Transferring funds across different electronic accounts may become easier soon. The Financial Supervisory Commission (FSC) is looking to amend laws to facilitate transactions across different accounts.
Electronic payments and e-tickets have provided the public with a great deal of convenience. The FSC is looking to make things even easier. The commission wants to submit proposals to the Legislature by March to amend laws governing e-payment and e-ticket platforms.
The FSC said the public will be able to transfer funds across different e-platforms and their bank accounts. Should the amendment pass, consumers can freely transfer money from and into their mobile devices with just a swipe. It will effectively make most purchases cashless.
The FSC’s plan has drawn some concerns. A lawyer said the new transaction process does not have the stringent safety measures of older transactions and can put consumers at risk. Some business owners are also concerned that the change could lead to unexpected changes in consumer behavior.