Going Cashless: Banks Brace-Up Using Alternative Channels, Products

by Mercator Advisory Group 0

Not a few financial experts believe that having the right infrastructure, cashless transactions might very well become commonplace for petty traders in far-flung villages and high net worth individuals in the cities.

Already, banks are not relenting in their efforts toward providing platforms for the ideals of running a cashless economy. At the wake of calls for a cashless economy, most experts likened the revolution to that of GSM telephony technology, which revolutionised the communications habits of Nigerians.

The ongoing campaign for a cashless economy is now deeply rooted across the rural and urban parts of the federation, even as most stakeholders at various for a endorsed the revolution.

By going cashless, discerning business owners who are making technology work for them are now able to save valuable time to pursue other engagements because transactions that could have taken hours to conclude in the banking hall can now be concluded in a timely and secure manner through the use of alternative banking channels such as ATMs, POS terminals, phones and the Internet.

Perhaps, the best incentive for bank customers utilising alternative channels is the promise of low transactions costs, convenience, speedy services, and enhanced security. In addition, cashless transactions enhance financial inclusion as even the unbanked can carry out basic banking activities from the comfort of their homes, market places or offices.

The idea of a “cashless society” has been around for decades, but has recently been picking up stream throughout the world. With advances in the underlying technology for payment systems and mobile phones, and new ideas from a wide variety of market participants, new products and services are being introduced with increasing frequency.

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