In this day and age, consumers are starting to realize how little control they have over their money and spending habits. Particularly when credit and debit cards are concerned, costs can add up quickly, leading to consumer debt and affected credit ratings. Visa wants to change that, by opening up their API to users and give them slightly more financial control. Bitcoin, on the other hand, has been giving consumers full control from day one.
Also read: Bitcon P2P Lending Platform Loanbase Hacked
Consumers have very little control when it comes to using a Visa credit or debit cards Granted; it remains up to the individual user to determine how much they want to spend per transaction, as they are the ones using the card in the end. However, Visa is enabling a new
API that will give customers more control over their card and finances.As a result of this decision, consumers will be able to allow spending controls, limiting the amount of money they spend on a plastic card. Such a feature can be of great value, especially when trying to reduce the number of impulse purchases made. Plus, for those people with kids, imposing certain limits might prevent major charges being made by their children.
But there is more to the API, which is provided through the Visa Developer Platform. Visa users will also be able to receive transaction alerts, telling them when and where their card has been used. Such a feature should have been made available years ago, even though some banks may offer this functionality already. .
Last but not least, the most interesting feature comes in the form of being able to suspend accounts temporarily. While it remains to be seen how and when this feature could be useful, it is a great addition, as it gives consumers full control over their funds. Accessing these new features through the Visa Developer API can be done via the Internet, or by using a mobile device.
All in all, Visa is looking to put card holders in charge, while providing new features to consumers in an innovative way. Especially transaction notifications will be a great addition to the overall product, as it provides an additional security layer. With card transactions on the rise all over the world, other security measures are direly needed.
Unlike companies like Visa and consorts, Bitcoin has been providing consumers with full financial control at any given time. Keeping in mind how the popular digital currency can be stored on a computer, hardware wallet, or mobile device, Bitcoin is far more portable in a secure manner compared to cash or credit cards.
Furthermore, several Bitcoin services have been enabling SMS services for many years now, notifying users of their transactions. Even though it is next to impossible to hack somebody’s Bitcoin wallet, security additional features have been part of Bitcoin from day one. In the end, the digital currency ecosystem is a frontrunner when it comes to financial control and consumer security.
Source: Finextra
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