Few days back we gave a summary of the latest development surrounding TOPOS and how smart money would become the new normalcy in Cross-border payment and I for one can't wait to see this change, especially with my local bank experience a day back.
Going to the local bank is definitely not one of those things I happily do cause I already have a mindset that half my day would be consumed to sort something that would probably take 30mins of work and the rest behind queue waiting till my turn and truly it was as expected.
With the help of smart money the above can easily be avoided irrespective of the country you find yourself as shown from the video we shared on our previous writeup here @otemzi/introducing-zkpay-smart-money
From the click of a button one can easily create a usable smart money that can be easily accessed via a bar code, scan, or a physical card. Truly it is mind blowing and definitely a welcomed tech.
Smart money solves the above and more as described by TOPOS on their recent tweet which reads
6 Key Challenges in Cross-Border Payments for Payment Companies
High costs of pre-funded accounts
Uncertain settlement times due to fund transfers
Exchange rate losses in multi-currency transactions
Complex and costly regulatory compliance
Insufficient liquidity for peak transaction demands
Data security and privacy risks across intermediaries
All and more can be seen from our present day banking system, from system down time to long settlement period without any form writeup or reasons why the delay. Smart money solves each problem from not requiring any 3rd party to operating a system that allows you to be your own bank at every point in time and also providing a complex security system not accessible by anyone.
Truly the advantages goes far beyond one can imagine and it is simply limited by one's view.
Going forward, I can't wait to see this technology at every shop near me in time to come.
What is your take on this? Do leave a comment or two behind.