Impact of Digital Payments on Global Economy?| Diksha Technologies
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.
It is safe to claim that digital payment solutions are an essential propeller for boosting a nation’s economy.
The upside comes not from more money but from digital’s role in simplifying the process of sending and receiving payments. For example, Bangladesh has seen positive growth in financial inclusion in the country by introducing BKash, a digital payment solution backed by its central bank.
Among advanced countries, Sweden and South Korea have steadily moved away from cash. So much so, that cash payments in Sweden made up less than 2% of the nation’s total transactions in 2018. This has brought about unprecedented levels of transparency in monetary transactions, boosted internet commerce, and reduce financial fraud by a large extent.
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