Opinion

Digitization of payment methods

Today it is a trend, for sustainable development, the dematerialization or digitization of the different inputs used within the process of means of payment. This vision not only contributes to caring for the environment, but also becomes an excellent business strategy for both consumers, businesses and banks.

With the growth of Fintech (technologies applied to finance) a wide variety of possibilities has opened up in the world of means of payment through the internet and especially through mobile devices, and each country or region has adopted these technologies, according to supply, demand, need, profitability and the particular regulations of each country.

Among the models of means of payment that are on the rise, virtual cards, QR payments, electronic transactions, wallets or virtual purses, among others, can be highlighted. Among the most important advantages of using these means is the security provided by avoiding the use of cash, speed when paying for any good or service electronically, reducing costs in generating plastic, taking care of the environment, among other. However, there are also disadvantages that will depend on the non-application of security measures and the cautious use of these means, since people could be vulnerable to financial crimes, therefore the use of positive identification mechanisms is recommended, such as They are the use of biometrics, one-time keys (OTP), as well as the restriction of the amounts allowed for this type of transaction.