Tag: Cashless Payments

CashLess Payments to Drive LessCash Payments
The elimination of physical cash from economy is feasible is purely a technological perspective or assumption. Our hard earned money and investments disappear into a labyrinth of financial instruments so mysterious that “money” almost becomes more of an idea than a tangible reality.

2017 Year of AI & Digital Payments
To draw a rough sketch of exaggerated scenario of how these two technologies (AI & FinTech) may interact with us in the future and what warrants the, perhaps perplexing, 2 super powers. AI’s Control systems are widely used. They govern how a simple thermostat adapts to a target temperature.

CashLess –OR– LessCash
CashLess –OR– LessCash – Journey from a cash-only transactional economy to a cashless economy without a full plan, education, and strategy look only a talk […]

FinTech the Champion of “Banking” Services
Despite the proclamations of some visionary Fintech founders, banks aren’t disappearing anytime soon. The engine under the hood of big banks — the compliance and money-transfer systems — are simply too difficult for any start-up to replace, which is why tech plays like Apple Pay are still built on top of existing bank systems and payment rails. To maintain the dominance they’ve enjoyed up to this point, however, banks need a radical redesign of their customer-facing assets. If banks fail to overhaul

FinTech – Mobile Money – Mobile Payments – Banking (Not Bank)
Today’s consumer expects a seamless mobile payment experience; failing to meet those expectations can be devastating to a brand, idea, innovation and eventually the payments industry. Banks in particular will need to move swiftly if they are to take advantage of the opportunities on offer in the global payments business, or risk losing out to nimbler competitors.Although Mobile Money had been designed as a peer-to-peer payment system but it has gone much beyond the basic idea..

Mobile Payments – NFC The Next Big Thing
It is now necessary for financial institutions and other interested parties to collaborate and utilize technology and pre-existing mobile network operator infrastructures to acquire customers, expand their services, minimize expenses, and boost revenue in markets where regulatory authorities are more prominent. Consequently, mobile payments have emerged as a practical substitute for conventional payment methods, including cash, credit or debit cards, online transactions, and even bank account transactions.

Mobile Money – Key Stakeholders
Technology is a friend/ helper not as tester or rocket science; MFS product use and accessibility needs to be simple for people to make them comfortable and pull out maximum benefits especially for unbanked who have not seen the real MFS. Study from google shows that globally, mobile money users transacted a total of USD 7.5 billion through 479.5 million transactions in the month of December 2014. If cash-ins and cash-outs are included, mobile money users performed 717.2 million transactions, total of USD 16.3 billion.

Can Banks ever win Mobile Payments/Money Games?
Accessibility is a critical success factor for any service. The role of informal institutions in providing financial services to the members of the community, and concludes by highlighting the opportunities these are present for formal financial service providers but in order to ensure accessibility of banking services, a bank has to have a wide branch network of fully branded brick and mortar marble banking halls with all the necessary security systems. The set up costs of these are so high and to recoup the same, the bank has to pass on the cost to the ultimate consumer.

Mobile Payments – Mythical Facts
What are the potential effects of utilizing mobile payments and solutions? Will it revolutionize the world, prove to be a major success, or simply be a clever workaround? Proximity-based payment methods such as mobile apps, SMS or USSD, and cloud or hosted mobile payments can provide worldwide support and offer financial institutions …

Payments Jungle – Apple, Android, Samsung, and Microsoft
Android Pay would be available through a set of APIs that will allow developers to add an Android Pay button to their app and banks to enable payments in their applications on Android devices with KitKat 4.4 and above. Just imagine how powerful this central payment hub would be for consumers as the payment cake size continues to increase and upgrade with new ecosystems, applications, and devices coming to market.