Hard cash is useless, extended stay dollars!

STOCKHOLM, Nov. 26, 2020 /PRNewswire/ — The utilization of actual physical cash is fast coming to an close in Sweden. It will be sorely missed as it is the only implies of payment that normally operates and in no way jeopardize anyone’s own privateness. According to a Swedish Central Financial institution director, hard cash might be heritage in just three yrs. It is consequently a make a difference of urgency to establish a electronic choice having the exact functions as dollars.

Many companies are already opting out of income now. Nonetheless, electronic cash will be a welcome addition as payments always operates swimmingly straightforward and income management will come to be substantially more successful.

The improvement toward a cashless society may well have its pros, but in the close to foreseeable future Sweden could absence a indicates of payment that constantly functions. The whole of Sweden may well become paralyzed by downtime and disruptions in payment products and services. The Swedish Central Lender considers assembly this challenge with a electronic e-krona. This has been discussed in three webinars moderated by Crunchfish’s CEO. Radical new pondering and new technology will be needed to provide the very same homes as actual physical hard cash in a digital equal. Crunchfish has produced patent-pending remedies for electronic cash that ensures that the payment works swimmingly easy, with out compromising personal privateness.

– From a stability point of view, we use the same demonstrated technological know-how as for tokenized card payments with digital signatures from a safe component in the cell. Electronic money may perhaps be built-in with cell wallets and also instantly with the card and CBDC payment rails. We are deeply engaged in companion conversations with international firms about integrating digital hard cash, says Crunchfish’s CEO Joachim Samuelsson.

Crunchfish’s CEO Joachim Samuelsson is a serial entrepreneur and tech pioneer with more than twenty patents and patent applications in electronic payment and proximity-based interaction.&#13

Personal privateness in payments

Digital hard cash complements all styles of payment solutions and lets the payer to be personal. The payment is usually frictionless and is either last but not least settled at the minute of payment in a mobile wallet or subsequently to a financial institution account, relying on the desire of the payee.

– In Germany money is continue to the most well-liked indicates of payment, although in Sweden cash is only made use of in 9{4deaea03d78349d2462fb96996a246ea5d0077172a16867ed072c7a64f0a268c} of in-retailer payments. The main reason why the Germans are sticking to income is their resistance to electronic traceability. With electronic cash, it is feasible to set a appealing stability in between individual privateness and countering cash laundering. The lender does not have to see all payments just due to the fact they are electronic. Crunchfish solves this. &#13

If the disaster will come

Digital cash tends to make the payment market place robust. With out access to the network, people can only cope a couple days until finally the liquidity in the current market is long gone, with no remaining ability to pay out for products and services. If the pandemic has taught us 1 factor, it is that the point out ought to strategy and safeguard all fundamental societal capabilities. Relying on persons possessing dollars in their mattresses will not do the job when hard cash managing routines are no extended offered.

– Our vision for the upcoming is that we will keep on to spend with hard cash, but in a digital sort. Digital funds is transferred right away and swimmingly easy as it is built to be impartial of everything that can get messed up on the net. Only in scenario you have to have access to far more funds than accessible in the mobile wallet, an on line link is essential. In addition, if the community is down all through a for a longer period time period of time, Crunchfish’s electronic money may also be sent securely by typical mail, to be scanned into the mobile. This is an vital feature in a disaster. &#13

ABOUT CRUNCHFISH

Crunchfish is a tech firm from Malmö, Sweden that has formulated patent-pending answers for digital dollars that can be built-in instantly with the payment rails or cell wallets. The alternatives are globally scalable and make payments strong as the challenges of downtime and disruptions of payment providers are totally eliminated. Crunchfish is mentioned on Nasdaq Very first North Expansion Market place given that 2016.

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Money is useless, lengthy stay hard cash!

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Joachim Samuelsson

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Money is dead, extensive stay cash!

 

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