Current forms of payment:
I have a $50.00 bill in my pocket. I go to a restaurant for dinner and pay with the bill. The owner of the restaurant then uses it to pay the bill for the laundry. The owner of the laundromat then uses it to pay the barber. The barber uses it to go shopping. After an unlimited number of payments, it will remain $50.00 and has fulfilled its purpose for everyone who used the bill for payment.
b) Bank card/bank transaction
But if I go to a restaurant and pay with a bank card, the bank fees on my payment, charged to the merchant, are about 3%, i.e. $1.50 fee per transaction, charged to the owner of the laundromat, the barber, etc…
After 30 transactions, of the initial $50.00, only $5.00 will remain and the remaining $45.00 will become the property of the bank thanks to all the bank transactions and their fees.
PS: It is essential not to confuse a banking transaction (whether by card, cell phone, or contactless) with a digital transaction.
Let’s now look at a digital concept, which creates wealth instead of consuming it, and allows for completely fee-free payments: Beam Wallet.
I return to the restaurant, have dinner and pay the bill for $50 with Beam. I get €5.00 or more back. Then the owner of the restaurant goes to the launderette and pays the $50.00 bill with Beam. He gets $5.00 or more back. Meanwhile, the owner of the launderette goes to the barber shop and spends $50.00. Since he also pays with Beam, he gets $5.00 or more back. Finally, the barber goes shopping, pays $50.00 with Beam and gets $5.00 or more back.
Payments with Beam are 100% digital and have no bank fees. So even after thirty transactions, not only do the $50.00 still exist, but prizes of at least $150.00 have been created and awarded.
PS: We insist on not confusing a banking transaction (whether by card, cell phone, or contactless) with a digital transaction.
In conclusion, there are three distinct solutions: a) the one that leaves everything as it is; b) the one that gives the banks the profit; c) the one that creates €150.00 or more.