Logica Priam - How it works

Logica Priam works in a very simple manner.

Registration process

The BC undertakes end user registration using Logica Priam, which supports both online and offline mode of registration. It collects the required registration documents from the end user and sends them in an electronic format to you. You can then verify the documents and then create a no-frills account which is linked to the end user’s mobile number. Once this is done, the end user creates an M-PIN which will be used for authentication. Once the registration is complete, the user’s mobile number is used for identifying the bank account.

Transactions

Only a registered user can use Priam for carrying out transactions. The end user can go to the BC for cash deposit and cash withdrawal transactions. The user needs to enter the correct MPIN in order to complete the transaction, else the transaction will fail. Users can also use Priam to send money to their friends and relatives, as well as make payments at shops. For making a payment, users needn’t go to the BC. They can initiate it on their own, using their mobile phones.

Balance check

At any point in time, users can check their balance using a simple SMS. They can also view their transactions by various slice and dice – last 5 transactions, last 5 debits, last 5 credits, transactions by month, etc.

Transaction confirmation

All transaction confirmations are sent to the user’s mobile via SMS. In addition, for cash deposits and withdrawals, the BC can also take a printout of the transaction, sign it and hand it over to the user.