Carrousel Digital, the London-headquartered financial boutique, and its partner, Paris-based Marbeuf Conseil et Recherche, the digital security developer, have introduced Moneytak, a system that supports the transfer of funds or documents between two digital objects without needing a connection to a server when the transaction is being performed.
Having the ability to function “off network,” Moneytak aims to streamline the process of performing digital transactions.
Moneytak may operate anywhere and in an instant manner. Users need not have an Internet signal to complete the process. This should help with opening up a wide range of use cases: retail payments, ID card verification, ticket and voucher authentication, digital signatures and document certification.
Customers might include banking institutions, retail outlets, hospitality and entertainment venues and public institutions.
The Moneytak system consists of a smart chip card or SIM and a card reader. The card includes pre-verified information like documents or money that’s “transferable” to other cards through a reader, without needing a connection to a network.
The transfers are communicated to a central server. Other security measures, like PINs, fingerprints or biometric data may be overlaid, if required.
Global patents for Moneytak have reportedly been acquired. Carrousel and Marbeuf are looking for business partners in order to offer the technology so that ecosystem participants may take advantage of the complete range of opportunities that this solution may provide.
Bruno Sanglé-Ferrière, CEO at Carrousel Digital, stated:
“Moneytak is a quantum leap beyond the existing system of connected POS terminals, Apple/Google Pay and current e-ticket systems. It offers true electronic cash, with retailers and other users now able to really operate anywhere. The days of a waiter searching for a signal so that you pay for a meal, for a retailer’s network to get back online or lengthy queues for ticket verification in out of the way venues are over. We have developed the technology and are now looking for a partner to help us realise Moneytak’s full potential.”