PAYMENT SOLUTIONS
Contactless Payment Solutions
Developing nations are still markedly entrenched in cash usage , often because incumbent banks are undeserving large proportions of the population . While China and South Korea are leading Asia in going cashless , Indonesia and the Philippines economies are heavily dependent on tangible currencies . Indeed , even in developed nations like Portugal , cash is still widely used , mainly because the ATM system is so well developed that it poses stiff competition to digital payment solutions .
Blockchain technology And while much is made of the ease and security digital payments provide , implementing such solutions require global cooperation on a global scale . Lennon believes the technology exists for the world to be entirely cashless , but there are still a lot of processes to work through .
“ Blockchain is a very interesting technology and has potential broad usage in financial services from smart contracts to trade settlement and FX transactions ,” he says . “ However , in order for blockchain to become the future basis of payment
“ In order for blockchain to become the future basis of payment services , central banks across the globe will need to adopt digital currencies and facilitate the creation of a blockchain ecosystem ”
KEALAN LENNON CEO , CLEVERCARDS
76 April 2021