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Innovation

What is a transaction?

When we think of ‘transactions’, we usually think of payments. In reality, transactions go far beyond this, involving sectors which don’t necessarily correlate with our expectations of what a transaction may entail.

In crossing a border, a transaction is carried out between two governments. When we take public transport, we make a transaction with a transport provider. When we accept delivery of a parcel, we transact with the company that carried out the delivery.

In a recent BFM Business interview, Lionel Baraban, Director of French transaction provider, Famoco, shared his vision of revolutionising transactions. The evolution of transactions means that today we are able to make all types of transactions via QR codes, facial recognition, digital verification and contactless payments.

A transaction can be described as the traceability of an exchange of information at a given moment. The scope of what qualifies as a transaction has broadened with the digital revolution and its integration into daily life worldwide.

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