Neil Camenker Discusses Future of Payment Processing

(Newswire.net — January 10, 2018) Camarillo, CA — Many countries around the world are moving toward cashless societies. Financial services guru and entrepreneur Neil Camenker has been watching market trends carefully, and has seen payment processing companies and mobile phone providers developing innovative solutions to advance electronic payments. He knows that there are several important benefits to moving away from physical currency, not the least of which are convenience and efficiency. “Electronic payment processing such as from mobile devices speeds up the transaction and reduces the time associated with handling paper currency,” says Neil. “Mobile payment processing systems are truly here to stay.” To learn more about his work in the financial field, connect with Neil Camenker on Angel List.

Egypt is a great example of a country moving quickly towards a cashless society. Credit card services corporation MasterCard has been working directly with the Egyptian government to bring payment solutions to the people there, helping speed the country’s push towards cashless transactions. So far, salaries of government employees have already become cashless. Egypt and other countries in the region understand that eliminating paper currency can reduce corruption; countries that use a high volume cash for payments have been plagued by corruption, while in cashless systems, every financial transaction is recorded electronically. This serves to reduce corruption by a dramatic amount. The costs associated with printing, handling, transporting and destroying physical currency also take their toll on governments around the world.  Cashless payment systems reduce overhead.

One problem that global economies face in a cashless society is the lack of banking access for many people. It is estimated that over two billion people around the world are not connected to any banking system. “Banks need to focus on ways to make their services more inclusive for everyone,” says Neil. “Low-income people are the most affected by banking regulations, keeping them away from utilizing physical or electronic payment options that the rest of us may take for granted.”

Mobile payment systems like MasterPass, PayPal, Apple Pay and Google Wallet have already reached significant market penetration in the United States as well as in other countries with solid digital networks. Mobile technology developers began to push for mobile payment systems several years ago, and as the technology matures, more and more people will adopt it. “In the near future, paper currency and coins will be a thing of the past,” adds Neil. “Payments, salaries, and transactions will all be handled electronically, especially on mobile devices.” For more information about the industry, view clips on Neil Camenker’s Vimeo channel.