Context

Banks have been given directions to upgrade their Point of Sale (PoS) devices to run on 3G and 4G in the backdrop of the impending phase-out of 2G technology to which they are mated now.

About

Why should latest technologies be adopted?

• It will bring the high-speed era, opening the door to the IoT (internet of things). This is an era when technology will revolutionize various aspects of our life and lifestyle.
• This would pave the way to create tech-based smart cities, smart homes, smart factories, smart schools, colleges and universities, and smart health care.
• In the sports arena, athletes and players will be able to analyze their own behaviour for further optimization.
• In our factories, self-propelled equipment will be used for delivering goods and parcels.
• The IoT will allow vehicles to connect to hospitals in case of accidents or will help provide warnings to drivers. IoT will also create smart clothes which alert users if they sit with the wrong posture.
• Once the health care providers start taking advantage of this connectivity, they would be able to monitor the patients in real time and that would significantly lower expenses.

What are the latest technologies-3G, 4G, 5G?

• 3G:
  • The introduction of 3G networks in 1998 ushered in faster data-transmission speeds.
  • It helped us in using our cell phone in more data-demanding ways such as for video calling and mobile internet access.
  • The maximum speed of 3G is estimated to be around 2 Mbps.
• 4G:
  • The fourth generation of networking was released in 2008.
  • It supports mobile web access like 3G does and also gaming services, HD mobile TV, video conferencing, 3D TV, and other features that demand high speeds.
  • The max speed of a 4G network is 1 Gbps.
• 5G:
  • 5G is a not-yet-implemented wireless technology that's intended to improve on 4G.
  • 5G promises significantly faster data rates, higher connection density, much lower latency, and energy savings, among other improvements.
  • The anticipated theoretical speed of 5G connections is up to 20 Gbps.

5G Use Cases Lab:

• 5G Use Cases Lab for the Banking and Financial Sector were inaugurated at the Institute for Development and Research in Banking Technology (IDRBT).
• The objectives of 5G Lab are- developing and demonstrating 5G use cases for banking and financial services, setting up a 5G R&D experience platform, and provide state-of-the-art experimental test bed solutions for mobile, wireless technologies, IoT and security services for BFSI.
  
  

  What was 2G technology? It was the second-generation cellular technology. 2G replaced analog 1G technology, which originated in the 1980s supporting only voice calls. Its digital signal used less power than analog signals so mobile batteries lasted longer. It introduced SMS — the short and incredibly popular text message — along with multimedia messages (MMS) and picture messages. 2G's digital encryption added privacy to data and voice calls. Only the intended recipient of a call or text could receive or read it. Download and upload speed in 2G technology was 236 Kbps.