What is the importance of mobile payments?

In addition to paying bills, the user can easily transfer amounts of money to other people. However, the greatest facility is to carry out payment transactions without the need for inter-mediation by a financial institution.



A cashless society may seem like something out of science fiction, but we are already on our way. Several powerful forces are behind the move to a cashless world, including governments and large financial services companies. Even critics of the dominant financial system and the coins issued by the government contribute to the elimination of money.

But we are not there yet. In addition to logistical challenges, we need to address several social issues before giving up money entirely. The benefits and drawbacks below can give you an idea of ​​the myriad effects that cashless can have on money and banking, as you know it.

Benefits of cashless society

Less crime : With money, it is easy to steal money, whether the amount is large or small. In addition, illegal transactions (drug trafficking, for example) usually occur with money so that there is no record of the transaction - and for the seller to be sure of receiving payment.

Money monitoring : Financial crimes should also dry up. It is more difficult to hide income and evade taxes when there is a record of every payment you receive. Money laundering becomes much more difficult if the source of funds is always available.

No cash management : it costs money to print bills and coins. Companies need to save money, earn more when they leave and deposit money when they have a lot on hand. Moving money and protecting large sums of money can become a thing of the past.

International payments : When you visit a foreign country, you may need to purchase local currency. But payments are easy if both nations can handle cashless transactions. Instead of discovering another currency, your mobile device handles everything for you.

About Steve Hoffman

Steve Hoffman is a founder of next generation payment transfer solution Newt for individuals and local closed loop systems that focuses on using new methods for money transfers. 

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