We got good questions on the TRON DAO Forum about the open banking technology which we are going to implement in our app next year. We think it's worth sharing here too!
"What do you mean by open banking technology, how it will be implemented in your solution?"
Basically, with open banking technology authorized third-party institutions (mostly FinTech companies) can access banking data in a secure way with of course the user’s permission. This is due to the European PSD2 regulation which aims to accelerate financial innovation. In our case, when we launch our mobile application we are going to use this technology to make it possible to earn crypto while shopping offline in a brick-and-mortar store. This will give an opportunity to the users to collect crypto after offline spending by sharing transactional data with us.
"And how safe is this? I mean sharing this kind of data?"
Overall, open banking is highly regulated and secured in Europe because:
- Open banking API endpoints have been built by the banks and they are constantly tested by them and regulated third parties.
- Businesses using this technology have to undergo a very strict audit made by financial regulators (usually national banks).
- Users never share passwords or credentials and they are in full control of what information they want to share and with whom. Besides, every 90 days, users have to re-enable permission to share data. At the launch of our mobile app security will be the number one priority, so we are testing Mastercard’s open banking solution because they have reputable expertise in this.
"To use your mobile app will it be mandatory to enable this open banking solution? Or it is just a choice for users to make?"
It’s totally up to the users! In the beginning, you will be able to earn crypto when shopping online through our browser extension, where open banking won’t be available. Later, when we launch the mobile app, it will be up to the users whether he/she enables open banking or not. However, it will be necessary to enable open banking feature in order to get crypto after offline shopping too.
Hope you will find this information useful. Please don't hesitate to leave a comment with your thoughts & questions!
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