Tag Archives: Hawala banking

This is about nothing less but an upcoming revolution in payment services. Think of it as the online equivalent of traditional letters of credit or guarateed cheques – but with new players on board. The risks of pre-payment are being shared equally in favour of a trustworthy business outcome. That said, pre-payment, combined with peer-based guaranteeing and realtime transaction confirmations is going to be a major driver of how trusted online payment is going to work tomorrow. Technology enabled, simple citizen-to-citizen services to be potentially more appealing to customers than the corporation-owned “walled gardens”, may be an insight, which could turn out to be hard to reverse. Continue reading →