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While the flexibility of offline payments presents certain implementation challenges, these pilots have consistently demonstrated both the technical feasibility and the clear advantages for endusers.” Education and Financial Literacy – A Prerequisite for Safe Use Offline payments introduce behavioural complexity for end-users.
According to Shultz, all of the components of the payments ecosystem must work together to develop real-time payment products and services, with an emphasis on easy onboarding and an elevated end-user experience for corporates and small businesses. “There is less time to apply traditional fraud techniques,” said Shultz.
Typically, financial institutions (FIs) are a tougher sell than endusers when it comes to new money-moving products. These ensure that the money promised is actually available to be sent and that the payment is irrevocable, or can’t be taken back by the sender once it appears in the recipient’s account.
Or at least, it’s changed irrevocably since evolving markets have brought businesses and end consumers into closer orbit. B2B is dead. B2B will never be the same because of the ‘C’ component,” said David Houser, senior vice president for international sales at the global supply chain management company HighJump.
Bitcoin’s innovation — anonymity and irrevocability — have taken the friction out of crime. That means that those costs are passed down the ecosystem to endusers. They also use it to move money out of countries where strict currency controls exist. And criminals use it to grow their businesses.
Because we’ve all seen what happens when we let the shiny new toy syndrome (aka what’s best for the innovator and not the enduser) drive innovation. Prepaid is another product category that sounded good to innovators but perhaps less compelling, at least so far, to the intended enduser. Instantly, and irrevocably.
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