I was taking an auto-rickshaw to my place and the auto-wala demanded "change". Now this happened not once but many times (I do carry change with me every time, but it gets exhausted). One gentleman could not board the rickshaw because he did not have change. I saw people fighting over change in crowded market, where no shopkeeper is willing to give you change till you buy something from him. So what can be done to slove this problem?
A simple cash vending machine? Giving out change for free in crowded market places, near bus and rickshaw stands. Now 2 main questions arise:
1. How do I make money?
2. What about security of these "money machines" dear?
Answer 1: Advertisments. As you are have something many people come everyday and see everyday at crowded marketplaces, you can rent the body of your machine for local and genral marketing. This would work like just other outdoor adertisments, and hoadrings in your city.
Answer 2: Atlease two things needs to be done.
i. Try to Keep them near ATMs and Banks (you have armed gaurds near them). It is easy to fill them also near such places.
ii. Have an alarm system, which transimts signal to local police station when a lock is broken to steal money.
I know there are many flaws. As I have told Ideas here will be abstract and at a top-level, but can be worked upon to build a real business.
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Put a cola vending machine. If you put a dollar and cancel the transactions, it gives back you 4 quarters and not dollar note :) ... easier way..
ReplyDeletegud thot Shekhar ;-)
ReplyDeletenice..once ..u are big..all the ATM's machine if start keeping change of 10 rs ..
ReplyDeleteit ll be competition..!
just being critical :)
regards
sumit
The ATMs can be equipped for receiving the loose-change as well... and giving notes in return (and making some nominal charge for the transaction.) The small-shopkeepers and temples typically tend to accumulate lot of loose-change - which they may want to get converted into notes for a small fee.
ReplyDeleteIn the same way, the person who takes loose-change against a note, can be charged for the transaction.
It essentially would require equipping the ATM machines with note-receiving, coin-counting, disbursing mechanism. It's nothing new... These mechanisms are already available...
The banks would be happy to make this investment for the small-levy that they would get for each transaction - apart from advertisement opportunity.
The facility would be convenient... and it can be a good stop-gap arrangement till the money-transaction becomes totally digital.
However, this would be a "business idea" for banks.
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ReplyDeleteVisit www.mobilegullak.in for more details.