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Implementation Of Rfid On Banking Sector

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IMPLEMENTATION OF RFID IN BANKING SECTOR
Introduction to RFID Technology:
The term RFID stands for Radio Frequency Identification in which radio waves are used to transmit data through wireless electromagnetic fields to the readers. The RFID technology is embedded in day to day life of many people without even realizing that they are using one. An RFID module consists of a tag which stores the data regarding the product or person and a reader that can read the data from the tag. There are two types of RFID tags which are called as active and passive tags.
Active RFID tags: These tags contain their own power source like batteries in order to transfer the data in the form of radio waves to the readers. These active RFID tags are expensive compared to the passive tags.
Passive RFID tags: These tags doesn’t have any power source instead they depend on the readers to transmit the data. When an electromagnetic wave from the reader hits this passive RFID tag it transmits the data to the reader.
The RFID technology has been implemented in various sectors like supply chain management, medical sector, automobile sector etc. over the years successfully. The major functionality of RFID tags are to track the packages or containers. There are enormous applications with this technology.
Assumptions and Rationale:
In some countries today’s banking sector the customers need to wait in long queue to avail services provided by the bank which makes them prone to change to other banks. Losing

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