Since there is now a wide variety of services, such as mobile wallets,
peer-to-peer settlements, digital coins etc, that enable cashless payments, both businesses and customers have more choice.
In fact, merchants can promise buyers transparency, efficiency and convenience
thanks to new tech. Not only does this encourage clients to complete purchases,
but it also facilitates consumption, which stimulates economic growth. Moreover, firms have cost-saving opportunities
since digital services reduce manual reconciliation, counting and cash
handling. Additionally, the governmental cost of issuing hard cash
is decreased.
Photo credit: Tumisu from Pixabay
Digital
payment services promote economic growth
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