Membership is FREE!   Professional Designations for Business & Technology Professionals

Mobile PaymentWebinars

Solutions to the Global Mobile Wallets

1 Mins read

In this part, 3  Bashir Fancy and Nick Brown discuss solutions for the Global Mobile Wallets. They will discuss ideas to avoid pitfalls and the serious threats to the existing financial systems.

In Part 1 – the Interoperability of Payments in developing countries and Part 2, The Threat of Global Mobile Wallets to Western Countries, Bashir and Nick discussed the foundation of this third session that should be an abrupt wake up call for governments and central banks throughout the Western world.

According to Bashir Fancy, there is a bit of a domino effect:

1: Mobile Money Operators will be the first to go. Individuals will switch to a faster, better (greater reach), cheaper, cooler service. Merchants will create accounts to accept these payment methods, and will gradually do less and less through Mobile Money.

1a: Merchants now have funds in Mobile Wallets, which they will push their suppliers to accept for convenience. Businesses all the way up the supply chain will start shifting to the new payment method – the ‘buyer’ always chooses the payment method.

2: Conventional Banks – Businesses will transfer some funds into Mobile Wallets as B2B transactions will be instant, most importantly for international transactions.

2a: This could cause banks to get into trouble as their reserves are depleted. There may even be some collapsing, and even result in a run on the banks.

The governments and central banks must be aware of this threat and put measures into place to avoid this outcome………………..….MUCH More

 

Related posts
ETHICSWebinars

BIZTEK Presents Fancy that Conversations that change our World Effective Ethicking versus Ethics

2 Mins read
Don Gotterbarn, Co-Chairman at the ACM Committee on Professional Ethics October 14, 2020 – 10:00am EST Effective Ethicking versus Ethical Theatre: practical…
Mobile PaymentWebinars

How can Governments in developing issue Global Mobile Wallets and protect their data, their currency, and the privacy of their citizens?

1 Mins read
How can Governments in developing issue Global Mobile Wallets and protect their data, their currency, and the privacy of their citizens? We…
Mobile Payment

'One day everyone will use China's digital currency'

3 Mins read
Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and…
Join BIZTEK

Yes, I have read and live by this Code of Ethics - https://biztek.org/code-of-ethics/. We are BIZTEK, located in Mississauga, Ontario. Business Certification is an important part of doing business in Canada. Join us to set new standards and professionalism to the technology sector. We will email you regarding issues that affect business and technology professionals in Canada. Contact us at info@biztek.org or call us at 647 499 2744. You can unsubscribe at any time.