Topic: Connect data to accelerate cashless payments - page 3. (Read 571 times)

If you're referring to a database leak, something like that will happen regardless of the payment method you use. It is inevitable if you use a centralized service. Fortunately, it is easy to avoid if you're willing to use other alternatives, especially in regard to crypto trading/payment activity IMO. On the other hand, as long as you have a decent understanding of how scammers work you can avoid their trap. The worst thing is if the leak includes sensitive data like username, password, pin, etc. Hopefully, no company is stupid enough to keep those things in plaintext or use weak encryption to store them in the future.

We can already use them though, unless you mean locally.

Well, in that regard, we are really in a new era even if most people don't want the digital age, there will come a day when they will adapt to it, especially in these times when the majority of people are gradually becoming aware of the e-wallet or e-commerce called.

So I expect such things that one day we will see that even Bitcoin and other cryptocurrencies accept payment options in their products that are sold for sure in the future.

Personally, I see a threat to personal security in the case of global digitalization. Data can always be available to criminals. They will know your income and plan their actions accordingly (blackmail, extortion, fraud will increase significantly). So I wouldn't get excited about the world being completely covered by cashless payments. There is always a fly in the honey.

As much as time is important and digital payments are necessary, but cash payments are needed, otherwise the bank closing your account means that you will not even wish to feed yourself.
Risks versus benefits allow us to have a world with multiple payment options, from cash to banking applications, to digital currencies to cryptocurrencies, all of which give the user decentralization and freedom in how to pay their payments, and the volume of transactions can be restricted or tracked to ensure that they are not misused in illegal activities. Sometimes online shopping is laziness of users, you can go and move to the nearest store and buy what you want instead of paying extra costs in shipping and delivery to your home.

Financial institutions around the world are working to replace cash with electronic payment systems. One of the most important areas where digitalization showed itself was payment systems. Using digital payment tools also has some risks. Security vulnerabilities in digital payments are a significant threat and this problem must be eliminated. I can say that the cashless society has increased rapidly after the pandemic. I would like to point out that this is more common especially in countries with a young population. I think that change will not be easy and we cannot exclude cash transactions from the financial system.

Many people in the world still do not have digital literacy and underdeveloped societies should be educated on these issues. There are many advantages of being cashless. The most important thing is that everything is recorded and security. While providing this, of course it is necessary to protect the privacy of people. However the use of cash creates a huge expense for countries. Printing money, securing money and distributing money is a painstaking task. Finally the formation of a cashless society is now inevitable and in this age where digitalization is progressing very rapidly, the formation of a cashless society will take place quickly.

The possibility of transitioning to a new method of transactions remains wide open, especially as we find ourselves in a stage where gadgets are beginning to dominate our lives, akin to essential necessities for each individual. Surprisingly, this development makes various forms of digital adoption easier to implement, given that infrastructure is gradually taking shape alongside the widespread use of gadgets.

A cashless society is poised to become a cultural norm, gradually phasing out the use of physical currency. Granted, this transformation will take some time, but it holds tremendous potential if we consider the advantages it offers over traditional cash transactions.

What you said is mostly about the good things about the cashless payment option. Certainly, the conveniences beat when using cash. People don't have to think and keep of change. Especially if most of the people within some countries have digital literacy and savviness above average.

The problem when we take concerned about the bad things is it could be devastating. It means more centralized control toward governments, which in some cases, specifically on authoritarian and repressive governments would be bad things. On one hand, centralized data gathering is beneficial for businesses and governments to gain insightful data. On the other hand, it is very likely the privacy of the user is zero. So a lot of considerations are needed both from governments and the public itself.

That actually makes a lot of sense from shop's point of view when you think about it. Keeping a lots of cash with cashiers has attracted robberies in the past.
If you try to rob via forcing mobile payments, you instantly get ID:ed and all bank transactions are reversable. So these days you encounter more people just stealing stuff from the shops.
That's harder to pull of and doesn't include cashier being threatened with a weapon.


CBDC:s will be the future, no matter what our philosophical views on it are, that just makes most sense. However i don't see it as monsterous as most people in here. There's no consensus formed about the privacy level of it yet, but i hope that there will be a level of privacy most people are happy with, that it still could at the same tme help fight money laundering.

Despite the drawbacks of the monetary system and the counting of money, it enhances user privacy, and with the expansion of many banking services that encourage banks to control the lives of customers, we may witness the growth of CBDCs, banks or governments can prevent the user from even purchasing his basic needs if they decide to do so, with no pressure. You can buy or sell, and all your assets will be frozen, which is a little more difficult in the case of cash. We need cash, even if it is 30%, just as we need digital systems.

I do not wish to rush to adopt cashless payments solutions as much as preserving the privacy of currencies and providing multiple options.

Time is more valuable than anything these days. Therefore, it is natural for the use of cashless payments to increase. Many people work remotely and stay at home. In other words, they do not have physical interaction with other people, so they spend their money remotely. This is both convenience and distracts you from an effort.

Making transactions in the digital environment can sometimes cause us to make mistakes. There are some things we should pay attention to in these payments. If we make our account that we will use cashless payment in the form of a virtual card and set the limit, we can prevent us from making mistakes when we are distracted. Or, we can avoid sending to a different address by checking our registered shipping addresses from time to time.

This is happening mainly because the fees paid by entrepreneurs and the self-employed have been considerably reduced. Twenty years ago it was impractical to accept card payments for $2 payments. Besides, nowadays it is more convenient because we carry the card in our cell phone.


What I believe is that the use of cash will continue to reduce in the coming years, and maybe they will try to accelerate its disappearance with CBDCs, but for me the option to pay in cash should always remain, otherwise we are heading towards total control with fiat currencies.

I do not think that the reason for this is the epidemic, but many economic variables, for example inflation is one of the important factors in cashless payments, where instead of moving large cash blocks and trying to sell them quickly due to inflation, you can do that from banking applications easily, this is good for both the buyer and the consumer as they tend Because governments are slow to print larger denominations of cash, which makes the user have to carry many small denominations, or wastes time by carrying large denominations and waiting for everything to be counted manually.

https://www.valueresearchonline.com/stories/25032/the-inflation-monster-is-destroying-your-wealth-every-year/

The ease of conducting transactions digitally, the presence of a smartphone for each user, the stability of the Internet, and the ease of use of interfaces for these applications are what made them relatively better than cash.

The current world couldn’t be complete without cashless society. Things are changing to more digital levels no matter what. You walk into a store, mall, snack center or anywhere you can think of you will see there is way to pay digitally. I am going to be quiet honest about country like India where even a small store or vegetable seller will be carrying the UPI QR codes mate!! Just imagine what is the situation in developed countries just by looking at this example above. Have you noticed how crypto currencies are also changing the face of transactions. Various digital platform accepting crypto currencies whether bitcoin or Altcoins anything can be possible through third party apps and much more. So that is that, it will even go further and set new records in the new future.

It's true that transitioning from the typical payment methods that we've used to which is cash and bank transfers, we're now having these digital payments and transactions that are on instant depending on the payment processor that we're using. This is innovation and this inevitable and it's good to hear that even in places where technology isn't expected to be advance, there goes the vendors, merchants and business folks that are already using it. While we should also be careful keeping our data and information online, the thieves are also improving. Before, they're pickpocketing our physical wallets, now, they've become cyber-criminals and thieves that are trying to get onto everyone with every and little information they get from their targets and victims. That's why in line with this innovation, we as users need also to be aware of such and how to protect ourselves from them.

The new financial solution is initially only an alternative, if it is effective it will become mainstream before a complete system transition takes place where online payments are a must.
But the need to use cash I don't think will fade over the next few decades for some reason. At a traditional wholesale market near me, people are still comfortable doing cash transactions for large payment scales.

I was in the bank one day and a customer was issuing a cheque to the bank cashier and was expecting to receive cash. The banker told him that he cannot receive such money across the counter because it was against the bank policy. He was advised to download the bank app. or use the ATM. He complained that he doesn't want to use to channels because he was scared of fraud. The banker told him bluntly that if he refuses to use these modern channels very soon he will be cut off from the world financial system. In my country, even roadside petty traders both in urban and rural areas are accepting bank transfers and POS payments. Very soon cash will become outdated because even central banks are even shifting toward central bank digital currency (CBDC).

Companies spend so much money on research and development. Without information or data, many top firms cannot make decisions that will help the growth and expansion of the business. They need to understand the needs of the people so that they can come up with products that will help to satisfy these needs. With data, many companies will be able to identify opportunities and threats that the business might face in the future. Data collection and analysis make decision-making easy.

These changes in technology, financial transactions, and communication are happening everywhere but at different rates and mediums. In some places, the changes are faster and widely accepted, while in other places it is gradually due to some factors. Factors like political system, religion, education, and level of poverty will determine how fast these changes will reflect in the everyday lives of the people.

Humans are created with an innate nature of adaptation in whatever ever situation they find themselves. Going cashless helps reduce the rate of security risk of physical attack of robbery by carry cash in hand, its equally seamless and stress free at a go for the traders, this and other reasons the traders must have taken into consideration and that's why despite living in a local area they still embrace the cashless trend of online payments.

Did you know that as a trader that accepts cashless transactions you're likely to have more customers patronage compared to another trader that only accepts cash. Customers are likely to return to where they received a convenient service.

Cashless payment has become so popular and is gradually becoming a habit of many consumers, like last weekend I went to a market in a rural area when I saw that there were very few ATMs around, but surprisingly, the sellers there accept online payments, and the real amount is only about $2 for some fruits. I'm impressed with them because it's still a poor area and payments are mostly cash, but the way they're approaching the changes in the world is still unrestricted.

In recent years, especially after the outbreak of the disease worldwide, the shift of people to payment via Internet channels or mobile phones has increased both the number and value of transactions. In the digital age, data can be used to understand and capture customer behavior and consumption trends, helping banks and businesses identify new opportunities and make the right decisions. and improve operational efficiency. Regarding the role of data in the operation of the banking industry, connecting data will help banks gain insights into customer behavior, helping to cross-sell products. In addition, the full data connection contributes to preventing fraudulent acts, enhancing information security.

Although this is a rather small issue in terms of personal experience, it is undeniable that it is the direction of future development in the new era, what do you think about this issue? Although I know that not everywhere has enough conditions to be exposed to changes in technology, finance, new knowledge, ... but what I am paying attention to is that it is more convenient for life. In life, there are problems that will come to universalize it but over time people do think we will use less cash.