smart money transaction

The next internet things are Smart Money Transaction. We’re heading towards complete digitization. Transactions are made possible on your cell phone with apps like Apple pay, Google Pay, and Paypal. But imagine if you could walk to a store and pay with a wristwatch? Wouldn’t that be cool? Smart Money Transaction are defined in which the customer authorizes the transfer of cash through electronic means, and the funds flow directly from one account to another. These accounts could be held in banks, or with entities/ providers. This transaction can happen both on the internet and in person to the payee. For example, if a buyer pays via UPI on an e-commerce website or buys from his local grocer and pays him through UPI while purchasing at the store, both are smart transactions. A transfer refers to any transaction that takes place from beginning to end without any need for cash or paper.  In this transactions consumers and businesses now expect the digital payments facility to be made available for faster and more secure payments with no risk and no charges. The payer has a mobile phone which provides additional authentication via fingerprint or other verification or biometric method, minimizing risk. This Smart Money Transaction entities involved in the end-to-end processing of a online payment transaction include the merchant (payee), the consumer (payer), the bank, and the payment network.  ‘Merchant’, in this context, refers to local stores, shopping malls, retail outlets, etc

Some of its key features are as follows.

  • Provides a comfortable and reliable platform for money transactions.
  • It is compact, wearable, and rechargeable.
  • For safety purposes, user authenticity is validated.
  • This technology can reduce the burden of mobile money transfers.
  • When you’re on the go, you could easily step into a store, purchase the goods and pay hassle-free.
  • After every successful transaction, the balance is updated immediately to avoid any uncertinity
    you can refer for Smart Money Transfer here