The Evolution of Digital payments and its impact on the Economy
DOI:
https://doi.org/10.58445/rars.573Keywords:
Digital Transactions, Digital Payments Technology, Cashless Transactions, CryptocurrencyAbstract
The topic of this research paper is the advancement of digital payments in terms of how the technology has evolved. We will also be going over the implications of the implementation of digital payments on the economy. We will be seeing many different cases across different countries and any key distinctions. COVID-19 was catastrophic to most businesses. Cash based transactions were almost completely shut down. All payments taking place were almost completely restricted to digital transactions. This really accelerated the notion that cashless payments are a superior alternative to cash and people began questioning whether it is better to move online. The importance of this study is to see past trends in the evolution of technology, economics and business as a result of digital payments. This can help us predict the future and see trends along the way. It also helps us see whether digital payments at their current state are a suitable upgrade to cash and whether cash payments are obsolete and replaceable.
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