With European-style digital wallets, travelers have the benefit of instant access to multiple currencies. Money for purchases is usually drawn from a bank account. ATMs can be accessed and Cryptocurrencies like BitCoin can be converted to government-issued currency using a digital wallet.
There are individuals and companies that use digital wallets exclusively. Anyone contemplating following that example needs to know a few things.
Be certain that in your community you can digitally purchase the goods and services you need. Many local businesses may not take mobile payments. Conflicts arising from the use of a digital wallet like chargebacks must be handled by the wallet's provider. To protect consumers digital wallet providers are legally required to maintain safeguarded bank accounts.
The US and the European Union both protect bank accounts. As of this writing, there are no such protections in place for digital wallets. This is of particular concern to people and businesses that carry a high balance in their digital account.
Issues arising from the use of a digital wallet like fraudulent charges must be handled by the wallet's provider. To protect consumers digital wallet providers are legally required to maintain safeguarded bank accounts.
Banks offer other advantages over going strictly digital. By law currency kept in digital wallets cannot draw interest. The providers cannot provide overdraft protection or loans. To offset these rules providers may reduce the fees on large balances.
In related news PSI-Pay and Kerv have partnered. PSI-Pay brings their Master Card License to the partnership. Globally Kerv customers can now use the company's contactless payment ring globally in 38 million locations.
The word "ring" refers to a finger ring that eliminates the need to carry a wallet or card. When you make a purchase you swipe the ring as you would a credit or debit card.
Operating in the United Kingdom PSI-Pay is a Fintech company that is regulated by UK law. PSI-Pay provides payment solutions to companies. Kerv is an alternative payment company.
Kerv users can use debit or credit cards to load their account. Paypal and transfer from bank accounts may also be used.
Luiz Carlos Trabuco Cappi was born in Marilia, São Paulo, Brazil on October 6th of 1951. Although he is an executive in the banking field, he holds a degree in philosophy that he attained at the University of São Paulo while others in the industry have degrees in administration, accounting, engineering, and economics. Luiz also has a post-graduate degree in Socio-psychology after attending School of Sociology and Politics of São Paulo.
Trabuco is currently the Chief Executive Officer (CEO) at Bradesco which is one of Brazil's largest banks. Bradesco is located in the City of Osasco, a metropolitan area in São Paulo, Brazil, and has 38,430 "Bradesco Expresso" Units, 5,314 branches and 4,834 service branches. Expresso Units have partnerships with drugstores, supermarkets, department stores and various other retail facilities. Trabuco has been working at Bradesco for 40 years and those who know him feel he was "Born to work for Bradesco," due to his wisdom, professionalism, and persistence in a successful career path.
Lazaro de Mello Brandao worked as chairman at Banco Bradesco SA, Brazil's second-largest bank by market value for more than 25 years but, at the age of 91, he is stepping down, with Cappi as his successor. Luiz Carlos Trabuco Cappi, the current CEO at Bradesco will hold both positions until the lender elects a new CEO in March.
Brandao began his career back in 1943 as a 16-year old clerk, eventually becoming just one of two chairmen at Bradesco in addition to being one of four CEOs, a title that he held from 1981 through 1999. In his long-term capacity, he is known as the world's oldest banking leaders as documented by Bloomberg. Even after resigning, Brandao will remain in charge of numerous Bradesco holding companies.
When choosing other officials within the company, protocol, as set forth by Brandao, is to recruit executives from within Bradesco's existing ranks. Brandao believed in promoting from within the company rather than seeking new talent elsewhere. CEO Luiz Carlos Trabuco Cappi will hold the position as chairman while Brandao considers a new CEO choice among seven high-ranking executives within the ranks of the company.
The by-laws within the bank organization state that the maximum age has changed for CEOs from 65 to 67, permitting Trabuco until the start of the new year to find his new successor according to istoedinheiro.com.br. He was involved in a Zelotes tax-fraud case but has been cleared of any charges in the situation.
• Domingos Figueiredo Abreu, 58, has been with the company since 1981. His expertise is in the lending department and the bank's treasury. He is being investigated in the Zelotes tax-fraud probe, but no charges are pending.
• Mauricio Machado de Minas, 58, has been with Bradesco since 2009 and is responsible for the company's IT department. He worked previously at CPM Braxis, SA, an IT company.
• Josué Augusto Pancini: Pancini, 57, has been with the bank organization since 1975 and is in charge of Bradesco's network and high-income subdivision.
• André Rodrigues Cano, 59, is an executive in the Human Resources Department, working at Bradesco since 1977.
• Alexandre da Silva Gluher: Gluher, 57, has been with the bank since 1976 and is the Chief Risk Officer.
• Marcelo de Araujo Noronha, 52, joined Bradesco in 2003 and is in charge of investment and corporate banking.
• Octavio de Lazari: Lazari, 54, has been with the company since 1978. Last May, he was appointed as the leader in the lender's insurance unit.
All candidates have impressive credentials within the Bradesco Banking Organization, and a decision regarding the next CEO will be announced before year's end.
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