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Those channels could be the mobile device, the online device, the ATM, the call center or even in-branch,” said Samy. The transactions span payments, of course, and transferring money from point A to point B, or processes that include opening accounts or applying for loans.
For example, the Uber driver can get paid across a debit card, jump into their car for an hour-long shift and effectively use the car as a rolling ATM — to be paid, then use those real-time payments to buy gas or sundries as needed. The flip side, as Webster added, is that when payments are done instantly and on demand, they are irrevocable.
Other changes are centered on the challenges of bank and ATM closures limiting consumer access to cash. Increasingly, the scams involve cryptocurrencies; The New York Times also recently investigating crypto romance scams in which victims are lured into paying criminals with fraudulent, and irrevocable, transfers into digital wallets.
When everything is good, and the funds have flowed to the right person, that is a terrific feature that means the receiver can pay a bill, make a purchase or head to an ATM and cash out. The payment is irrevocable, and can’t be clawed back. That can seem rather intimidating, she said, but a few facts bear considering.
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