Financial Inclusion and Digital Cashless Payment
www.ahyari.net – Cashless payment is a good investment that allows financial inclusion, an ecosystem that allows all citizens to participate in the trajectory of growth and economic development. Major stakeholders in digital payment scenarios are overwhelming – Internet service providers, payment system operators, technology providers, mobile network operators, banks and retailers form the real players in the market. The digital transaction system allows banks to increase their customer base with lower costs and risks.
According to Booz Allen’s estimates, banks can reduce cash logistics by 10% through transactions cashless payment. Telecommunications and internet service providers are getting increased customer retention, higher revenue through value-added services, etc. Resellers and service providers benefit from quick access to a larger customer base, better payment collections, etc. There is a synergy between the digital and financial world. At the same time, however, government and banking regulators, telecommunications, payment systems, competition issues, anti-money laundering, all form the environment in which the digital payment function model.
Given that digital transaction business is new and foreign, governments and regulators tend to be careful in allowing innovations that can disrupt economic financial stability. As emphasised in the previous section of this paper, while on the one hand, financial inclusion is a prescribed government goal, and new technology has been widely accepted as a tool for financial engagement, regulation and oversight has hampered the development of digital payments. In order for new product markets to flourish, enabling environments into an environment that combines openness and legal certainty and regulation – openness will allow innovation to flourish while certainty will give businessmen confidence to invest.
Thus, the fastest growing market is in an environment that moves towards greater openness and certainty. The most important issue here is to ensure that markets remain open and competitive for entrepreneurs to take on new business models. That’s the article about cashless payment.