FINANCIAL SERVICES
“ As our society becomes increasingly cashless , some advocacy groups have raised concerns about the inclusion of vulnerable groups in the digital economy ”
SAHAR SALAMA CEO AND FOUNDER OF TPAY
“ Many are concerned that cashless payment methods are dependent on technology , which comes with its own set of risks ,” he says . “ For example , if there was a disaster causing largescale power outages or broadband failure , the economy would be paralysed with no one able to make payments .
“ For others , using cash is simply a preference , a choice that enables consumers control over their finances even when making online payments . Furthermore , cash also gives a sense of control over personal data , with many people becoming increasingly concerned over how their data is collected and shared by corporations – cash payments are a way to limit their data trail .”
The lack of trust in current technologies is not unjustified . With cyber attacks and fraud incidences becoming increasingly commonplace , security for online financial transactions requires ever-increasing levels of protection . This now commonly stretches to biometric methods that track voice intonations , eye markers , fingerprints and more .
Sahar Salama , CEO and founder of the full-service mobile payments platform TPAY MOBILE , notes that increased digitisation of the economy is creating a divide between the technologically savvy and disenfranchised groups . She says this requires appropriate government policy so that everyone can
72 July 2022