for authorizations. With a base of ~$3.00 per transaction added to the cost of actual service, there had to be something done to allow smaller transactions to be approved without the need to make a phone call. The eventual solution to this problem was to build self authorizations into the payment card and, while it became one of the most important elements in accepting payments via cards, it is now forgotten for the most part. Another aspect was of course the encryption that would make it harder for a counterfeit payment card to be presented.In Europe the foundational implementation of EMV uses a CVM (Cardholder Verification Method) that requires a PIN (Personal Identification Number) to authorize the transaction. A CVM is used to evaluate whether the person presenting the card is the authorized and legitimate cardholder. There are a number of approved Cvm methods established in order of implied security:Online PIN - Pin number is verified by a live network connection.Offline enciphered PIN - PIN number is verified by connection to the EMV card.Offline plaintext PIN - PIN number is verified by connection to the EMV card.Offline enciphered PIN and signature - PIN number is verified by connection to the EMV card.Offline plaintext PIN and signature - PIN number is verified by connection to the EMV card.Signature - No PIN number is required.Fail CVM processing - This is a fall-back CVM method if the primary method fails for a spectrum of potential reasons.No CVM required - Typically for very low ticket transactions and some vending / self service systems.EMVco was successful in motivating most of Europe to adopt this standard because of the amount of fraud losses from counterfeit cards via pressure from various government entities that made it a requirement. However EMV did not get wide acceptance in the US for a number of quite unrelated reasons.US Retailers Did Not Want And Still Don't Want EMVOne reason the US has delayed the adoption of EMV is that the vast majority of merchants see very little benefit to deploying EMV and see a number of important reasons not to adopt. The primary reason is speed of the transaction a secondary reason was the cost to upgrade. There have been dozens of studies, including many performed by me independently and for clients that show a profoundly notable delay in the retail check-out processing flow. I performed most of my studies with field research in Canada during the shift to EMV "Chip and PIN" adoption. The insights were profound and moving to me and they portended to a problem if, at that point many years ago, the US were to adopt EMV.US merchants have optimized for speed to make the checkout experience flow perfectly. Companies like Target were very proud of the flow experience. The system they had in place prior to EMV adoption allowed you to self swipe after the first item is scanned with the conclusion of the transaction the moment the cashier pressed the "Tend Amount Button".Each time the card associations and banks presented the idea of adopting EMV in the US, the largest merchants declined and pushed back. They saw an agreeable and manageable low number of counterfeit cards and in reality EMV only is aimed at this type of retail fraud. EMV as it is currently deployed around the world and in the US does not encrypt the card data. Thus ironically even if Target had EMV during the well publicized breach of their POS network, the use of EMV would have had no impact on protecting the card data stolen, it would have been un encrypted. The only impact would be one less venue to use a physical counterfeit card.EMV Upgrade Cost Was Not A Primary ImpedimentThe CVM debate was also a very big topic for US merchants for the last 15 years. At the start most US issuers of credit cards did not set a PIN number. Only US Debit cards had a 100% chance of a PIN number issued. Merchants and the card associations held many debates and ultimately the compromise with to use the Signature- No PIN required CVM in the US. The date for implementation was pushed out a few times. The October 1st, 2015 date became solidified because of the very high profile card holder data breaches at large merchants. There was a political and media imperative to be certain this date was taken seriously by merchants.Clearly US merchants from the very smallest to the very largest have invested trillions of dollars in the current authorization system. However at some point by the 10 year mark almost all payment card devices are switched out. Large merchants typically swap out POS systems every 8 years and credit card terminals every 3-5 years. The October, 2015 date became a point for upgrades for many larger merchants and thus few faced very large unexpected upgrade costs.Why Is Chip And Signature Slower Then Chip and PIN Or Swiped Transactions?The European model of EMV using PIN numbers is a system where the consumer always has control of the card and the demarcation to end the transaction is the enter key after they enter in their PIN number. In the US over 85% of payment card transactions were performed by handing over the payment card to a cashier with the card and a receipt to sign to signal the demarcation of a completed transaction. This paradigm closely matches the flow of handing over cash and receiving cash. When the consumer did perform the transaction on a customer facing payment card terminal the paradigm was Swipe and put the card away.The new US form of EMV is quite a different behavior then the European EMV and certainly the US Swipe and forget paradigm. It is a creature of both worlds. It is immediately evident that from the outset there is a befuddlement factor as to how a EMV payment card transaction will be conducted. Does one swipe at a particular payment card terminal or does one Dip?How does one orient the payment card? For many, they may have issues identifying the “Chip” contacts from the hologram. This may sound like a non issue, but think about age, eyesight and lighting conditions. Compounding this are the massive variations of payment card devices that offer an EMV slot in many different locations on the device. There is no standard, it can be in front, on top, the middle or on either side.The typical non-tech payment card user will experience a four in one chance to be correct in determining the orientation of the payment card. Some will just take time to examine the card and the payment card terminal and some will just try and guess perhaps with a correct choice in two tries. We all know and love the very sweet older person in the line, in front of us. This experience will soon take on new dimensions as they are forced to use new EMV cards.Specimen of a simplified flow chart demonstrating the EMV UX flow pattern.It is very important to realize that as the above UX (User Experience) flow chart demonstrates, that unlike a swipe, an EMV transaction requires the EMV payment card to remain in the payment card reader until the transaction is fully complete. There is no clear demarcation that signals the true end of a transaction consistently across a majority of small to very large merchants. This is not close to the learned behavior from swiping. This UX is quite unlike a swipe where the card only has contact with the reader for seconds and unlike many ATM machines that retain the card. This is an entirely new payment experience. Don't forget to remember to retrieve your payment card as it sits idly in the EMV reader.EMV Cards Conduct A Bi- Directional CommunicationEMV also presents a challenge from a technical level. The reason the card must remain in the payment card terminal that the merchants system must update the chip on the EMV card with transaction data. The interaction between the EMV card, the payment device, the POS system and the network is not trivial, as the task must be performed with the proper timeouts and fall-backs. Unlike a swiped transaction where the card data is read in a rapid swipe of the card, and EMV transaction is a computer to computer exchange of data that can not be interrupted.When you combine all of the elements I present here US EMV transactions can be up to 500% longer. In fact the typical transaction at a large US retailer is ~39 seconds. This time cycle has actually increase since October. This is a dramatic increase over the ~12 second transaction time with a swiped card.I Predicted This Quagmire, It Was IgnoredAs may Quora users that follow my work here know, I have predicted the EMV UX fail for quite sometime and freely offered to assist legacy payment companies but particularly payment startups in the San Francisco area to innovate around this issue [3].I have discovered over 50 ways to markedly improve the UX and to improve the payment cycle time. Sadly from 2011 on to just about late October this was seen by many "experts" as an exaggeration of a "non existent problem" those experts, one by one have "realigned" there stories. The payment companies I approached missed the opportunity of a generation to fix this problem. The reality is EMV in the US is here to stay and there are ways to fix it. Ultimately i am postulating based on observed behaviors NFC will bypass EMV either via contactless cards or methods like Apple Pay and Android Pay.Apple Got The Message And Executed A Historic Shift In PaymentsApple wisdom was to coordinate the release of NFC based Apple Pay in the US to coinside one year before the October 2015 mandate. The premise is simple, 99.99% of EMV payment card devices include NFC or it is a 1/2% more. I have performed 17 filed research studies noting the steps consumers and merchants take for a typical transaction and to the 85th percentile consumers have their smartphone in hand during a retail check-out. This data combined with the recent rapid rise of the Apple Watch positions Apple well to a wave of EMV rejection that is swelling since this last holiday shopping season.The EMV Merchant And Consumer RebellionThe manifold reasons for laggard EMV transactions in the US conspire to make the experience maligned and perhaps hated by merchants, consumers and even banks that issue the payment cards [4].Beka Rice on TwitterAlso this:Few retailers accept chip credit cards on holidaysYou and I are entering into a moment in time where as consumers and merchants we will get more proactive about how we pay not just for convenience but also efficiency. As it stand today the historic user adoption of Apple Pay has broken all new payment adoption records. This is one of the many reasons my hobby of researching payment system modalities and technologies motivated me to code and release the Pay Finders app (Building the largest Apple Pay location map in the world.)Freedom Of ChoicePayment freedom of choice combined with speed and efficiency has been the hallmark of the shopping experiences since the dawn of the industrial revolution. It is scheduled to continue on into the future.___[1] EMV[2] Coming Soon To The Person In Line, In Front Of You: The Horror Of The EMV User Experience Fail.[3] The Blueprint For The Next Decade Of Payments Just Arrived.[4] New figures show that consumers turn to contactless as usage surges and http://www.theukcardsassociation.org.uk/wm_documents/05022015%20Contactless%20spending%202014%20-%20FINAL.pdf

One of the most common questions I faced as an IPS officer was, “Why is there so much corruption in India, and why are we not able to stamp it out?”If there was a simple magical solution, someone would have probably implemented it. We can only slay this monster with a thousand cuts.So here are a few steps to fight corruption:Remove the ability of officials to extort through delays and obstruction:Does a corrupt government official have to necessarily do something wrong to make money? Nope. They can just delay and obstruct, and the affected party will be forced to show up with currency notes. In fact, they don’t even have to actually delay, it is enough to just create the apprehension.Let us say I am a real estate developer and I need government approvals before starting construction. I have arranged financing, bought land, and am ready. Every single day of delays causes a loss of thousands or lacs of rupees. Now the Municipal Corporation or Fire Force or any other department babu has to just sit tight, and I will have to bribe.Solution: Put the burden of timely action on government, not on the citizen.For example, if government says I have to get approval from Fire Service department, make it mandatory that it has to be given in 30 or 45 days. If not, I can assume that the permission is given. It will not be my responsibility to chase the file and get an order. This is plain common sense and decency, which has no place in our system.Cut down Government spendingWhen I was a kid, I would misplace my pencil in school literally every single day. So what should my mom or dad have done? Cut the pencil into half before giving it to me!Government also has a knack of losing money. So it should spend less! Whenever government spends, e.g., on building roads and infrastructure, welfare schemes, purchases (from uniforms to fodder to defence equipment), money gets siphoned off.But how can government cut spending? For starters, don’t do commercial activity. Does government have to sell rice and wheat in today’s age? Are there not enough grocery stores? Many states have Civil Supplies Corporations which spend hundreds of crores every year on procuring things. Why? The answer will be always ‘poor people’. If you want to sell rice cheap to underprivileged, why not give them subsidy coupons? Let people buy from wherever they want.As long as government continues to run buses, hotels, and everything under the sun, people will loot, politicians will make merry, and citizens will be fed slogans about poverty eradication. If Government wants, it can find smart ways of running most welfare schemes without building another layer of bureaucracy. But that suits nobody’s interest.Make it easier to report corruptionLet us say, if you are a victim of corruption (say in RTO’s office), you have to complain to the Vigilance Department. I mean no disrespect, but how many people want to face one more government department? One more arrogant self-important official? I would hate doing that.What if there was a courteous and professional non-governmental agency to whom you could report the matter? E.g., the way TCS does the passport document verification, why can’t this also be outsourced?When I applied for passport a few years back in Mumbai, the document verification done by TCS was amazingly professional. After that, the verification by government babus was a 5 hour nightmare, which I will not even describe. Would anyone want to talk to such officials ever?Create transparency, remove arbitrarinessWhy do thieves operate at night? Because nobody is watching. Corruption also happens when nobody is watching.Use technology and shine a light on everything. For example, in every office put an electronic board outside which has all the important (non-sensitive) information about things in the office. Also, put it on a website.Example: Contractors doing government work have to keep meeting officials to get their payment released. If the officials are corrupt, they can make money even for such a simple thing. If you publish a list of people whose payment is due and the norms for selecting the person whose payment is to be released next, such corruption will come down.The Nazi Hunting strategyAfter World War II, Jewish groups gave rewards to hunt Nazis. Similarly, give monetary incentive for people to find out and help prosecute corruption. Else, why would they risk earning anyone’s enmity?If someone leads to prosecution and recovery of government funds, let 20% be given as incentive. This is not an easy thing to implement but something worth pondering.Enforcement and punishment.Prosecution under the Prevention of Corruption Act is slow and convictions are very few. Under criminal law, the evidence required to convict anyone is very high. People hesitate to come forward to complain due to fear of retaliation.As harsh and impractical as it may sound, at least for certain departments prone to high degree of corruption, make it a contractual assignment with a 5 year term limit. Only renew the contract if the person has a stellar reputation. The burden is on the employee to show good character, and not on government to prove wrongdoing.Funding of political parties and electionsPolitical parties need money, for which voluntary donations are often insufficient. So they systematically siphon off government contracts, money for appointments and postings, and general influence peddling.While funding will not make them Mr. Clean overnight, at least one excuse would be gone.All the above steps will help to an extent, but unless there is a collective disapproval for corruption, real change will not come easily.If there is one thing that unites all Indians, it is our stated hatred for corruption. But at the same time we are swimming in corruption. How is that possible?Do we truly care? Or we care only when we are at the receiving end?I think the answer is pretty obvious.

As a rice Miller from tamilnadu am writing this ,1)With 25L I would suggest you to find rice mills on lease invest on paddy and trade rice assuming you are a newbie to the milling sector .2) considering you already have a place to set up ,gain some insight attending courses from government universities like CSIR , etc on rice milling technology and leave it to lease .These are the best possible solution I can think off as a rice Miller with 25L as capital. Few tips I have in mind for youMortgage the paddy with government authorities and get back up to 60 percent of money and re invest with interest rate 10 percent onlyApply for government incentives like TIC which pays up to 40 percent of the total costBuy milling equipments on monthly payment basis