Advantages And Disadvantages Of Payment Banks

Shall be able to accept payment from all reputed bank transfer facilities for customer flexibility.

Synchronously, the developing economies such as some Asian and South American regions which exported their experienced workers to the overseas market can also reduce the unemployment pressure that governments must face in long-term period. On the other hand, international remittances are beneficial for both migrant-sending and migrant-receiving countries. Statistics discovered that the international remittances transmitted to the homeland of 35 to 40 million migrant workers are currently estimated to be about US $66 billion per year, and represent the second largest international monetary trade flow, exceeded only by petrol (Sasikumar 2001). For the countries which exported labour to rich countries, they would gain enormous exchange funds from international remittances and regard the money as foreign investment to facilitate their economic development. By contrary, for these migrant-receiving countries, the outflow of vast domestic currency would take away some financial threats such as malignant inflation to a great extend. Nay, the popularization of one country's currency could also accelerate its economic fluidity and strengthen its economic influence to the other countries.

India is focusing on the spread of digital technologies, advances in energy, and productivity of business and agriculture (Kaka, 2014). The United States is much more technologically advanced than India. As those in India use technology to gain jobs, the constant dependence in technology in the United States can lead to the disconnection of people towards the outside world. The reliance on technology could result in the lack of social and developmental skills, constant distraction from smartphones, and negatively impact futures. The sole purpose for technology in both these regions is to improve the lives of its citizens.

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

Rather than dwell on how much technology, and cell phones in particular, have destroyed our society and individuals, we should start to look at the benefits of cell phones.

2) Right fitting customers and meeting there needs when it comes to cell phones and cell phone service.

Technology has advanced over the years, causing our lifestyle to change drastically and head down a new path. With these advances in technology, the cell phone appeared and has evolved throughout time. The cell phone has become a necessity to many. All ages use this mobile device for either personal or business use. Higgins states that the amount of cell phones active has increased from “one billion in 2000 to 6 billion.” Although cell phones play an important role in the lives of many, the negative possibilities could cause destruction to our society.

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

Our focus will be on The Bank of the People a small regional fictitious bank could use the blockchain to increase the efficiency of the bank-to-bank payment systems. The worlds’ transfer payment system cost more than 2 trillion dollars in fees and operation cost. It take days for a settlement any cross border a transfer under 50 dollars would almost entirely be consumed in fees and small payment of say .50 Cents in not even possible The blockchain will minimized delays in payment and remove settlement risk. The need for Nostro accounts would be greatly reduced (when a domestic bank having an account in a foreign bank in that country’s currency).

. Mobile services not only offer a new, convenient channel for existing customers of banks, the technology will also provide access to 3 Bnstrong global unbanked population

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

The cellphone made saving and spending money easier. In countries and cities where there are no banks or financial help centers, the cell phone is able to help people secure their money. People are also able to invest, start businesses, and know that their finances are in good care (Higgins 1). For example, a family in Tide Land were hurting for money, and the dad just could not find a job, but he was given a cellphone by the government in which he used to secure the money which he had made while he was employed. Through securing the money an opportunity arose for him to be able to invest in a small company. Through the investment he made over the phone, he was able to furnish a house for his family, and he ended up becoming a partner of the now large company. The cell phone saved this

These are national or regional financial institution designed to provide medium- and long-term capital for productive investment, often accompanied by technical assistance, in poor countries.

Presence of banking services and products aims to provide a critical tool to inculcate the savings habit. It also creates avenues of formal credit to the unbanked population who are otherwise dependent on informal channels of credit like family, friends and moneylenders.