Embracing the Future: The Economic Impact and Opportunities of Digital Payments

Subir Kumar Amit1

1

Publication Date: 2024/07/11

Abstract: This paper reviews some logical and statistical data on how widely the use of digital payments will impact our economy. At this point, an argument has arisen regarding which (cash and digital money) is more convenient for the future economy. The paper aims to explore economic opportunities in terms of security, efficiency, and transparency. This study will not only reflect the economic benefits of being a cashless economy but also demonstrate the rationale that money management can be simplified through digital payment systems. The paper will talk about some of the shortcomings of the digital payment system and how we can solve them. The research findings confirm that the widespread use of digital money will accelerate our economic growth and also benefit daily life. Using digital payments also has some dangers like adoption and privacy. This paper clearly shows how to handle such problems. This study provides a quantitative argument for positioning digital payments as the beginning of a new economic revolution.

Keywords: E-payment, Digital money, Economic growth, Privacy and Security, financial inclusion, Future Economy.

DOI: https://doi.org/10.38124/ijisrt/IJISRT24JUN1559

PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT24JUN1559.pdf

REFERENCES

  1. Akanfe, O., Valecha, R., & Rao, H. R. (2020). Assessing country-level privacy risk for Digital Payment Systems. Computers & Security, 99, 102065. https://doi.org/10.1016/j.cose.2020.102065 
  2. Baghla, A. (2018). Study on the future of Digital Payments in India. Cosmos Impact Factor, 5(4). Retrieved from http://ijrar.com/upload_issue/ijrar_issue_20542141.pdf?fbclid=IwAR1AC-3XPWSZyEKexjfahSUQM5c1BBblsRGCZ_PfTS43cDaDRPH3NA5Rb5s
  3. Klapper, L., & Singer, D. (2017). The opportunities and challenges of digitizing government-to-person payments. The World Bank Research Observer, 32(2), 211–226. https://doi.org/10.1093/wbro/lkx003 
  4. Nasr, M., Farrag, M., & Nasr, M. (2020). E-payment systems risks, opportunities, and challenges for improved results in E-BUSINESS. E-PAYMENT SYSTEMS RISKS, OPPORTUNITIES, AND CHALLENGES FOR IMPROVED RESULTS IN E-BUSINESS, 20(1), 1–20. https://doi.org/10.21608/ijicis.2020.31514.1018 
  5. Rogoff, K. S. (2017). The Curse of Cash. Princeton University Press.
  6. Setor, T. K., Senyo, P. K., & Addo, A. (2021). Do digital payment transactions reduce corruption? evidence from developing countries. Telematics and Informatics, 60, 101577. https://doi.org/10.1016/j.tele.2021.101577 
  7. Urbanek, A. (2015). Pricing policy after the implementation of electronic ticketing technology in public urban transport: An exploratory study in Poland. Communications in Computer and Information Science, 531. https://doi.org/10.1007/ 978-3-319-24577-5_32     
  8. Vise, D. D. (2023, January 5). The cashless future is here. So is Big Brother. The Hill. Retrieved June 28, 2023, from https://thehill.com/changing-america/enrichment/arts-culture/3799088-the-cashless-future-is-here-so-is-big-brother/#:~:text=That%20was%20but%20one%20skirmish,debit%20card%20(29%20percent) 
  9. Vodafone. (2023, March 8). M-PESA. Retrieved from https://www.vodafone.com/about-vodafone/what-we-do/consumer-products-and-services/m-pesa