Friday, 15 November 2019

Digital Payments | PayMonk

Cash based transactions are the most inconvenient and inefficient options available in the financial sector these days. Digital Payments on the other hand has revolutionized the face of payments and surely opened a lot of opportunities for the common man. There are some key benefits with digital payments:

  1. Seamless track of all the transactions.
  2. Women's participation in economy.
  3. Transparency and accountability
  4. Integration of digital payments have surely addressed the issue of domestic resource mobilization.

A recent study conducted by Moodys reported that between 2008 and 2012, greater usage of digital payments added $983 billion in the entire world's economic growth, which is equivalent to creating 1.9 million jobs.

Financial inclusion has been broadly recognized as critical in reducing poverty and achieving inclusive economic growth. Greater access to financial services for both individuals and firms may help reduce income inequality and accelerate economic growth, according to the World Bank.

As the whole world is shifting towards digital payments, the security concerns are inevitable. There are always people out there to take undue advantage of the loopholes in our payment systems. Obviously, all the Fintech companies are keeping the aspect of cybersecurity on highest priorities. As cybersecurity is a trending thing these days, the cyber jobs are getting more popularity. 

A nation like India, where people still fear digital transactions, a benchmark has to be set to make it a cashless economy. Especially in rural areas, people still believe in banks rather than transacting money online. As a major reform in Customer Service Points, PayMonk has given it's best shot to convert the rural areas into cashless ecpmomies.

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