You can pay for almost anything with your cellphone — coffee, rent, leases. While the nation moves toward a greater preponderance of digital payment, a question can be asked: What is to happen to the cash collection and church envelopes?
Cathio, a new organization that looks to synthesize the Catholic faith with the latest in fintech solutions, is hoping to be the answer to that question.
“Cathio is a lay initiative that not only strives to save the Church money, but positions it to provide greater transparency of financial transactions and the connectivity of people of goodwill with good works,” said Cathio adviser and former ambassador to the Holy See Jim Nicholson in a May 31 press release.
Cathio spokesperson Arian Hopkins explained that the creation of a new platform — rather than simply utilization of secular platforms like PayPal or Venmo — comes in response to a culture where Catholic organizations are removed or negatively affected by publicity algorithms, hampering the Church’s ability to effectively fundraise.
Part of the attempt at reform moves past the payment processing system, with Cathio positioning itself as a trustworthy and transparent charitable partner through implementation of its own cryptocurrency — CathioCoin.
Full story at Angelus.