Introduction
Welcome to the official Payween documentation, with details and explaination about the project!
A whole new financial experience. Send money 24/7 for free, pay your bills, and manage your budget. Use Payween around the world, avoid fees, and earn instant cashback as you spend.
The Information Technology (IT) has revolutionized the various aspects of our lives; particularly it has provided an easy way to go for digital payments. The common people started to move from traditional payment system towards Digital Payments systems which ensured safety, security and convenience. With giant technological leaps in the smart phone and easy internet access has led market to accept Digital Payments. The percentage of the digital payments through other modes is also increasing in a significant speed. In today’s digital era the usage of the internet has increased drastically. All counts of age are consuming and producing loads of data each second. Many organizations are analyzing and altering based on the study that they been able to capture from the consumer analysis. With the ease of smartphones and virtual accessibility of products, services and payments online have boosted the way people are shopping and making payments online. The ecommerce industry initially started with the Cash on Delivery basis for the people to get the feel of the new online industry and also to build up their trust. After the customers are well versed with the organizations, the companies started introducing various platforms of the online payments. E-Payment has given access to various financial platforms like debit card, credit card, net banking, digital wallets, etc. Cash has become a less common mode of transaction as the appearance of e-payments has allowed consumers and buyers with greater convenience, but at the same time it has raised a doubt or a threat as there has always been increasing issues regarding the fraud and privacy concern that has been the top fear in the minds of internet users.
A new study on the payment attitudes of consumers conducted by the Banks and national central banks reveals that almost half of adults now prefer to pay digitally, and this trend appears to have accelerated further during the coronavirus (COVID-19) pandemic. While cash is still the most frequently used means of payment for in-person transactions, its share is decreasing. For remote purchases, cards and e-payments are the solutions of choice. And direct debits or credit transfers are the most common way of paying bills.
This contrasting evidence suggests that none of the means of payment currently available meets all consumer needs. This underlines the importance of continuing to give people a choice in how they pay, without compromising their expectations of fast, secure, low-cost and easy-to-use payments. Indeed, cash and digital money can be seen as mutually complementary: their coexistence offers greater choice and easier access to simple ways of paying for all groups in society, ensuring a high degree of inclusion and resilience in payments.
Digital money goes hand-in-hand with the digitalization of the economy: it supports the growth of e-commerce and connected lifestyles, and satisfies people’s demand for immediacy and seamless integration between payments and digital services.
But even if digital payments are designed to be as robust as possible, they remain vulnerable to disruptions, such as power blackouts, cyber threats and technical failures. In such situations, cash can support resilience in payments: owing to its unique features, it provides a crucial backstop and a trusted store of value.
The ever-growing popularity of cashless payments makes it evident that traditional passwords and PIN codes are no match for sophisticated hackers. The number of payment frauds and stolen credit cards is rising, forcing companies to use alternative authentication methods, such as biometric identifiers. Paying with faces, fingerprints, and vein patterns has proven to be more secure and convenient than using cash or passwords. And as tech companies continue developing biometric solutions, this technology will cement its place as a critical innovation in the financial services industry.
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