Digital payments have increased a lot over the years, recent research shows that economies that are more cash-intensive tend to grow slower compared to ones that have adopted digital payments. Taking digital methods of transactions has helped countries boost their annual GDP by as much as 3 percent, according to the study.
Few advantages of Digital Payments
1) The transfer of money is immediate.
2) It reduces the risk of carrying money around.
3) It is time-efficient.
4) Easier consumer budgeting (keeps a track on how much you've spent)
5) Better collection of economic data.
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