Digital finance – the promise and the risks Notes from the Field 2

  • 14 May 2017

An old lady approaches a fintech kiosk, puts her thumb on a device which captures her biometric details, the system accesses her bank details in which she receives her monthly grants and her credit history, creates an auto debit mandate on her bank account and a loan is credited to her account in less than 10 minutes. She uses her card to withdraw a part of the loan amount from the next-door ATM. Does she know that by putting her thumb on the device, she has given multiple consents including an authorisation

Read more to create an auto debit instruction on her bank account?