this post was submitted on 01 Jun 2024
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Privacy
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A place to discuss privacy and freedom in the digital world.
Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.
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I'm annoyed by Paypal, Venmo (and other similar vehicles) because they use what should be a simple process (one person giving money to another person) to invade our privacy and to siphon value towards billionaires. I'd rather be able to transfer funds with the simplicity and precision of giving the person standing before me a 'fiver'. And without someone else making bank off the transaction, for clarity's sake.
KYC defined: "The Know Your Client (KYC) or Know Your Customer (KYC) is a process to verify the identity and other credentials of a financial services user. KYC is a regulatory process of ascertaining the identity and other information of a financial services user." https://corporatefinanceinstitute.com/resources/wealth-management/know-your-client-kyc/
Zelle is the closest acceptable alternative to PayPal, Venmo, and Cash App.