Connect data to accelerate cashless payments

[SmartGold01]

We are now in fast tracking word where everything is done remotely without any hassle, Beings are born to accept any immediate change among them. The covid-19 pandemic was a life lessons to accept and adapt to a new payment system where nearly all transactions are being carried out digitally and electronically.

It was through the pandemic businesses soar and online marketing gain it popularity where people has to order and ship goods online instead face to face business deal.

[robattfield]

Maybe it depends on the region and everyone can accept online payments, although I completely agree that the next generation of us will use more internet devices, like around where I live. A lot of people don't use the internet and they don't even understand what it is and how to pay online. Small transactions are still cash-based, and if there is no cash here, you can be said to be unfit.
Before, I moved to some big cities and it really impressed me because it was quite a long time about 5 6 years when online payment was probably too little known, but when I saw how they use It's really quick, convenient and much less risky.

[naira]

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.

There are definitely risks, benefits, advantages, and disadvantages, both in online and online payment transactions. Because all of that can not be avoided by anyone. When only receiving payments online what if the bank account is frozen or the bank is having problems, it means that what has been collected will be at risk. Receiving cash payments is also not free from risks where thieves find it easier to take them. So in my opinion, in this sophisticated era, offline payments still play an important role because even if you use online payments, in the end, they will still be disbursed into cash.

[Unbunplease]

Maybe it depends on the region and everyone can accept online payments, although I completely agree that the next generation of us will use more internet devices, like around where I live. A lot of people don't use the internet and they don't even understand what it is and how to pay online. Small transactions are still cash-based, and if there is no cash here, you can be said to be unfit.
Before, I moved to some big cities and it really impressed me because it was quite a long time about 5 6 years when online payment was probably too little known, but when I saw how they use It's really quick, convenient and much less risky.

We are convinced that online payments are convenient. Yes, to a certain extent it is. But the problem is that soon all our payments will be under complete control. Is that a good thing? Freedom is the price of convenience. In my opinion, we cannot completely switch to online payments, otherwise absolutely everything will be known about us, including our habits, predilections, and so on.

[icalical]

I think it's generally make the transaction more seamless and for a customer it's better. In my country the latest payment system that is pushed by a Single QR Code, so people with different payment processor, like Bank App, Venmo-like Payment and other type can scan the same QR Code to pay for a service. But the one issue that appear is that most of merchant complaint about the fee, it makes them increase the price of their product, and it's not good for them.

For Crypto this phenomena when the government pushing digital payment for people will ease the transition to crypto, transition from a traditional cash to crypto payment will be very hard, but when the merchant familiar with digital payment they will accept crypto more easily.

[dothebeats]

I think it's generally make the transaction more seamless and for a customer it's better. In my country the latest payment system that is pushed by a Single QR Code, so people with different payment processor, like Bank App, Venmo-like Payment and other type can scan the same QR Code to pay for a service. But the one issue that appear is that most of merchant complaint about the fee, it makes them increase the price of their product, and it's not good for them.

For Crypto this phenomena when the government pushing digital payment for people will ease the transition to crypto, transition from a traditional cash to crypto payment will be very hard, but when the merchant familiar with digital payment they will accept crypto more easily.

That is also one thing I noticed. A lot of merchants, specially small local shops, added additional fee when you use QR codes or online system to pay them. I mean it's not that bad, but it is noticeable.

And yes, as more cashless system transaction are being made and accepted I believe crypto will be accepted more and more.

[sesterceshop]

I agree that it could lead to a more convenient future, but I also wonder what trade-offs and costs we might have to pay for it. Like how do you balance the convenience of cashless payment with the potential ethical impacts such as data exploitation?

The data can be used by the payment providers, banks, businesses, and third parties for various purposes, such as marketing, profiling, targeting, or even manipulating us. Definitely read the fine print before using these cashless payment systems.

[kryptqnick]

Cashless payments are common in my country, but even in big urban areas, there are places that don't accept cards. For example, there's a type of public transport where you can only pay with cash, and you mostly can only use cash at farmers' markets as well. In smaller cities, even cafes often don't accept card payments or don't have the proper devices to do that, which means you need to transfer money via online banking if you don't have cash on you. I don't use cash most of the time, especially if there are other options available, but I don't really think that cash will go away globally because the tendencies strongly depend on a country. Also, unfortunately, increased adoption of cashless payments doesn't mean increased usage of crypto payments.

[Fortify]

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.

It's the only way the world is moving right now where you can accept a wide range of payments via phone based apps and the wireless RFC technology that comes with most modern phones. It's gradually going to mean that even more cash payments will change over and they will eventually phase out paper & coin based currency. It will actually save a whole bunch of waste that is involved with transporting the physical currency around and keeping it secure, however we need a backup in case these electronic systems get attacked.

[Unbunplease]

Cashless payments are common in my country, but even in big urban areas, there are places that don't accept cards. For example, there's a type of public transport where you can only pay with cash, and you mostly can only use cash at farmers' markets as well. In smaller cities, even cafes often don't accept card payments or don't have the proper devices to do that, which means you need to transfer money via online banking if you don't have cash on you. I don't use cash most of the time, especially if there are other options available, but I don't really think that cash will go away globally because the tendencies strongly depend on a country. Also, unfortunately, increased adoption of cashless payments doesn't mean increased usage of crypto payments.

I agree with you. In my country, transferring money by phone number is also gaining popularity. This method is used both at markets and farmers' markets - that is, practically everywhere. Cryptocurrencies require internet, which is not always available.

[teosanru]

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.

Over the time? I expect cash to be a thing of the past in next 5 years only. If you see the developed countries the payment through plastic money and non cash ways is already pretty high. Even for developing countries like let's say India it's growing each day. So I feel it won't be very far that we will eliminate cash and moves to digital means but obviously these will just be fiat digital means and nothing very special or different.

[so98nn]

This is changed a lot and not a big concern. You can even pay lowest $ 0.02 in India that is lowest denomination of currency available in India right now. Just imagine walking up in any area rural or urban and you see a QR code available. Just scan and it and pay the desired amount.

The making of digital India has done some good for the country. Now even a small street vegetable seller or tea stall has these QR codes and you can pay them cashless.

This gets even best for the foreign nationals. If you are someone traveling to India and worried about carrying the cash then just visit nearest exchanger at the airport. They will connect your temporary account to the UPI system and you can pay just like any other Indian bank account holder. That’s the beauty of cashless society and initiatives from the India.

So what’s in OP is already happening.

[jrrsparkles]

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.

So you are talking about cashless fiat system aka online banking is better now in 2023? If I am not wrong in the last 5 years things changed all over the banks and this is mainly due to the banks don't want the money to go into the hands of users so they might do anything they want instead they are keeping it in their hands no matter what and made everyone feel it is good.

And all this happens around you is progressing towards consumerism which is good for business but as individual you will keep spending all the money you earn and the concept of saving, investing, rich will never strike on your mind.

On the other hand we have cryptocurrencies which is decentralized means no one can control it like banks have their policies of how and where to use your money yet it is digital so you will have all the advantages of cashless payment system.

[slapper]

The pandemic sped things up and showed how safe and convenient cashless transactions are. Such transactions are more frequent and larger. I'm interested in the data, though. Banks and enterprises today have a lot of client data that, when used appropriately, may boost productivity and profitability. There are pros and cons. Despite protection, customers may be subject to fraud and privacy abuse.

Cashless transactions have many benefits, but they also have problems such security breaches, lack of privacy, and limited access to contemporary technologies. Consider the pros and cons to better comprehend.

[Gyfts]

The data that these financial institutions collect aren't going to be used for our benefit. Assume it's being shared with government entities for potentially nefarious matters (CBDC implementation or otherwise).

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.

I presume people already accustom to cashless payments in rural areas would be more prone to cryptocurrency payments than they would be otherwise if they were still on cash. Though, it's to most peoples detriment that cash becomes obsolete. Even if you're not a fan of fiat currency, the government is looking for any excuse to transition people to digitalized fiat (cashless) and then CBDC's. CBDC's pose a direct threat to Bitcoin. The rural folks are some of the last people that are standing in the way.

[goaldigger]

I agree that it could lead to a more convenient future, but I also wonder what trade-offs and costs we might have to pay for it. Like how do you balance the convenience of cashless payment with the potential ethical impacts such as data exploitation?

The data can be used by the payment providers, banks, businesses, and third parties for various purposes, such as marketing, profiling, targeting, or even manipulating us. Definitely read the fine print before using these cashless payment systems.

This should be their focus too, on making our data safe and I think even banks are not safe from any hack since there’s already a situation where banks claims that their data are being exposed especially the credit card details. Well, this could be the consequences on rushing to adopt technology but I believe in the future they will come up into a better solution and make this technology more worth it. Digital world is growing, we’re making our transactions online most of the time and to be more safe will always depend on how we protect our data.

[panganib999]

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.

I don't think creating a central data hub where all people's information are saved is specifically the way to go especially when more and more people nowadays are becoming more self-aware of how and what their data are used for. Plus it doesn't necessarily solve the issue of logistics which is the primary reason why there could be slowness in some cases of online payments. In that regard, the best way to solve this is to create faster payment channels that are streamlined to accept payment in blindingly-fast speeds with little to no fees and near global reachability. Bitcoin seems to be the answer to this, but the possibility of creating a specific cryptocurrency for the job isn't so bad either. All in all it's not data that's making things slow in the end of payment processing, it's logistics, and if that is solved then the dilemma of slow online payment channels is going to be a thing of the past.

[South Park]

I agree that it could lead to a more convenient future, but I also wonder what trade-offs and costs we might have to pay for it. Like how do you balance the convenience of cashless payment with the potential ethical impacts such as data exploitation?

The data can be used by the payment providers, banks, businesses, and third parties for various purposes, such as marketing, profiling, targeting, or even manipulating us. Definitely read the fine print before using these cashless payment systems.

This should be their focus too, on making our data safe and I think even banks are not safe from any hack since there’s already a situation where banks claims that their data are being exposed especially the credit card details. Well, this could be the consequences on rushing to adopt technology but I believe in the future they will come up into a better solution and make this technology more worth it. Digital world is growing, we’re making our transactions online most of the time and to be more safe will always depend on how we protect our data.

They will never succeed in making our data completely secure, as hackers are people with extreme knowledge about the systems currently in place and if you do not have someone at the same level then eventually your security is going to be broken, it is because of this we should not allow those companies to do whatever they want with our data as then our data will be eventually exposed to all kind of undesirable people, like hackers, scammers and other criminals.

[Sarah Azhari]

Oh, I totally agree with you! The pandemic really pushed us into a whole new world of remote everything, right? It's like we're living in a fast-paced techy era where changes happen almost instantly, and we've all become experts at adapting to it. Like, who would've thought that we'd be doing most of our shopping online and embracing cashless payments so seamlessly?

But, there is not everyone can't adopt this change quickly due to science and technology constraints. because some places on my country is never connected to the internet, and there are even some places that don't have electricity to turn on my lights yet. So, this force won't go according to plan if the infrastructure has not been built yet evenly throughout the country. maybe this problem can't be solved like planned, the government still needs a huge budget to build the new system. the developing country still needs outside financial assistance from the developed country.

[yhiaali3]

This is the nature of the inevitable development of any form of technology that we see today. The financial system has evolved from barter to metal money, then gold, then paper money, and now we must move at some point to online payment or Cashless payments.

Cashless payments keep pace with modern life because it is easier and faster and crosses distances and borders, in addition to being safer in transportation than paper cash.

As for the data, it is true that it is useful in "understanding and capturing customer behavior and consumption trends, which helps banks and companies to identify new opportunities and make the right decisions" and so on, but at the same time this negatively affects privacy and can cause major problems if these are hacked. data.