Read this story..
"Pay by Face you fools"
Very interesting because, it takes us towards the Utopia..
But more interesting because it reminds me of how the more things change the more they remain the same (or return to basics).
For instance, a typical transaction at my local vendor goes like this.
‘I walk in and look him in the eye. He sees me over a number of other customers and acknowledges me (as do his minions who are constantly looking at him and the entrants in the shop) – KYC, face recognition rolled into one). The shop owner’s acknowledgement
is enough to allow me a free run in the shop. I pick up a few items. On my way out, I show them to him. He looks at them, jots them down in a rough pad (if they are a couple of items) or notes them in a book specifically meant for me if they are more than
a few – (I get credit as well without a card mind you). I walk out with the goods.’
Not a word is spoken in this whole transaction (STP). All behavior is implicit (or is it standardized?).
Once in a month – I pay him and the transactions continue in the same fashion.
I understand that the above transaction might be difficult to implement in the practical world – but that is exactly what is happening. From the customer perspective, as long as I can wave my hand or nod or wink my payment instruction or a request for credit,
I don’t really care, what intricate technology is being used to close out the transactions.
I am trying to ask an even more basic question though.
While we all agree that compensation is necessary for services or products, is Currency the only means of settlement? As a customer, is it possible for me to NOT PAY in the traditional form (currency) and yet enjoy the services. Imagine the savings in transaction
We already have Pay Before (Pre-Paid), Pay Now (transactional basis) and Pay Later (credit). How about we work towards a ‘Pay Never’.
Still thinking on how that can be operationalized..:-)