The challenge for paperless financial transactions for a one-world economy
To significantly reduce the adverse environmental footprint that we make, it is necessary to have paperless financial transactions. There must be specific changes in the way the banks and other financial institutions move to include those that belong to the private sector. By making regulatory policies and tax policies, the worldwide governments can increasingly promote our having paperless financial transactions, digitizing all possible aspects of using money. As the changes are implemented, it is possible to stop the continued use of paper by financial institutions by imposing hefty fines on those who do not follow, and tax incentives for those who do digitize what they can.
Solutions for global payment infrastructure
But, even more of a concern that of following regulations, if the policies are in place, is the global acceptance of using mobile payments. The acquisition costs for building up the digital payment infrastructure and making the payment processing faster requires budgeting and support from the government. In this regard, the various payment providers develop advanced payment solutions for global eCommerce.
To create the global payment infrastructure must be done seamlessly, so no matter where we are on the planet, our local currency and other digitized assets can work as a valid form of payment. There is a need for mapping and establishing the network for multi-currency and cross-border transactions, on a global scale to prepare for the digitized future. Payment providers should undertake the task of assuring that exact billing will be implemented, with reduced fees, and network with a wide variety of forms of payments such as cryptocurrency.
Improve user experience
It is necessary to have seamless payment transactions in all industries which require secure payment processes that provide the desired user experience. These payment terminals should not necessitate registration nor other mobile applications for contactless transactions. There is a multitude of possibilities for payment methods at different terminals, such as to scan a QR code to direct the payment option to a debit card, credit card, bank account, cryptocurrency, and more.
Make transactions using a payment provider’s mobile app
Another solution is to be able to transact using a payment provider’s mobile app that has a variety of payment methods for local and international funds transfers. There also should be contactless payment transactions using mobile apps that are linked to a debit card, credit card, or financial account. There are the ideal automatic payments that will deduct the amount upon the order, and pre-defined automatic deductions to an account based on a long-term installment for subscriptions, loans, and other matters.
Whether the transaction is contract-based or not, the decision can be the key to making a payment instantly. That makes paperless transactions seamless and much more convenient, crossing borders and across the various providers for a one-world economy.
The solution is to have a master plan for financial transactions that can be done by networking the various financial institutions globally. It is possible to get rid of paper trails and transact digitally using secure payment systems. However, due to the poverty in several nations, bring about the lack of mobile phones, this one-world economy is still a faraway possibility.