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Will Digital payment become prevalent in 2018?

Jan 14, 2018 Posted /  6746 Views

Will Digital payment become prevalent in 2018?

We are actually lucky to live in an era where we are witnessing the massive digital movement, where everything is taking their digital form. Initially, digital services were very restricted, but with the growth of the Internet, eventually, the transformation of major entities started getting digital. Even payment and money transaction became very easy after the digitization. Forget about the traditional method of writing accounts and transferring money manually, it is now the time to make digital payments with the help of innovative technologies.

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The tale of money!

Finance or economics, whatever we term it, is all a related to money. And the rules, terms, and conditions sometimes make people very confused. Backed by the government, the common man feels trapped with the rules, regulations and the recently imposed GST in India makes it more daunting. A huge budge in the economic market can be viewed ever since the technologies started getting into the picture. This may be due to the rise of smartphones, technologies, Internet and growth for the enthusiasm of technologies amongst the youth. The youth can be termed as the fuel of the modern Indian digital economy since they are born in the Digital Age. Paying bills, booking a movie ticket, booking a seat in a restaurant, transaction of money etc. have become so easy with the help of digital wallets. If we discard the digital aspect from all of these events, then we have to follow the tiring method of traditional payment by making queues and waiting for hours. The demand for digital payments and services are growing day by day. Many digital wallets have become an integral part of our day to day life and the demand for such services are increasing year by year.

The amplification of digital payment methods

The need for digital payment methods and such kinds of digital services will surge in the coming years, not only in terms of transactions but from various other markets as well. The rise in technologies and smartphones in the economy has impelled many companies to build more software and apps to meet the demand of people for efficient and easy transactions. Almost every startup wants to take the route of digital transactions by creating their own wallet, which becomes very convenient for customers for payment. The demand and development of such kind of digital payment system might soon overhaul the traditional methods and currency system. If digital payment system gets prevalent, it might bring an end to the tax evasion with the help of digital money. Cryptocurrencies like Bitcoin, Ethereum etc. are right enjoying their share of craze amongst the masses but might soon discard the traditional currencies, once the digital payment system gets a unanimous adoption. Even if cryptocurrencies don't get recognition, the digital payment system will definitely find its way to reach the zenith.

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Tags: Digital payment payment system Cryptocurrencies

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