Picture this: It’s a Saturday night, you’re out on a date with this lovely woman and the two of you just enjoyed a meal at that cute little place down-town. The two of you have really hit it off and after dinner you want to invite her to your apartment for some drinks. However, as you reach for your wallet, you notice it’s nowhere to be found – you must have left it in the other jacket you were wearing the other day. Oh boy, no sugar tonight for you my friend!
With all that is going on in our busy lives nowadays you might leave the house without taking a shower, brushing your teeth or putting on make-up, but the one thing you will never forget, is your smart phone.
While this showcases how attached we have become to our mobile devices, and one can argue that is not a good thing, in the above situation, your smart phone can be your lifesaver.Why you ask? Because the “Cringle” app in da house yo.
What is it, and how does it work?
Cringle was developed in year 2014.The app allows the smart phone user to transfer money between bank accounts, without the need of IBAN or TAN information.(Cringle GmbH,2016)
Cringle is a payment system that can be explained in 4 easy steps:
1.Download your Cringle-app
2.Set app login
3.Add your bank account
4.Start transacting using Cringle
How different is the Cringle app from mobile wallets?
Cringle is a system that transfers money directly form one bank to another. In contrast, mobile wallets act as an intermediary between two bank accounts. Cringle is directly linked to your bank account and you can send money without entering debit/credit card details or even knowing the receiver’s account number.
Cringle´s functionality can be explained by comparing it to “WhatsApp” because money transactions become like messages. People can send you money by using your phone number as a reference. If you want to make a payment, just enter the number on the payment page of the vendor and you will receive an alert on your mobile asking you to authorize the transaction.
Indeed, Cringle change the way how we receive and pay money. Whether you have to pay your electricity bill, school fee or a slice of a pizza. Cringle is an efficient alternative to mobile wallets and make cashless payments faster and easier.
However, due to the fact that you always need a mobile number to transfer money is not very suitable. For instance, in the case of the above mentioned scenario, I need the mobile number of the restaurant and vice versa. Who wants to give his or her private number to a guy from a kebab or chicken curry restaurant?
I suggest Cringle to have a look at the Unified Payment Interface (UPI) system, which has been developed this year in India. Basically, it’s the same idea like Cringle, but instead of using mobile number to transfer money, one can create a virtual ID, which connects with your bank account.
Reference
Cringle is the best way to send money. Secure, easy, free. – Cringle. (2016.). Retrieved from https://cringle.net/en
New to UPI? Here’s how to navigate through it – The Economic Times. (2016.). Retrieved from http://economictimes.indiatimes.com/markets/stocks/news/new-to-upi-heres-how-to-navigate-through-it/articleshow/53955317.cms
