Cashless Challanges ”Technology” – Real world Problems
- November 11, 2013
- cashless, Programmes
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Cashless Challanges ”Technology” has been identified as a real world problem.
Some believe it will be three to five years before money goes out of fashion and a truly cashless society emerges. Experts in the Silicon Valley say many hurdles still need to be cleared to move the system into the mainstream…. These include technology challenges as well as high up-front costs, security and enough of the right type of phone. “There are a series of hurdles to overcome before the reality of contactless payments happens,” said Mr Ehikioya Okpaireh Report, a journal covering payments issues. The technology is there although when you think about having a chip in a phone to make contactless payments at the point of sale by waving your phone across a reader, there are only 10% of the handsets in the world that can do that. “It is going to take several years where you have a critical mass of handsets to make a difference at the point of sale. Obviously it will come but at the moment there is still discussion about how best to put that technology into a phone,” Mr Robertson told the BBC. Another technological hurdle concerns the adoption of one universal standard for contactless payments, said Mr Robertson. The most talked about is near field communications, or NFC, which wirelessly lets two devices talk to one another at around four centimetres apart. The non-profit NFC Forum said that because the transmission range is so short, NFC-enabled transactions are inherently secure. Consumers would in many cases prefer cashless transactions when away from home. So around the world solutions providers have leveraged SMS, mobile internet and downloadable mobile applications to enable mobile commerce and payments. With these challanges technological issues seems to be a hydra monster beseging the cashless system-Globasure news updates unveils.
Globasure is a provider of simple, smart payment solutions.
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