Forward movement, if we want to call it that, in Industry and technology has made monetary
transactions faster than a speeding bullet. Today it’s common to be able to make and pay for a
purchase simply by tapping your cell phone.
Efficient and convenient? Yes.
Risky and problematic? If you’re reading this soundbite, the answer is probably “yes.”
According to American Banker, a ”very effective” payment approval takes no more than two
seconds. Faster purchases often mean less thoughtful ones. These transactions are designed to
be both fast and irrevocable. Fast payment approval offers no time to pause and skillfully consider
This being the case,
Are instant payments likely to exacerbate existing societal problems?
Do already vulnerable people overspend even more with effortless payments transactions?
This article, a refreshing challenge to the banking industry, implores banks to ponder the question
of whether “as fast as possible” is always the right answer and, if it’s not, what would be
appropriate, optional, and unobtrusive “payment reconsideration” steps or what constitutencies
should put them into place?
To learn more, click here.