Home / Featured / Time Consuming, Fee-happy Financial Transactions, Not just a #FirstWorldProblem

Time Consuming, Fee-happy Financial Transactions, Not just a #FirstWorldProblem

#FirstWorldProblems are pretty funny, but whether in a first, second, or third world country, financial transactions can be time consuming or fee-happy. Techistan reporters remember PayPal president CEO Dan Schulman, who was a first-time keynote speaker for GSMA Mobile World Congress 2016, sharing that with Earth’s high mobile and smartphone penetration, it just seems crazy to have to deal with transactions taking too much time and with such high fees.

 

5000 dollar usa billMr. Schulman said: “We have the ability to make these transactions easier, faster, more secure and most importantly less expensive, which can make a real difference in the world.”

Why do we spend the same and sometimes a higher percent of our income on transaction fees and interest as we do for food? Even in first world countries such as USA, the poorest people tend to live the farthest distance from fresh food and large chain grocery stores. They end up using their monthly allotment from special debit cards that assess a fee on every transaction for food on overpriced, over-processed items at the local convenience store.

“We should blow through the paradigm that it’s expensive to be poor. Our creed should be that managing and moving money should be a right of every citizen, and not just a privilege for the affluent,” the Paypal CEO said.

Schulman said the democratization of money was the top huge mobile trend for 2016 with with digitization of commerce right behind. He emphasized that PayPal’s commitment is to work their mobile and payments partners such as the newest at the time of the keynote Vodafone, Telcel and Claro “to bring new innovations to market that will change the face of commerce and democratize financial services for billions of people around the world.”

Since then, they have added partners Alibaba, Visa and Mastercard.

PayPal has increased the scope of use on its consumer platform because people need all types of features as noted in Schulman’s GSMA Mobile World Congress keynote speech in 2016. Consumers can transfer some of their paychecks from their employer to their Paypal account in the way that many have taken advantage of employee payroll direct deposit to traditional bank accounts.

A mobile device is a constant companion for people of all levels of financial status and in every nation. It is, Mr. Schulman says “the central point of consumers’ financial lives.” Mobile devices are where you #findyourhappyplace.

Paypal’s app was, in February 2016, available in 145 countries and in 27 languages on Android and iOS which included the necessary authentication and security protocols. Also in early 2016, consumers were able to use their Paypal wallet app to make purchases online check out and for checkout later in 2016 via a multiplicity of point of sale options like barcodes, beacons, NFC and QR codes in USA and Australia.

On October 24, 2016, PayPal announced it would “start to roll out as a payment option across more of Facebook’s commerce experiences, including Messenger commerce” with following features:
1. Ability for PayPal customers to link their PayPal accounts to Facebook and Messenger at PayPal checkout.
2. PayPal customers in the U.S. can get notifications in Messenger. The first move would make it easier to manage receipts for PayPal transactions neatly in one place.

So the next time you want to buy something cool like a soccer player David Beckham style leather jacket, take advantage of Paypal with your favorite apps.

Register for 2017 GSMA Mobile World Congress set in Barcelona, Spain from February 28 – March 2. GSMA Mobile World Congresss 2017 keynote speakers will be John Stankey, CEO AT&T ENTERTAINMENT GROUP, AT&T SERVICES INC.; Mats Granryd, Director General; Eugene Kaspersky, Chairman and CEO KASPERSKY LAB; Chang-Gyu Hwang, Chairman and CEOKT CORPORATION; John Hanke, Founder and CEONIANTIC; Rajeev Suri, President and CEONOKIA; José María Álvarez-Pallete López, Chairman and CEOTELEFÓNICA; and Arnaud de Puyfontaine, CEO VIVENDI GROUP.

By Ahsan Kathoria Saleem, COO Virtual Phone Line; and Suzanne Bowen, VP Events & Marketing DIDX and TMCnet.com “Monetizing IP Communications.”

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