Responsible Payment Behaviour

Q: How does promoting responsible behavior help in combating fraud?

A: Encouraging responsible behavior, such as spending only what one actually has, makes purchase decisions more considered. This approach not only aligns with responsible financial behavior but also leads to significant cost reduction through saved fees, reduced product return rates, and decreased fraud.

Q: How does this new payment system impact the traditional banking and payment services industry?

A: Fraud will always exist, despite adherence to compliance and regulatory standards. However, when it does occur, neither the bank nor the payment service provider should be part of it. Peer-to-peer payments enable service providers like Centi Ltd to earn revenue from auxiliary processes, such as providing on and offramps, without being financially involved when a consumer and a service provider agree to do business.

Q: What is the ideal scenario you envisage with this approach?

A: Our goal is to move towards a world of educated and responsible digital citizens who are hyper-connected not only in the information space but also in the financial space. This approach steps away from consumer pampering that encourages irresponsible consumption and the costs of which are paid for by all of us in the form of product and service prices.

Q: Is there a need for users to be more vigilant with online payments?

A: Absolutely. It is vital that one is as vigilant with online payments as one is with physical cash. Unwary users who give away credentials or mobile TANs without hesitating often end up bearing the brunt of their mistakes. It is important to remember that any costs arising from such mistakes, such as chargebacks, are borne by all of us in our consumer prices.

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