On Digital Transactions and “Facebook Light”

On Digital Transactions and “Facebook Light”

How to transfer money from WhatsApp to WhatsApp or from Facebook ID to Facebook ID via digital transactions

With the growing importance of digital money, Facebook and WhattsApp can use authentication for transferring money. The process is as follows-

  1. “Facebook Light” sends keywords from one Facebook ID to another Facebook ID. They are just hastags with Name, Mobile Number, DOB, amount to be transferred, and date of payment receipt.
  2. The name is authenticated against mobile number & DOB. Multiple names are cross-verified here against one single ID. So essentially, one man can have one ID.
  3. The Mobile number is seeded with Aadhar Number for updates. The Aadhar number is cross-verified with the mobile number which is connected to single bank account for seeding purposes, and this account has separate money for internet use, like checking account and actual account.
  4. The client request goes towards the bank to seek if funds are available. If all the information is correct and cross-verified, then the bank returns with an accepted token.
  5. The money is transferred within 30 minutes, 1 day or 2 days depending on the amount, and is kept for batch run.
  6. Transfer protocols established between the bank accounts is followed then.
  7. The token message returns to Facebook with the transfer schedule and details.
  8. The remitter as well as the receiver receives messages via SMS, and messages in Facebook ID.
  9. The transaction is completed.
  10. Only “Facebook Light” operators can use these transactions.

“Facebook Light” also uses videos, chat windows for government offices and for-profit organizations in office time. It is an office of Facebook with minimal features and video support.

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The importance of digital money

RBI guidelines on the peer-to-peer network

Crowd-Funding and Digital Transactions

Bionic Chip

Insurance pooling in Medicare and Medicaid

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