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We take life’s digital experiences over the top by enabling users to bring more creativity and self-expression to their play - no matter who or where they are. Founded in 2011, Coda Payments (“Coda”) is the leading provider of secure, cross-border monetisation solutions for digital products and services in more than 60 markets. Through our three services: Codashop, xShop, and Codapay, we help a range of top digital content publishers worldwide, such as Activision Blizzard (Call of Duty: Mobile, Diablo Immortal), Riot Games (VALORANT, League of Legends: Wild Rift), Moonton (Mobile Legends: Bang Bang), Garena (Free Fire), Tencent (PUBG Mobile), beIN, Bigo Live, Tinder, and Viu to monetise their content and unlock new revenue streams. Today, Coda has more than 500 people in 35+ countries who are working towards the same mission: to offer our customers the best value, experience and entertainment every day, without fail. If you want to make an impact in taking life’s digital experiences over the top, join us! - We are valued at $2.5 billion and backed by Smash Capital, Insight Partners, GIC, Apis Partners and GMO Global Payment Fund (affiliated with Japan’s largest online payment gateway). - In 2022, we are named the 5th fastest growing fintech company in the APAC by the Financial Times, the 13th fastest growing company in Singapore by the Straits Times, and a Technology Pioneer by the World Economic Forum. - Our headquarters are in Singapore, with 11+ offices worldwide and 35+ remote locations, including South Korea, Egypt and France. We are an equal opportunity employer that is committed to cultivating an inclusive environment for all employees, and we welcome the diversity that you will bring!

Coda Payments

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Introduction Mobile banking is not what it used to be just a few years ago. Customers around the world are discovering new kinds of experiences that minimize visits to physical branches (or eliminate them altogether) in favor of hyper-convenient, feature-rich apps that let you track expenses, build a budget, or even trade stocks and crypto. quicker to welcome these new experiences, like the EU, Russia and Latin America. On the other hand, we can see some of the markets, like the US, resisting change owing to legacy banking systems and stricter legislation. But the common truth is that mobile banking is not only here to stay - it will never be the same again. In this article we will look at some of the current mobile banking trends that are redefining your day-to-day financial operations, as well as new approaches to building mobile banking apps and their potential future. Trends Security Let’s first talk about the issue that prevents someone from trying mobile banking in the first place: the safety of their data and funds. As mobile devices introduced new security features like on-device encryption and biometric authentication (first with fingerprints, later with the face and even with your iris), mobile banking has seen an explosion in adoption since it first became a concept with the breakthrough of the smartphone in 2008. Biometrics But progress in that area hasn’t stopped. On the contrary, cybersecurity engineers are constantly introducing new security measures aiming at preventing attacks from happening in the first place and boosting devices’ underlying security. The pandemic has exacerbated the need for security methods that rely on non-fungible traits of the bank account owner rather than passwords or secret codes that can be copied. For example, voice recognition technology has made great strides in becoming available for use in the mobile banking context, and some companies have successfully launched pilots. At Sinara Bank, we aim to build trust in our biometric solutions as we adopt the “One-time contact” approach to offering our retail banking services. This means the client needs to complete a one-time biometric authentication procedure in our branch, and subsequent banking services will be provided on a remote-first basis. We are also experimenting with offering initial biometric authentication without any branch visits at all, and are seeing a positive dynamic with adoption. Voice biometrics is increasingly getting adopted by US bank call centers to securely authenticate account holders who can finally ditch learning a secret phrase or punching in their credit card number on the line. HSBC UK claims it was able to prevent almost £1 billion in customer funds from being stolen by malicious actors thanks to its adoption of voice authentication technology. These “voiceprint” models can be effectively scaled to mobile apps and even combined with existing biometric authentication methods like fingerprint and face recognition to create a unique biometric identity for every customer that is simply impossible to spoof. Real-Time Monitoring Banks also turn to Big Data models to learn how to identify and stop attacks in real time by monitoring millions of active processes across branches and security systems and identifying patterns that would indicate an attack vector. Data analytics derived from banking mobile apps can be a principal contributor to ensuring the security of the banking system. Features Banking apps are more feature-rich than ever. Here are some of the innovations that keep banning customers coming back: Superapps Banking apps have evolved from simply allowing users to check their balance and conduct basic transfer operations to offering the full scope of banking services and even third-party integrations that simplify everyday tasks and empower a healthier financial lifestyle. These bank apps offer instant chat-style customer support, built-in loan instruments and financial expenses dashboards that help customers track their spending habits and plan ahead, automatic bill payment, and sometimes even public transportation payment options, airline tickets and cinema and theater tickets, typically offered as part of the bank’s loyalty program. Of course, customers increasingly find banking apps with better UX to be more appealing. According to internal research by Sinara Bank, only 7% of our clients took advantage of remote APR deposits in 2019. In 2022, that number was 60%. We are seeing a similar dynamic with pre-approved loans as well. This year alone, our app’s MAU and DAU have jumped 11% and 20% respectively. In addition to that, almost all of our clients transitioned to mobile-only banking, abandoning desktop versions and bank branch visits altogether, with just under 10% of our client base sticking to the legacy desktop web application to manage their finances. Overall penetration of our mobile banking app skyrocketed from 40% to 75% over the past few years, with even the most skeptical groups like elderly depositors finally moving on. We can confidently say that clients overwhelmingly prefer a remote-first banking approach, and we responded accordingly with all new features being remote and mobile-only. More Ways To Pay NFC payments are arguably the most convenient way to pay for goods and services - just tap with your phone and you’re done. It’s seamless, secure and blazing fast, but also not the only way to pay with a smartphone. The banking apps of 2023 need to support more ways of payment to offer customers choice and flexibility, plus, retail chains may create special cashback programs that incentivize customers to use one payment method over the other. QR code payments are a fantastic alternative to NFC payments for customers who, for example, don’t have an NFC-enabled device. This way, they can quickly pay by pointing their camera at the QR code at the checkout counter and deduct funds directly from their bank account. Another popular way to pay is digital wallets and bank-enabled BNPL services which have skyrocketed in recent years as players like Klarna, ShopPay and Afterpay introduced simple loan-based payments on websites, typically with zero interest. Banks are creating hybrid services that combine easy-to-use digital wallets that do not require card credentials with BNPL options that incentivize quick purchases and create an additional revenue stream. Instant Transfers Gone are the days when you needed someone's sixteen-digit bank account number and other lengthy details to conduct a basic wire transfer, which would be executed within several banking business days. At Sinara Bank, we introduced instant operations like C2C, C2B and me-2-me pulls several years ago. Now, we’ve added phone number and QR code transfers between individuals and organizations. We already hit a turnover of $4 million on these operations, up from zero, and we are currently testing instant phone number-based cross-border transfers as well. This trend is global: for example, the US’ Federal Reserve is currently testing its instant transfer system called FedNow that would finally allow the aging US banking system to catch up with the modern world. Of course, other phone number-based transfer applications like Zelle aren’t quick to give up their market shares. Virtual Assistants In the advent of virtual assistants, users rely on Siri, Google Assistant, and even on brand new products like Bing Chat to simplify their interactions with devices and boost productivity, and banks are implementing the same functionality in banking apps to speed up routine tasks like sending quick transfers to relatives or paying bills. Artificial intelligence AI is all the rage, and banks can take advantage of it to perform deeper financial analysis of its customers and offer more personalized financial products. Some companies like Affirm already use AI to accurately score potential borrowers with limited credit history. Crypto and Assets Digital currency is not only for enthusiasts anymore. Governments around the world are flocking to legalize and take advantage of all that digital assets have to offer. Even the United States is piloting a so-called “digital dollar” that should unlock next-generation banking capabilities for millions of retail clients. Sinara Bank is proud to be one of the Russian banks partaking in the digital ruble pilot program. But industry-wide adoption does not stop with analogs of regular currency - many banking apps are starting to integrate with popular cryptocurrencies like Bitcoin, Ethereum and USDT. Some of the leading global banks that are opening their doors to crypto include Revolut, Ally Bank, USAA and even Bank of America., Banking-as-a-Service Neobanks have recently sprung up across the financial landscape to provide competition to traditional banks by undercutting them and introducing features previously unheard of. These novel institutions often lack branches and boast convenient apps with features that younger customers have come to expect from digitally native financial services like PayPal. In response, banks are turning to Banking-as-a-Service (BaaS) platforms to create customized neobank-like experiences that rely on their own infrastructure, diversify their offerings and attract more customers. An everyday example of BaaS solutions are airline credit cards that one might use regularly to accumulate miles and fly cheaper. These cards are issued by banks, not airlines, and in this scenario, both of them reap the benefits. Another example of BaaS are neobank-esque financial companies like Chime that rely on the infrastructure of a legacy bank (in this case, Bancorp Bank, N.A. and Stride Bank, N.A.) to provide services that the underlying banks do not, thus netting those banks more clients. Open Banking Similarly to BaaS, open banking involves the bank opening up some of its tightly kept infrastructure to a third party, but unlike BaaS, it is designed to integrate information from your account with a third party app, like a financial management and planning app that keeps track of your expenses for you. An example of this is Wallet by BudgetBakers, which can synchronize with your bank account to unlock insights into your spending, projected income and overall financial outlook. Conclusion Any banking app can check your balance. So if you want your app to stand out in this increasingly crowded feel, think of ways to pack as many features as possible in the simplest app possible. The future of mobile banking is that of peace-of-mind security that customers don’t have to think twice about, and of infinite flexibility that allows them to manage their entire financial life from a single app. And with more artificial intelligence tools becoming available every day, it’s up to the banks and app developers to take advantage of it to create apps customers will rely on throughout their entire financial journey.

Mobile Banking: Predictions For Mobile Applications Development

The payment technology market, often shortened to simply "paytech," falls under the fintech umbrella. However, because of the rapid rise in payment market popularity, it has become its own subset of fintech that deals exclusively with transactions and payment methods. In fact, by the end of , paytech companies had raised $8.1 billion and accounted for 9.7% of all fintech deals. Paytech has become an interesting space for startups because it allows for the disruption of entrenched finance models, something that existing institutions like banks struggle with. Q1'23 This spotlight on payment technology is completely changing the existing payment and transaction landscape, which is great news for consumers, affiliate marketers and entrepreneurs alike. Payments Are Now More Than a Basic Financial Exchange Thanks to this relatively new intersection of finance and technology, payments have now grown beyond a simple exchange of money into a crucial part of the customer experience. Many now consider paytech a type of brand-building opportunity. By expanding their cashless payment capabilities and staying up-to-date on the latest payment methods, brands are working tirelessly to separate themselves from competitors and position their businesses as industry leaders. The COVID-19 pandemic forced the global community to accelerate the process of shifting how we interact with money, and there is no going back to the pre-pandemic days. The reduction and removal of payment barriers and explosive growth of e-commerce has made us more connected and also changed our expectations for convenient transactions, regardless of where or how we use our money. For example, QR code integration and instant payments are considered two of the main players in this paytech paradigm shift. – QR Codes For businesses, QR codes offer the ability to give customers a fast, convenient way to send payment via mobile device. This is a massive boost to their bottom line and overall customer experience. Beyond this, peer-to-peer transactions that can be completed with a quick tap and scan of a QR code allow users to move money in a fast, simple way. Juniper Research estimates that nearly will be utilizing QR code payments by 2025. a third of all mobile phone users – Instant Payments With instant payment, there are two sides to consider: The sender and the recipient. In both cases, each party wants their end of the transaction to be cleared as quickly and seamlessly as possible. For most services, it can take hours at best and weeks at worst to send and receive payments, particularly if the amounts are large or it is a cross-border transaction. Paytech disruptors in the instant payout space are aiming to change this, though. that the market is expected to maintain a 29% CAGR through 2025, so we can expect to see a continuous evolution of instant payments. New research shows How Instant Payment is Revolutionizing E-commerce and Performance Marketing For industries like martech and e-commerce, where affiliate publishers and loyalty program participants often must wait for weeks before receiving the money they have earned, this shift toward instant, seamless payments is especially important. In the past, performance marketing platforms and cashback services had to wait for an extended period of time before reimbursing participants, which made it difficult for publishers to earn a steady income. Deferred payments have always been a core part of these industries that rely on cost-per-action, and it has been a pain point on both sides for years. The delay happens because companies must wait for "approved actions," such as an affiliate sale being completed past the brand's return policy or a travel booking being used after booking months in advance. (Think of a cash-in and cash-out model: If the company doesn't get paid, it can't pay the publisher.) However, with the introduction of more sophisticated AI in the payment space, this lengthy period of nonpayment can be drastically shortened without causing a huge burden of risk for the company. Admitad Instant Payout Pro is currently a leader in this space thanks to AI-powered algorithms. It made it possible to predict with at least 95% accuracy whether an action will be considered approved, allowing marketers and loyalty programs to pay out nearly instantly. Other companies like Sopra Banking Software are offering their own instant payment services, helping users clear payments of up to €100,000 in under a minute. These companies are frontrunners in changing the fintech landscape by offering innovative solutions and better supporting a secure digital payment infrastructure. Paytech and AI Are a Perfect Match For Companies of Any Size AI's ability to analyze data and forecast outcomes is one of its unquestionable strengths. In the paytech world, this allows companies of all sizes from a wide range of industries to leverage this power to create better, faster, more innovative ways to transact. Beyond martech and cashback services, AI can improve payment structures for individual marketplace sellers on platforms like eBay and Amazon. It can even facilitate faster payouts to app developers who put programs in the App Store or Google Play. Paytech is an exciting space to watch because innovations are coming as fast as developers can think of them. In the near future, we will likely see a completely borderless, barrier-free transaction landscape for the entire global community.

New Kid on the Block: How Paytech Innovations Are Revolutionizing the Way We Get Paid

Mimosa pudica, or the touch-me-not plant – That’s how our transactions are becoming. Given our preferences for touchless menus and contactless transactions in the last two years, QR codes have made huge inroads – a ever since the pandemic occurred. The global QR Code Market is projected to grow to by 2026, from in 2020. 750% rise in QR Code downloads $1.2 billion $0.9 billion Local Kirana stores, restaurants, fintech players, retailers, FMCG companies, travel and hospitality businesses, healthcare businesses, and even donation platforms have started using Quick Response, or QR codes with varying degrees of need. In , we elaborated on how a QR code works, the types of QR codes, the advantages of using it, and more. one of our earlier blogs RBI announces UPI and credit card linking With the new announcement, users can now link their credit cards to popular UPI apps like Google Pay, Paytm, and PhonePe. Users can then scan the QR code and choose a credit card as the mode of payment, making it an additional layer of convenience. So, how are these developments in QR codes impacting business revenues, and customer growth? QR codes – The connector between us and the physical world As we know, QR is a barcode-like image consisting of information about both a merchant and their payment provider. QR payments function like a normal Point of Sale (POS) terminal: customers use their smartphone to scan the QR code,  once the camera detects the QR code, a push notification leads them to a screen to input their payment details and complete the purchase instantly. QR codes – The key benefits. Convenient and contactless, and real-time QR codes can be placed anywhere: outside a payment counter or shop, on websites, or in emails. Customers can complete payments instantly, from a safe distance. Improved customer experience QR codes for payments eliminate the need for any cards or payment terminals – just a smartphone can do the job. A secure payment alternative QR codes are more secure than card payments: all data is encrypted and if paid through a website QR code, customers need not even fill in any bank details. Payment Reconciliation Every payment is reconciled in real-time, and the ledgers are updated. While it is convenient for customers, it easier for businesses. APIs make virtual accounts Saving on commissions and processing fees While vendors can get payments instantly via QR codes & UPI, small merchants get to save the commission or transaction fees to payment gateways. With high-volume__ __, SMEs can save big by using QR code payments and avoiding paying hefty processing fees. B2B payments How can Decentro empower businesses with QR codes for payment? Get Static or Dynamic QR Payment Codes Decentro’s help you create both static or dynamic QR codes, based on your business needs. Be it , , , or , Decentro’s payment stack supports multiple modes of transfers including bank transfers, UPI, and QR code payments. With created exclusively for your business, you can receive payments in real time! Payments APIs neobanks fintech lenders gig economy platforms NBFCs virtual accounts Branded, or White-labeled UPI IDs Branded UPI IDs instill confidence in customers. Decentro can help you brand the UPI IDs in the name of your business, making way for a better customer experience! Simplified Split Payments & Commission Settlements For businesses with more than one branch, keeping track of the money flow can be a hassle. Decentro’s feature helps a company with real-time bookkeeping, irrespective of which outlet the money flows from! split payments Payment Reconciliation Offline businesses often face trouble figuring out missed payments, reversed transactions, etc. Decentro’s real-time payment reconciliation via keeps your ledgers updated, and you can create multiple accounts too! virtual accounts APIs Speed of Integration You perhaps liked all the features and it fits well with your business needs. If you are wondering how soon you get started with the integration, Decentro’s financial & are built to enable you to go live in about two weeks, as compared to the months that traditional financial institutions typically take. This also means reduced expenses of up to 90%! banking APIs By the way, You also even scan the QR code below to reach us. Just for the feel of it, cheers!

Serving Contactless Payments Through the Use of the QR Code

In , the Bank of Thailand (BOT) released a study disclosing the implications of a potential digital baht on the Thai financial sector, in addition to discussing plans for CBDC tests in the future. This study  emphasized a potential digital Thai baht being cash-like and non-interest bearing, with a two-tiered distribution model similar to that of the digital yuan as announced in . August 2021 March 2021 Additionally, the BOT study released feedback from a public survey and group discussions with the Thai community, highlighting general support for the BOT’s approach to a digital baht. This feedback provided the basis of support for future CBDC testing plans through a dual-track approach, with a foundation track testing the usage of a digital baht for common cash-like activities on a limited scale, in parallel with an innovation track to examine further innovative use cases for a CBDC. The foundation track is currently being proposed for pilot testing in the second quarter of 2022 With such advancements in mind, Thailand represents one of the most likely frontrunners for future CBDC implementation in Asia behind projects like the digital yuan and Singapore’s Project Ubin. While tests remain to be completed, a variety of other separate factors support the possibility of the Bank of Thailand being among the first Asia-based banks to unveil a retail CBDC for use by its general population and beyond. History of the innovation within the Bank of Thailand The Bank of Thailand has been at the forefront of several initiatives within the fintech space in recent history, with significant momentum behind such growth being the announcement of the Digital Development Act, which established a Digital Economy Committee, Digital Economy Fund, and a Promotion of Digital Economy and Society Bureau in Thailand to drive homegrown innovation in both public and private enterprises. January 2017 In , the Bank of Thailand began participation in the Hong Kong Monetary Authority-originated (HKMA) Project Inthanon in its Phase I, with the BOT helping to test a payments prototype via R3’s blockchain platform Corda and Distributed Ledger Technology (DLT). Project Inthanon tested the implementation of smart contracts to perform real-time and atomic Payment-versus-Payment (PvP) settlements for foreign exchange. In this respect, PvP settlements helped to ensure the final transfer of a payment in one currency only after the final transfer of another payment in another currency took place. August 2018 After the conclusion of Project Inthanon’s Phase II, the BOT and HKMA released their findings in , highlighting the validation of improved settlement efficiency without the need for intermediary banks to help route transactions, a traditionally time-consuming burden on cross-border transactions. This effort helped to highlight the potential that the digital baht has within and outside of Thailand, particularly as a retail CBDC. January 2020 In , the BOT also announced the use of biometric solutions for digital identify verification as part of its Know Your Customer (KYC) initiatives, demonstrating its commitment to leverage emerging technologies with the financial sector Additionally, the BOT further heavily invested into exploring cross-border payments with other partners in the Southeast Asia region. Some recent announcements include the unveiling of cross-border QR code payments partnerships with Vietnam in and Malaysia in , as well as a limited real-time retail payments solution with Singapore in June 2019 March 2021 June 2021 April 2021 The BOT is clearly a familiar face in the fintech scene, with its testing and usage of Project Inthanon, biometrics-enabled KYC, as well as cross-border QR and real-time payments solutions helping to bring Thailand further into the digital age. In this respect, Thailand has immense opportunity via CBDCs, which can further help propel Thailand to be one of the first implementers of a retail CBDC in Asia. Factors supporting CBDC growth in Thailand In addition to the BOT’s various initiatives, other factors support CBDC growth in Thailand. Some of these initiatives that help provide momentum for Thai-based fintech innovation include government initiatives in conjunction with a high mobile Internet penetration rate in Thailand. In , the Thai government passed its latest constitution, which included the first-ever Thailand National Strategy (2018-2037). This plan aimed to help bring further innovation to Thai society, running alongside previous initiatives like and the Digital Development Act. Government support is crucial to driving technological growth and clear priorities by both the BOT and the ruling Thai government are indicators of success for a potential digital baht. April 2017 Thailand 4.0 Additionally, the smartphone penetration rate in Thailand currently exceeds with mobile phone user internet penetration rates being a little less at around The growth of popular apps like and in Thailand are clear indicators of mobile Internet penetration success, with these apps expanding beyond their original ride-sharing and messaging platforms to digital payments, e-commerce, food delivery, and much more. Such a high mobile penetration rate bodes well for Thailand’s developing economy, and the willingness to embrace apps quickly showcases the desire for both robust digital payments mechanisms and a potential digital baht. 80%, 76%. Grab Line Potential hazards to a digital baht Despite multiple positive benefits pointing to the success of a potential Thai CBDC, Thailand does face several challenges along its road to fintech success, chief among them a tourist-based economy, a declining birth rate, and government instability. In recent years, Thailand’s largest contributors to GDP have included the services, industry, and agriculture sectors, with the services sector comprising the largest portion of GDP, often hovering anywhere from The majority of these services are heavily  centered around . With this in mind, Thailand must begin to focus on developing human capital and skills to match pace with other developing countries, an opportunity that a retail CBDC could certainly assist with. 50% to nearly 60% of total GDP. travel and tourism Additionally, Thailand’s current total fertility rate (TFR) is . For context, Japan’s TFR is currently . This places Thailand on track to maintain only a mere two-thirds of its population by 2100, going from its current 70-million population to 46 million. This creates significant challenges for future generations due to slower economic growth and strained government budgets, both of which can hamper future innovation, and thus, CBDC implementation in the current day. 1.52 1.42 Additionally, concerns over the current Thai government structure have best exemplified themselves through the ongoing Thai protests, which began in . These protests have showcased the younger population’s desire for institutional governance change through monarchy reform, to the point of rumors of a potential military coup backing protestors first emerging in . The instability of the current Thai government is a worrying point for Thailand’s potential to become one of the first Asia-based CBDCs. February 2020 September 2020 Conclusion All in all, the Bank of Thailand has worked hard to establish itself as a relative trailblazer in the field of fintech. Despite several potential detracting factors, the BOT has been able to demonstrate successful iterations of blockchain and DLT technology, biometrics-enabled KYC initiatives, and even cross-border payments enabled by QR codes in the last five years. Additionally, governmental support and a high mobile penetration rate further drive the potential of a Thai-based CBDC. While certainly not as developed as the digital yuan, the digital baht represents an excellent example of a developing nation attempting to harness technology to propel it into the future, with the digital baht being a frontrunner in becoming among the first retail Asia-based CBDCs.

Thailand's Digital Baht Likely To Be Become One of Asia's First CBDCs

There are many ways in which the world is divided up: borders, differing cultures, and even vast masses of water serve to partition the globe. Preference per region for Messenger apps is one of the less initially visible ways this is done. Although much of the world as their primary communication method, the Asian region is much more fragmented. LINE dominates the regions of Japan, Taiwan and Thailand whilst Kakao is the king in the South Korean Peninsula. Despite only claiming the one country of China, WeChat’s sizeable user base is something that it has actively tapped into. All of the above-mentioned apps have made steps to monetize by making the shift from social messenger apps to payment apps. In other words, they are using their existing audience to dip their toes in the territory of fintech and digital banking in doing so altering our views on finance. uses a combination of Facebook messenger and WhatsApp However, no other messaging app has managed to do this more than WeChat. (below), through the magic of QR codes China has made its Messenger app a be-all-end-all one-stop-shop for payment. As depicted in this YouTube video The app can be used for services such as taxis and cleaning, bike rental and even for self-service convenience stores where all payment is done in-app. This technology is extremely innovative and represents a landmark in cashless payments. However, the privacy implications for this kind of all-in-one app are huge. , this enables the app to collect a staggering volume of personal data about you. Whilst Google does collect data about you, the fact that usage of WeChat follows you into your offline life too means that such data can be easily personably identifiable. As pointed out by the New York Times An ecosystem with questionable privacy ethics? Moreover, , WeChat’s privacy measures leave much to be desired. One example of this is how the app does not offer end-to-end encryption on its messages. Tencent, the company behind WeChat, has also been continually accused of handing over data to the Chinese government leaving some of China’s younger tech-savvy class That’s not to mention how such apps and services psychologically take away the financial gravity of over-spending. as revealed by Amnesty International to leave the messenger app. However, due to its widespread adoption, the app effectively locks you into its ecosystem meaning that there are real-world consequences for deleting it such as losing contact with relatives or being unable to pay for certain services. Moreover, this kind of hegemonic control over the individual is something that other app companies have been looking to implement into their messenger apps too. In particular, the Japanese messaging app Line is attempting to overthrow Japan’s love of cold harsh cash with QR code payments. Zuckerberg’s Plan for the Future of Payments However, in recent years Western messaging apps have also been trying to get a piece of the QR code payment pie. Facebook’s is due to launch at the end of this month (May 2020) in India. By allowing people to send payments to anyone, suggests that what WeChat is doing may be on the horizon for WhatsApp. However, instead of China, Facebook is using India as the equally lucrative and rapidly changing playground to experiment. Interestingly, the firm is using the pandemic as a way to drive users saying that it is a safer way to make transactions during this troubled time. WhatsApp pay Moreover, . His plan is to make our messaging apps directly linked to commerce and thus a place where businesses can directly contact us. This marks a dramatic change from the previous intent of such messenger apps where its purpose existed purely to extend our contact with other humans. The already implemented features such as the Instagram Shopping tab suggest that Zuckerberg’s plan is to monetize this connection. Zuckerberg is also aiming to make sending payments as quick and easy as sending a photo However, the firm looks like it . Despite still being in its beta stages, the payment solution is under investigation for anti-trust complaints. In particular, the Competition Commission of India is assessing the claim that WhatsApp is abusing its dominant position by offering payment services to its already existing large user base. Previously, the payment solution has also faced problems in regards to compliance with data regulations. may run into trouble A Digital Payment Solution With Many Problems The fact that Facebook has continued to face problems yet persevere infers an arrogance that due to its monopoly it will eventually overpower regulation. In other words, there is a suggestion that Facebook is aiming to create a product first and let regulation catch up later. With perhaps India is right to attempt to halt its introduction. A combination of credit and collection of a surplus of data that a messenger turned payment app offers could spark serious questions surrounding not only the privacy of our social lives but also our financial ones. Quick and easy access to credit has already proved plans to introduce loan services after its WhatsApp Pay rollout, a dangerous combination to young Chinese. Moreover, if WhatsApp Pay sees significant adoption, what is a reality in China may become the new normal in India. The fact that WhatsApp already has a sizable user base it can tap into suggests that this is a significant possibility. Such success would pave the way for its introduction in western countries and elsewhere. The big question is whether we will trade our privacy for the convenience of a QR code be-all-end-all payment solution. The story of cashless payment penetration in China suggests that the answer to this question is already clear. Previously published on: https://digitalbankdigest.substack.com/p/the-privacy-implication-of-messenger

When Messenger Apps Adopt Fintech: Privacy Issues and Implications

Many visitors to Japan are always surprised by one thing. Despite its East Asian neighbours moving rapidly towards , Japan is a cash society. Tokyo’s neon lights and sleek and high-tech public transport system often give the impression that Japan is a place where the future happens. Hop off the train at the newly opened Takanawa Gateway Station and you’ll find a station that has its . a cashless future cleaning and security handled by robots However, delve a little deeper and you’ll find a society that still and prefers Whilst there is a lot to be said for upholding older traditions, in regards to payments its beginning to make Japan look a little dated. Moreover, it economically doesn’t make sense with ATM running costs totalling . It is also a detriment to public health in a world where . buys CDs books over e-books. a bill of up to $17 billion a year cash could easily be spreading the virus A time of change In times like this, change can be accelerated and there is evidence to suggest that this happening in Japan too where not only cashless payments but also teleworking was virtually unheard of until now. For example, a cashless rebate system where consumers were refunded up to 5% of the cost of an item if paid with QR code payment or has seen wide societal acceptance with . Moreover, many consumers also plan to after the rebate program ends in June. Moreover, digital wallet provider in funding to help Japan convert to cashless payments amid the coronavirus outbreak. a million businesses joining the system continue with cashless payments Kyash recently gained $45 million Economies such as the UK and Singapore have seen digital-only banks entering the market challenging legacy players. Aside from a recent innovation from that allows customers to open a bank account in-app, the vast majority rely on the so-called megabanks. However, with their , companies such as Line, Softbank and Yahoo have stepped into the digital payment playground utilising already existing communities. newbie Sony Bank net margins dropping Credit but not as you know it Line Pay, a QR code payment solution embedded within the widely used Line messenger app, is one such player. Whilst not a licensed bank, Line Pay resembles much of what European customers of app-only banks are used to and more. Although a traditional current account is needed to top up the app, Line Pay primary payment solution is via QR code. Moreover, available in-app is the ability to invest and even buy insurance. The app also houses the loyalty cards of retailers such as Starbucks and Muji. You can also access a report of your spending habits. You can even borrow money with the Line Pocket Money feature, which serves to hide the idea of credit behind an innocent-sounding name much like . In China, this has resulted in many young people finding themselves in . Much like Line’s Pocket Money feature, Chinese app Ali Pay has an added credit function to their QR code payments. This has meant that some have fallen into the trap of borrowing from one online service to pay back another. Due to their relative novelty, millennials like myself lack any kind of financial literacy concerning these apps. Klarna’s Slice-It feature digital debt The gamification of consumerism Pay Pay, a joint venture form Yahoo Japan and Softbank offers similar services. However, what is most notably about both of these apps is their encouragement of consumer culture. This is done by utilisation of the idea of membership paired with a cashback system. For example, both offer up to 3% in cashback with this increasing the more you spend. The more payments you make also increase your status with Line Pay offering you a platinum status with access to coupons and the ability to register for a credit card. Using these apps gamify the idea of spending allowing the customer to level up the more that they consume. Such concepts can easily take away the negative aspects of spending as they effectively reward you for parting with your hard-earned (digital) cash. Being a platinum status member of Line Pay may help to psychologically cushion a customer whose current account figures are dwindling. Although they may create an incentive for digital payment solution adoption helping Japan reach its digital payment goal, such apps could encourage dangerous spending habits. This is especially palpable for Japan’s already who are the main demographics of such apps. financially vulnerable youth How bright is the future for cashless payments? Moreover, there are questions of privacy hanging over Line in particular. When making payments through the Line app you are automatically signed up for newsletter adverts. The , however, come from the main messenger app which lack of well designed end-to-end encryption means that deleted messages could be theoretically retrieved by a third party with access to Line’s servers. This causes us to question how much we can truly trust an app for our financial needs which does not even adequately ensure privacy over our conversations. more serious privacy implications With Japan’s aims to increase of all transactions by 2025, questions need to be asked. Will this transformation of the payment system plunge Japan’s youth into digital debt as it has done in China? How safely are such digital transactions handled in a world where hacking has become the norm? These questions are ones that appear to be commonalities surrounding app payments in every territory. The answers, however, will become clearer when the dust finally settles on this new frontier of fintech. cashless payments to 40% Photo by Jérémy Stenuit on Unsplash

Fintech in Japan: How App Payments Are Changing Cash Culture

“Papa . . . What do you do for a living?” It’s a question that comes out of nowhere and makes every parent proud. It’s one of the first signs that your child sees you as a person and not just a caretaker. “I’m a web developer.” “What’s that?” Let’s go back in time three years . . . My son was seven years old and the movement was . coding for kids gaining momentum I thought. “I’ll teach him how to code!” Parents like teaching their kids — it’s instinctual. We teach them language, values, skills, how to throw and kick a ball and many important life lessons as they grow up. What about computer programming? It’s not as glamorous as building a house. It’s not as instantly fun as assembling a LEGO car, opening a fresh pack of , or experimenting with a classic . However, it a form of creativity and expression — I use computer programming to make something that wasn’t there before, using a set of tools. Play-Doh Erector set is can Starting from Scratch He started with from MIT’s Lifelong Kindergarten group. For those unfamiliar, Scratch is a community for kids. It’s very fun and intuitive — like connecting LEGO bricks. Kids can quickly get started making games, stories, and animations then share their creations within the Scratch community (over 18 million projects have been shared on scratch.mit.edu). for providing such an excellent platform! He spent at least two years — and still does today. Scratch block-based, visual programming A big thank you to the Scratch Team “Scratching” I also hosted a at his school a few years ago, posted a for teachers and mentored at . Scratch coding club getting started lesson CoderDojo What about “real” coding? Ah . . . The big moment! Moving from the warm and cozy world of Scratch visual programming to the stark, cold and unforgiving world of typing plain text, the command line and cryptic error messages. Where, in the time it used to take to build a something interactive in Scratch , you can output to the console. (complete with fart sounds) “Hello World” Moving from Scratch to Text. It’s a big change! His first programming language: A “milestone” to remember I’ll never forget his first steps . . . or his first programming language. I read the and selected Python. recommendations I ordered from no starch press. I had no prior experience with Python (I work primarily with HTML/Javascript, PHP/Laravel, Node/Express), but it was great! Python is a very readable and elegant language. It’s a nice fit for kids — and a lot less typing compared to . Python for Kids C-family languages My first programming language was on an . I remember spending hours typing pages of code from magazines and books — and debugging all the typos — just to play simple dungeon games. The games weren’t even that fun and always seemed to crash with syntax errors, but it was the closest we had to actual computer games and that made it worth the effort! BASIC Apple IIe I re-purposed an old laptop and installed Python and Sublime. (I actually took his mother’s laptop and gave her the old one. She only uses the web browser and Office anyway.) His Scratch skills transferred well — control flow, variables, conditionals, loops and lists. It’s amazing how much he learned in Scratch, while having fun. All was going well — until he stopped. The Python slithered away . . . He just lost motivation. I guess command line output only motivates a kid so much these days. The games in Part II of the book just couldn’t compete with Scratch — let alone Xbox! Looking back, , since it was a great experience for both of us and I’m sure he will pick it up again in the future — Python has so many uses. I would still start with Python and the same book But I was determined . . . Javascript to the rescue! I remember showing him how to “View Source” on his favorite websites. He seemed most excited after learning how to change content on web pages with Chrome DevTools . Adding “poop” to the headings of actual web pages is very compelling for kids! I decided to give HTML and Javascript a try and ordered the book from no starch press. The book covers the basics of Javascript (ES5), HTML and basic jQuery (even if it’s ). Little by little, he worked through the book — an hour or so on weekends. There were plenty of gaps, but he made solid progress. JavaScript for Kids not cool anymore Great book! CodeSchool saves the day! After a few months, his momentum really slowed. Web development is a pretty broad topic and I needed some help. I signed up for and hoped for the best. It turns out their mix of original music/jingles, slow-paced video training and in-line exercises works really well for my son. Although, there are times when he just plays the jingles over and over again and searches the site for new ones — CodeSchool CodeSchool jingles are good! He worked through and then moved on to . Front-end Foundations Front-end Formations Javascript Road Trip Part 1 We’re currently up to and the exercises are very challenging — for both of us. I’m definitely learning a lot myself along the way — looking at you . JavaScript Road Trip Part 3 Closures Explaining programming concepts to kids Kids relate well to things in the real world. As we worked through the books and exercises, I found myself translating various abstract computer programming concepts into familiar scenarios. Below are some of the explanations that worked for my son — hopefully, I didn’t mess him up too much. Nothing too exciting here. The “variable is a container” analogy worked very well. Variables “Variables in Javascript are like boxes that hold things. You give them names, just like labeling a box of Pokémon cards, so you can find it quickly. Use good names, so you know exactly what’s inside — like ‘Ultimate Pokémon Deck’.” Arrays “A Javascript array is like your bookshelf (see header photo). It holds many different things in one place and makes them easy to access and find later. Your bookshelf has books, toys, drawings, photos, pencils, cards and more. If you ask me to find your Harry Potter book at the end of the bottom shelf, it would be easy.” Objects “Most things around you are objects — people, cars, planes, trains. Objects have certain things that define who/what they are and things they can do. In Javascript, the things that give an object its identity are called ‘properties’ and the things they can do are called ‘methods’. Think about your class made up of Student objects: some properties of a Student are: name, age, school, class. Some methods of a Student are: talk, run, and jump.” “Arrays can also hold objects. You can make an Array of your entire class that contains 30 Student objects then use a loop to print out all of the students in your class.” Functions “Functions are like cooking recipes or the instructions that come with a LEGO set. Running a function goes through each of the steps until it reaches the end or is told to stop — like when we call you down for dinner! A ‘bake-a-chocolate-chip-cookie()’ function includes all the steps required to bake a chocolate chip cookie — gathering and preparing ingredients, mixing, placing on baking tray, preheating oven and baking.” Parameters “Parameters are like bits of information you share with your functions — giving them extra powers. Instead of having to write a separate ‘bake’ function for every type of cookie, you can write one ‘bake()’ function and tell it which type of cookie to bake as a parameter — bake(‘chocolate_chip_cookie’).” *Don’t get too bogged down in the difference between parameters and arguments; it’s not worth it at this point. This was fun! CodeSchool did a great job in , but it just didn’t click for my son right away. Closures Javascript Road Trip Part 3 Closures still trip me up to this day. My first explanation attempt: “A closure is like a dinosaur fossil — a snapshot from a moment in time preserved for millions of years. You can get still get information about the dinosaur from the fossil, even though the dinosaur itself has been gone for millions of years.” Closures were starting to make sense, so I tried using again . . . cookies “Let’s say I go to the same bakery every day and ask the baker for a cookie. The first thing he/she asks is, ‘What kind of cookie do you want?’ After a few days, the baker might already know what cookie I like and simply ask, ‘The usual?’. By saving my cookie choice in memory, he/she is able to reuse the same function from the previous day to get me the proper cookie without having to ask again.” Eh… It was still a bit fuzzy, until my son asked me… “So, it’s like when we go to the barber and he just cuts our hair without asking what we want? He always asks new customers how they want him to cut, but never asks us anymore.” Ding, ding, ding! He got it!!! After finishing the remaining CodeSchool exercises, it all started coming together — for both of us. It’s a Long Journey Learning computer programming takes time — not something accomplished in an (BTW: the is a great initiative and Code.org is an amazing organization — if you can). hour of code Hour of Code help them Coding is a craft. Like any activity you sign your kid up for, it takes practice, patience and commitment—not always the easiest things for kids. We’re still at the beginning of the journey, but moving along. We attended an recently and he was inspired to make games. He starting watching some Unity videos, but that dropped off rather quickly. indie game event I try to not to limit his propensity to pivot and experiment with new things. I recently introduced him to , which is a great Javascript 2D game framework I’m also trying to learn myself — we’ll see how it goes. PhaserJS What Next? The next big step for him is to build a real application. His first shipped — another milestone! Who knows when or if that will ever happen or what it will be, but I’ll hope for the best and support him along the way. MVP Now it’s time to start the journey with his younger sisters!

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