Electronic payment solution have transformed the way business is
carried out all around the world. It has not just made transaction convenient
but also has played a key role in stimulating economic growth.
With
the advent of the financial technology, the economy has started to work
as a well-machined machine, removing friction in the tax collection, while
bringing unreported transaction down. Moreover, electronic payment has led to
increased consumption of services and goods, which has translated to augmented
production, more job opportunities, along with higher incomes and prosperity.
Recently,
an economic research service provider did a five-year study, and provided some
insight into the tangible changes that financial technology has brought.
·
During the period of the study, the
electronic payments added almost $300 billion to the world economy. To put that
in perspective, it is equivalent to creating almost 2.5 million jobs worldwide.
And it is just a beginning; with better Internet access, the figure is
anticipated to grow exponentially.
·
Other than the European and North American
countries, UAE, Argentina, Chile, and Australia are the countries where
e-transaction has performed well in comparison to cash. The payment by cards
has also penetrated into the African countries, benefitting consumers,
merchants and governments alike.
·
The study was done 70 countries, and the
study says, there is a mean increase of one percent in the use of credit or
debit cards.
These
figures provide an insight what the future holds, it won’t be an overstatement
to say that electronic payment is going to be a true global currency in the
coming times. And with the benefits it endows, it going to change the world for
good.
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