Tej Narayan Thakur
ABSTRACT
Branchless banking is known as “banking beyond branches” that bridges the gap between the banking institutions and the unbanked people of the rural areas and provides financial services at their doorstep/village by using banking agents. Banking agents employ electronic data capture (EDC) systems such as point of sale (POS) systems and payment cards and create a financial system accessible to all levels of society irrespective of the demographic and geographic conditions of the country. Mobile technologies are becoming more popular day by day among unbanked people. Banking agents can utilize mobile banking to operate branchless banking in rural areas that can be more convenient and cheaper than the overhead costs of POS systems. This paper proposes a new hybrid model of Mobile Banking-based Branchless Banking System (MB-BBS) that provides branchless banking services and mobile banking services to unbanked people in rural areas globally. This paper employs a process meta language (PROMELA) to specify system descriptions and security properties and builds a verification model of MB-BBS. Finally, MB-BBS is successfully verified using a simple PROMELA interpreter (SPIN). The SPIN verification results prove that the proposed MB-BBS is error-free, and banks can employ the MB-BBS model to provide enhanced banking services to unbanked people globally.
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