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It simply facilitates transactions by linking to your customers existing financial instruments, like bank accounts or credit/debit cards. Users can: Store cardcredentials securely Authenticate with biometrics Make fast, online, and contactless payments Access loyalty points, tickets, or IDs You’re not managing funds.
First, authorities have brought more people into the formal financial system by lowering the bar on what it means to open a bank account. A customer with limited credentials can still get banked, albeit with reduced functionality. India has taken a few steps that have made this leapfrogging possible, said Cooke.
In 2019, 77% of US consumers were using at least one type of digital payment system. What has grown more significantly is the number of electronic payments and alternativepaymentmethods consumers now use. These security measures enhance consumer trust and confidence in digital payment systems.
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