FORM - 2
THE PATENTS ACT, 1970
(39 of 1970)
AND
THE PATENTS RULES, 2003
COMPLETE SPECIFICATION
(See Section 10; rule 13)
1. TITLE OF THE INVENTION:
"A METHOD AND SYSTEM FOR TRANSFERRING FUNDS USING UNIQUE INDIVIDUAL IDENTIFIER NUMBERED DIGITAL MONEY ACCOUNT"
2. APPLICANT:
a. Name: Persistent Systems Limited
b. Nationality: An Indian Company
c. Address: Bhageerath, 402 Senapati Bapat Road, Pune 411016
3. PREAMBLE TO THE DESCRIPTION:
The following specification particularly describes the application and the manner in which it is to be performed.

FIELD OF THE INVENTION
The present invention generally relates to the field of financial transactions. Particularly, the invention provides a method and system for transferring funds using Unique Individual Identifier. (UII) numbered digital money account. More particularly, the invention enables users to transfer funds by employing encrypted message using communication devices.
BACKGROUND OF THE INVENTION
Financial inclusions are considered to be one of the determinants for asserting socioeconomic development of any country. As a matter of public policy, governments are ensuring affordable financial services for underprivileged and low-income segments. It is assumed that the single most frequently used source of loans for the median Indian household is still the moneylender. Conventional banking has number of bottlenecks to ensure financial inclusions, such as transactions involving currency notes are relatively expensive for low value transactions in cash based transactions, undesired leakages in subsidy transfers.
With the advent of modern communication technology, replacements of conventional banking have been explored. Financial transactions using mobile communication devices have been proved to be one of the reliable ways, since mobile communication devices are getting wider acceptance in urban as well as rural areas of developing countries across various income segments. Financial transactions over mobile communication devices still require certain pre-requisite, such as a bank account for a digital money account thereby making it difficult to reach a wider population. It is also pertinent to integrate banking account system to an existing identification system for facilitating non-leaky and accurate government to person cash subsidy transfers even in the case where one or more mobile communication devices correspond to one or more numbers in the existing identification system. Existing mobile banking solutions also require the user to recharge their accounts manually or to mandatorily have bank accounts. Technical constraints

imposed by variety of mobile communication devices and their respective processing capacities for running mobile banking applications and inter-operability of mobile banking services between cellular networks are another perceived problem.
The solutions provided by generally available prior arts fail to disclose a method and system that can utilize existing individual identification system and having digital money or dematerialized cash accounts based on it. In general, prior art is also silent on having an entity outside of mobile communication devices which could allow to share a part of the computational workload of the mobile communication device thereby making it feasible for basic handsets and/or featured phones for encrypted message based funds transfer. Fund transfer to an unintended receiver by a payer is one of the most common sources of error for such fund transfer method and system that prior art solutions doesn't address with greater accuracy. The existing fund transfer method and system also don't support a direct transfer between a. payer and a receiver to ensure non-repudiation by the receiver for any such fund transfer.
Thus, in the light of the above mentioned background art, it is evident that, there is a need for a method and system for transferring funds which could use unique individual identifier numbered digital money account by encrypted message using their unique individual identifier (UII) number coupled communication devices, thereby eliminating need of mandatorily hold bank accounts. There is also a need for a method and system which could allow sharing a part of the computational processing workload of user's communication device, thereby making it feasible for basic mobile handsets for transferring funds using encrypted message. There is a need for an accurate method and system for transferring funds and ensuring direct transfer between a payer and a receiver to ensure non-repudiation by the receiver for any such fund transfer.
OBJECTIVES OF THE INVENTION
In accordance with the present invention, the primary objective is to provide a method and system for transferring funds using a unique individual identifier (UII) numbered

digital money account, wherein the unique individual identifier (UII) is selected from a group comprising but not limited to aadhaar number, permanent account number.
Another objective of the present invention is to provide a method and system for creating unique individual identifier numbered digital money account with a central entity, wherein the central entity is a digital money depository or dematerialized cash depository and enabling users to transfer fund by encrypted message using their unique individual identifier number coupled communication devices.
Another objective of the present invention is to provide a method and system for encrypted message based inter-operable communication for transferring funds across a plurality of networks.
Another objective of the present invention is to provide a method and system for allowing the central entity to share a part of the computational processing workload of user's communication device, thereby making it feasible for basic mobile handsets for transferring funds using encrypted message.
Yet another objective of the present invention is to provide an accurate method and system transferring funds and ensuring direct transfer between a payer and a receiver to ensure non-repudiation by the receiver for any such fund transfer.
SUMMARY OF THE INVENTION
Before the present methods, systems, and hardware enablement are described, it is to be understood that this invention in not limited to the particular systems, and methodologies described, as there can be multiple possible embodiments of the present invention which are not expressly illustrated in the present disclosure. It is also to be understood that the terminology used in the description is for the purpose of describing the particular versions or embodiments only, and is not intended to limit the scope of the present invention.

The present invention provides a method and system for transferring funds using unique individual identifier (UII) numbered digital money account, wherein the unique individual identifier is selected from a group comprising but not limited to aadhaar number, permanent account number.
In an embodiment of the invention a method and system is provided for creating unique individual identifier numbered digital money account with a central entity, wherein the central entity is a digital money depository or dematerialized cash depository and enabling users to transfer fund by encrypted message using their unique individual identifier number coupled communication devices. The invention also enables encrypted message based inter-operable communication for transferring funds across a plurality of networks. The message is selected from a group comprising of a short messaging service (SMS), an email, an instant message using an instant messenger or a communication using a communicator.
In an embodiment of the invention a method and system is provided for allowing the central entity to share a part of the computational processing workload of user's communication device, thereby making it feasible for basic mobile handsets for transferring funds using encrypted message.
In another embodiment of the invention a system is provided for transferring funds using unique individual identifier (UII) numbered digital money account comprises of a mobile application (402); a kiosk operator (404); an encryption/decryption key generator (406); a message gateway (408); a message reader (410); a central entity main module (412); a decryption module (414); an unique individual identifier, communication device number, public key mapping table database (416); a message parser (418); a digital signature verification engine (420); an unique individual identifier numbered account manager (422); an unique individual identifier account database (424); a message generator (426); an unique individual identifier external database (428) and a central bank (430).

The above said method and system for transferring funds using unique individual identifier numbered digital money account but also can be used for many other applications.
BRIEF DESCRIPTION OF THE DRAWINGS
The foregoing summary, as well as the following detailed description of preferred embodiments including aspects and features of the invention, are better understood when read in conjunction with the appended drawings. The drawing is not necessarily to scale, emphasis instead generally being placed upon illustrating the principles of the invention. For the purpose of illustrating the invention, there is shown in the drawings exemplary constructions of the invention; however, the invention is not limited to the specific methods and system disclosed. In the drawings:
Figure 1: shows a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at payer's communication device.
Figure 2: shows a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at receiver's communication device.
Figure 3: shows a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at central entity.
Figure 4: shows a block diagram of the system for transferring funds using unique individual identifier (UII) numbered digital money account.
Figure 5: shows a block diagram of the system for transferring funds using unique individual identifier (UII) numbered digital money account using mobile applications.
DETAILED DESCRIPTION OF THE INVENTION

Some embodiments of this invention, illustrating all its features, will now be discussed in detail.
The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items.
It must also be noted that as used herein, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although any systems and methods similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present invention, the preferred, systems and methods are now described.
The disclosed embodiments are merely exemplary of the invention, which may be embodied in various forms.
It should be noted that 'Receiver' is synonymous with 'Payee'; thereby 'Receiver' and 'Payee' are interchangeably used throughout the specification. It should be noted that a 'user' is selected from a group comprising of a payer and a payee throughout the specification.
The present invention enables a method and system for transferring funds using unique individual identifier (UII) numbered digital money account, wherein the unique individual identifier is selected from a group comprising but not limited to aadhaar number, permanent account number.
More particularly the invention provides method and system for creating unique individual identifier numbered digital money account with a central entity, wherein the central entity is a digital money depository or dematerialized cash depository and enabling users to transfer fund by encrypted message using their unique individual

identifier number coupled communication devices. The message is selected from a group comprising of a short messaging service (SMS), an email, an instant message using an instant messenger or a communication using a communicator. The invention also enables encrypted message based inter-operable communication for transferring funds across a plurality of networks including cellular networks. Further, the invention provides a method and system for allowing the central entity to share a part of the computational processing workload of user's communication device, thereby making it feasible for basic mobile handsets for transferring funds using encrypted message.
* In an embodiment of the present invention, the central entity may be owned or co-owned
or controlled by the central bank, wherein the digital money is a legal tender. The central
entity's new issuance of digital money such as crediting of unique individual identifier
numbered digital money accounts will exactly correspond with the balance the central
entity had with the central bank before issuing the digital money for the central bank.
In an embodiment of the present invention, the central entity has digital money which is not a legal tender but equivalent or similar to legal tender by requiring the central entity to adhere to full reserve requirements. The Central Entity has a map of the aadhaar number, mobile communication device number or email address, public key and bank of all users' including payer and receiver and it sends a conditional instruction to the payer's bank to make the fund transfer to the receiver who could be having an account with another bank; conditional upon whether the payer has the required balance. The payer's bank then confirms to the central entity. In an alternative embodiment, the central entity has balance information of the user including payer and receiver, based on real-time updates from the respective banks. Thus, the central entity can issue an unconditional instruction to the payer's bank to make the transfer to the receiver, who could be having an account with another bank.
In an embodiment of the present invention, the central entity have unique individual identifier numbered accounts, wherein unique individual identifier is selected from a group comprising of but not limited to aadhaar number or permanent account number.

Said unique individual identifier number is having a one-to-one relationship with an individual. The central entity is adapted to have one unique individual identifier numbered account corresponding to one unique individual identifier number. Enrolment for a unique individual identifier numbered account with the central entity may be deemed to done ab initio from the time point of issuance of such unique individual identifier number or establishment of the central entity, whichever is later. In addition, a mobile communication device number or an email address is also mapped to the unique individual identifier number. Those who do not want unique individual identifier numbered accounts may have an opt-out option. Considering an example, in India, aadhaar number or permanent account number as unique individual identifier is already accepted for electronic know your customer requirements in the case of bank accounts.
In an embodiment of the present invention, cash-based unique individual identifier linked subsidy transfers may create the critical mass required for adoption of digital money in the central entity and encrypted message based funds transfers. Subsequently, the invention enables an interface between the unique individual identifier numbered account and a bank account, for allowing users to move digital money to the banking system. Payment history associated with a unique individual identifier number may help in offering banks accounts, designing new type of loan products and offering loans to customers. The invention also eliminates constraints on end user of digital money, such as for paying insurance premium to insurance company, payments to non-individuals.
In an embodiment of the present invention, an accurate method and system is provided for transferring funds is provided for eliminating an error of fund transfer to an unintended receiver by a payer. The present invention eliminates any potential error of fund transfer to an unintended receiver caused by any typographical error by the use of an optional transaction-level PIN without requiring the payer to enter redundant payee information that may hinder adoption of such a solution.

In an embodiment of the present invention, a method and system is provided for transferring funds, enable a direct transfer between a payer and a receiver to ensure non-repudiation by receiver and payer for any such fund transfer.
Referring to Figure 1 is a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at payer's communication device.
The process starts at the step 102, an amount of fund to be transferred to a receiver, an unique individual identifier (UII) of the payer, and receiver's communication device number or an email address is selected by a payer in a message using a user interface (502) on payer's communication device, wherein the unique individual identifier is selected from a group comprising but not limited to aadhaar number, permanent account number and the message is selected from a group comprising of a short messaging service (SMS), an email, an instant message using an instant messenger or a communication using a communicator. A mobile application (402) stores the unique individual identifier on the mobile communication device during the one-time registration of the mobile application (402). At the step 104, said message is encrypted using central entity's public key using an encryption module (506) and is appended by the unencrypted amount. The central entity's public key is generated by the central entity by using an encryption/ decryption key generator (406) and sent to the payer's mobile communication device during one-time registration of the mobile application (402). At the step 106, said message is signed digitally using payer's private key, generated by the mobile application (402) at the time of installation of the mobile application (402) on the payer's mobile communication device. The receiver is prompted for an optional transaction-level PIN if the set-up in the mobile application (402) of the payer requires entry of a transaction-level PIN. The user's preference for using the optional transaction-level PIN is stored by a mobile application (402) on the mobile communication device at the time of registration of the mobile application (402) and the user is enabled to modify said preference subsequently in set-up of the mobile application (402) on that mobile

communication device. The process ends at the step 108, said digitally signed message is sent to receiver's communication device number or on email address.
Referring to Figure 2 is a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at receiver's communication device.
The process starts at the step 202, the receiver is prompted for the transaction-level PIN, if required by the payer; the unencrypted amount of fund be transferred selected by the payer is checked by receiver in received message on receiver's communication device number or on email address. At the step 204, said received message is signed digitally using receiver's private key generated by the mobile application (402) at the time of installation of the mobile application (402) on the mobile communication device. The process ends at the step 206, said digitally signed message is sent to central entity.
Referring to Figure 3 is a flow chart of the method for transferring funds using unique individual identifier (UII) numbered digital money account at central entity.
The process starts at the step 302, digital signatures of the message are verified by a digital signature verification engine (420), received message is decrypted using central entity's private key using a decryption module (414), and verify that the amount of fund to be transferred is same as the unencrypted amount. At the step 304, receiver's communication device number or email address is mapped to its unique individual identifier (UII) number and payer's unique individual identifier number is mapped to its communication device number or email address using the unique individual identifier number, communication device number, and public key mapping table database (416). The user's mobile application (402) sends the user's public key to the central entity by SMS at the time of the one-time registration of the mobile application (402). At the step 306, funds are moved from payer's unique individual identifier numbered digital money account to receiver's unique individual identifier numbered digital money account, if the payer's unique individual identifier numbered digital money account has a sufficient

available balance. The process ends at the step 308, confirmation message of transferred fund from a unique individual identifier numbered digital money account of payer to a unique individual identifier numbered digital money account of receiver, is sent to the payer's and receiver's communication devices using a message generator (426).
Referring to Figure 4 is a block diagram of the system for transferring funds using unique individual identifier (UII) numbered digital money account.
In an embodiment of the present invention, the system for transferring funds using unique individual identifier (UII) numbered digital money account comprise of comprise of a mobile application (402) residing in a mobile communication device for transferring funds using unique individual identifier numbered digital money account; a kiosk operator (404); an encryption/decryption key generator (406); a message gateway (408); a message reader (410); a central entity main module (412), adapted for controlling the and managing workflows involving other modules of the system (400); the mobile application (402); a decryption module (414); an unique individual identifier number, a communication device number, and public key mapping table database (416); a message parser (418); a digital signature verification engine (420); an unique individual identifier numbered account manager (422); an unique individual identifier account database (424); a message generator (426); an unique individual identifier external database (228); and a central bank (430).
In a specific embodiment of the present invention, the mobile application (402) is registered with the system (400) on a mobile communication device of a user including payer and receiver with the kiosk operator (404). The kiosk operator (404) is employed as an installation and registration agent of the central entity, wherein the kiosk operator (404) is a cellular operator which may also map the communication device number or email address of users with unique individual identifier number for those where such a mapping has not already been done. In installation process the mobile application (402) is loaded on the mobile communication device. The one-time registration of the mobile application (402) on the mobile communication device comprises of sending the user's

unique identification number and public key from the mobile application (402) to the central entity as a message and undertaking one-time password authentication by the central entity based on the MSISDN number of the mobile communication device using SMS or e-mail; receiving central entity's public key by the mobile application (402) as a message. The payer's or receiver's private key is loaded on the mobile communication device along with the mobile communication device's number.
In another embodiment of the present invention, the message gateway (408) is adapted to receive a message from a receiver who sends the message to the central entity. The message is selected from a group comprising of a short messaging service (SMS), an email, an instant message using an instant messenger or a communication using a communicator. The message reader (410) checks whether the format of the message is as expected without validating contents and acts as a pass-through module to the central entity main module (412). The central entity main module (412) controls and manages workflows of the central entity. The decryption module (414) is adapted to decrypt the received message which is encrypted using central entity's public key, and uses the central entity's relevant private key to decrypt said message. Further the unique individual identifier number, communication device number, and public key mapping table database (416) is having a table containing records of unique individual identifier, mobile communication device numbers or email address and the payer's or receiver's public key. The unique individual identifier number, the communication device, and the public key mapping table database (416) may be a relational database selected from the group comprising of but not limited to MySQL, PostgreSQL etc. The unique individual identifier number, the communication device, and the public key mapping table database (416) is adapted to have a one-to-many relationship between the unique individual identifier and mobile communication device numbers or email address of users. It also has a one-to-one relationship between the mobile communication device number or email address and the public key. A second table may contain relationship between a family's unique individual identifier numbers and the head of the family's unique individual identifier number may be maintained in the same database for enabling cash subsidy transfers to a family owning a single mobile communication device. This second table

may alternatively be maintained outside the central entity. The message parser (418) is adapted to parse incoming message for further processing by other modules of central entity. The digital signature verification engine (420) verifies payer's digital signature and receiver's digital signature using their respective public keys, stored in the unique individual identifier number, the communication device number, and public key mapping table database (416) during the one-time registration of mobile application (402). The unique individual identifier numbered account manager (422) is adapted to manage the unique individual identifier numbered digital money account and checks the unique individual identifier numbered digital money account balance and if this balance is greater than or equal to the amount to be transferred then unique individual identifier numbered account manager effects a debit to payer's unique individual identifier numbered digital money account and a credit to the receiver's unique individual identifier numbered digital money account as an atomic transaction. The Unique Individual Identifier (UII) account database (424) is adapted to store unique individual identifier numbered digital money account balances as well as transactions. The message generator (426) creates message that is required to be sent at various points, such as sending a confirmation message to both the receiver and the payer on successful funds transfer. This will also formulate appropriate error message for unsuccessful transactions. The unique individual identifier external database (228) is accessed by the central entity for creating unique individual identifier numbered accounts for mobile communication device numbers or email address mapped to unique individual identifier numbers. The central bank (430) receives on-demand and pre-scheduled report/s from the central entity and the central bank can verify that the change in cumulative outstanding digital money issued by the central entity on the central bank's behalf exactly matches the central entity's credits in its account with the central bank for the same corresponding period.
Referring to Figure 5 is a block diagram of the system for transferring funds using unique individual identifier (UII) numbered digital money account using mobile applications.
In an embodiment of the present invention, the mobile application (402) is written using a mobile technology including Java Platform, Micro Edition (JAVA ME, formerly J2ME),

SIM Application Toolkit (STK) or similar, which enables payer and receiver of digital money to transact using a mobile communication device, their unique individual identifier (UII), and a set of public and private keys used for encryption and digital signing. The mobile application (402) comprises of a user interface (502) for inputting receiver's mobile communication device number or email address and the amount to be transferred, and for displaying alerts and messages. The message Reader (514) checks whether the message conforms to the required format without checking the validity of the data and passes it to the message parser (516). The message parser (516) parses the message for the required data items. The mobile application main module (504) controls the mobile application and manages the workflows involving other modules. The digital signature module (508): Generates the private and public key pair for the user's mobile application (402) at the time of installation of the mobile application (402) on the mobile communication device and digitally signs messages to be sent using the private key in the local cache/storage. A local cache/storage (506) is adapted to store and cache information generated by other modules in the mobile application (402). The local cache/storage (506) is may be a flat-file or SQL-based database such as SQLite or similar mobile databases. The encryption module (510) encrypts outgoing message using central entity's public key. The message generator (512) creates message that is required to be sent at various points, such as to initiate a payment by the payer, or for accepting and forwarding the message by the receiver (received from the payer) to the central entity.
ADVANTAGES OF THE INVENTION
• The present invention creates unique individual identifier (UII) numbered digital money, which is dematerialized cash, accounts possible ab initio from the time of allotment of the unique individual identifier number or establishment of the central entity whichever is later, wherever a mobile communication device number or email address is mapped to the unique individual identifier number.
• The present invention makes digital money possible as legal tender with enabling central bank able to control and monitor the issuance of digital money.

• The present invention allows the digital money to not be disadvantageous to the government/central bank as like currency notes no interest is paid by the government/central bank on the Unique individual identifier numbered digital money account balances.
• The present invention is inter-operable across cellular networks.
• The present invention does not constrain the end-use of funds.
• The present invention helps address the currency note counterfeiting problem as counterfeiting of digital money that is also legal tender, is not possible.
• The present invention eliminates requirement for users to mandatorily hold bank accounts.
• The present invention does not require the payer to have the receiver's public key and still makes encryption possible using the central entity's public key.
• The present invention does not require the receiver to have all potential payers' public key for verification of the payer's digital signature.
• The present invention does not require the payer to disclose his unique individual identifier number and the digital money account number, which is same as the unique individual identifier number to the receiver in unencrypted form and vice versa.
• The present invention allows the digital money to have the acceptance characteristic of currency notes as the receiver of funds has a choice to accept or not accept a funds transfer just like the potential receiver of currency notes may choose to accept or not accept the currency notes, so that unwanted receipt of funds does not happen.
• The present invention allows the payer to use an optional transaction-level PIN for the sake of avoiding typographical errors in the receiver's details and without requiring additional redundant receiver information.
• The present invention ensures non-repudiation by the receiver of the digital money due to the use of the digital signature of the receiver. This ensures that the receiver cannot later deny knowledge of funds in his/her account.
• The present invention ensures payments on the basis of minimal numeric inputs
. while addressing concerns about inadequate security, payment to unintended

receiver due to typographical error and possible money laundering considering the relaxed Know Your Customer norms for the financial excluded. • In comparison to USSD session based mobile payments (INR 1.50 approx. per USSD session), the present invention reduces the transaction cost by around half.

WE CLAIM
1. A method for transferring funds; characterized by transferring funds using an unique individual identifier numbered digital money account via an encrypted message; said method comprises steps of:
a. selecting by a payer, an amount of fund to be transferred to a receiver, an
unique individual identifier (UII) of the payer, and receiver's communication
device number or email address in a message using a user interface (502) on
payer's communication device;
b. encrypting said message using a public key of a central entity using an
encryption module (510), and appended by an unencrypted amount;
c. signing said encrypted message digitally using a private key of payer,
generated by a mobile application (402) at the time of installation of the
mobile application (402) on the payer's mobile communication device, and
appended by an optional transaction-level PIN;
d. sending said digitally signed message using private key of payer to receiver's
communication device;
e. receiving said digitally signed message using private key of payer by
receiver's communication device; prompting the receiver for the optional
transaction-level PIN, if required by the payer; and checking the unencrypted
amount of fund to be transferred selected by the payer;
f. signing said received message digitally using a private key of receiver
generated by the mobile application (402) at the time of installation of the
mobile application (402) on the receiver's mobile communication device;
g. sending said digitally signed message using a private key of receiver to the
central entity;
h. verifying digital signatures of the message by a digital signature verification engine (420);

i. decrypting said received message with a private key of the central entity using a decryption module (414), and verifying that the unencrypted amount of fund to be transferred is same as the encrypted amount;
j. mapping the receiver's communication device number or email address to the unique individual identifier of the receiver and mapping the unique individual identifier of the payer to the payer's communication device number or email address using an unique individual identifier number, communication device number, and public key mapping table database (416); and
k. transferring selected amount of fund to be transferred from a unique individual identifier numbered digital money account of payer to a unique individual identifier numbered digital money account of receiver, wherein the a sufficient available balance is available in the unique individual identifier numbered digital money account of payer.
2. The method as claimed in claim 1, wherein the unique individual identifier of the unique individual identifier numbered digital money account is selected from a group comprising of an aadhaar number, a permanent account number and is stored by the mobile application (402) on the mobile communication device at the time of registration of the mobile application (402).
3. The method as claimed in claim 1, wherein the user's preference for using the optional transaction-level PIN is stored by the mobile application (402) on the mobile communication device during the one-time registration of the mobile application (402) on the mobile communication device and the user is enabled to modify said preference subsequently in set-up of the mobile application (402) on that mobile communication device.
4. The method as claimed in claim 1, wherein the message is selected from a group comprising of a short messaging service (SMS), an email, an instant message using an instant messenger or a communication using a communicator.

5. The method as claimed in claim 1, further comprises of creating and sending messages including message for initiating fund transfer using an unique individual identifier numbered digital money account, accepting said message and forwarding the same to the central entity by the receiver, by using a message generator (512) and a confirmation message of transferred fund from a unique individual identifier numbered digital money account of payer to a unique individual identifier numbered digital money account of receiver, to the payer's and receiver's communication devices using a message generator (426).
6. The method as claimed in claim 1, further comprises of managing the unique individual identifier numbered digital money account and corresponding balance in said accounts using an unique individual identifier numbered account manager (422).
7. A system (400) for transferring funds using unique individual identifier numbered digital money account; said system comprise of a mobile application (402) residing in a mobile communication device for transferring funds using unique individual identifier numbered digital money account; a kiosk operator (404); an encryption/decryption key generator (406); a message gateway (408); a message reader (410); a central entity main module (412) that manages workflows involving other modules of the system (400); a decryption module (414); an unique individual identifier number, communication device number, and public key mapping table database (416); a message parser (418); a digital signature verification engine (420); an unique individual identifier numbered account manager (422); an unique individual identifier account database (424); a message generator (426); an unique individual identifier external database (428); and a central bank (430).
8. The system (400) as claimed in claim 7, wherein the mobile application (402) is registered with the system (400) for transferring funds using unique individual identifier numbered digital money account, on the mobile communication device

of a user including payer and receiver by using the unique individual identifier number, communication device number, and public key mapping table database (416).
9. The system (400) as claimed in claim 7, wherein the mobile application (402) further comprises of a user interface manager (502) adapted for receiving inputs of an amount of fund to be transferred to a receiver, an unique individual identifier (UII) of the payer stored by the mobile application (402) on the payer's mobile communication device during the one-time registration of the mobile application (402), receiver's communication device number or email address, displaying alerts and messages using payer's communication device and receiver's communication device; a mobile application main module (504); a local cache and storage (506); a digital signature module (508); an encryption module (510); a message generator (512); a message reader (514); and a message parser (516).
10. The system (400) as claimed in claim 7, wherein the kiosk operator (404) is adapted to map the communication device number or email address of payer and receiver with corresponding unique individual identifier number of payer and receiver where such a mapping does not already exist.
11. The system (400) as claimed in claim 7, wherein the digital signature module (510) is adapted for generating a public key and a private key pair for each mobile communication device where the mobile application (402) is installed with the system (400) for transferring funds using unique individual identifier numbered digital money account.
12. The system (400) as claimed in claim 7, wherein one-time registration of the mobile application (402) on the mobile communication device comprises of sending the user's unique identification number and public key from the mobile application (402) to the central entity as a message and undertaking one-time

password authentication by the central entity based on the MSISDN number of the mobile communication device using SMS or e-mail; receiving central entity's public key by the mobile application (402) as a message.
13. The system (400) as claimed in claim 7, wherein the message reader (410) is adapted to check format of the message received by the message gateway (408) without validating contents of the message and passes it to the message parser (418) for parsing said message for required data items out of the message.
14. The system (400) as claimed in claim 7, wherein the decryption module (414) is adapted to decrypt the received message using the central entity's private key which is encrypted using central entity's public key.
15. The system (400) as claimed in claim 7, wherein the digital signature verification engine (420) is adapted to verify payer's digital signature and receiver's digital signature using their respective public keys stored in the unique individual identifier number, communication device number, and public key mapping table database (416) during the one-time registration of mobile application (402).
16. The system (400) as claimed in claim 7, wherein the unique individual identifier numbered account manager (422) is adapted to manage the unique individual identifier numbered digital money account and corresponding balance in said accounts.
17. The system (400) as claimed in claim 7, wherein the unique individual identifier account database (424) is adapted to store account balance in unique individual identifier numbered digital money account and transactions done using said accounts.
18. The system (400) as claimed in claim 7, wherein the message generator (512) is adapted to create and send messages including message for initiating fund transfer

using an unique individual identifier numbered digital money account, accepting said message and forwarding the same to the central entity by the receiver, and wherein message generator (426) generates a confirmation message of transferred fund from a unique individual identifier numbered digital money account of payer to a unique individual identifier numbered digital money account of receiver, to the payer's and receiver's communication devices.
19. The system (400) as claimed in claim 7, wherein the unique individual identifier external database (428) is accessed by the central entity for creating unique individual identifier numbered digital money accounts for mobile communication device numbers or email address mapped to unique individual identifier numbers.
20. The system (400) as claimed in claim 7, further comprises of a local cache/storage (506) adapted to store and cache information generated by other modules of the mobile application (402) for transferring funds using unique individual identifier numbered digital money account.
21. The system (400) as claimed in claim 7, further comprises of an encryption module (510) adapted for encrypting outgoing messages using central entity's public key.
22. The system (400) as claimed in claim 7, wherein a central entity of the central entity main module (412) is selected from a group comprising of a digital money depository and a dematerialized cash depository, enabling users to transfer fund by encrypted message using their unique individual identifier number coupled respective user communication devices.