Digital Payment

Another crucial feature that contributes to boosting the growth of our digital lifestyle is digital payment. Most banks and businesses are shifting assets towards digitalization which make it easy for customers to make digital payments. This allows us to use mobile apps on our smartphones   to pay for products and services, and quickly and easily transfer funds to friends and family. We are seeing that digital payments can strengthen financial inclusion and achieve interconnection in digital finance.

We have seen a big shift from traditional to digital payments especially in the last couple of years. This is due to low transaction costs, improved features for better digital payment operability, and the convenience that digital payment provides. 

Another reason for the huge increase in digital payments was because of the COVID-19 crisis. Digital payment showed the benefits of avoiding contact with currency to ensure hygiene and safety. Furthermore, when people had to stay at home and fight against the pandemic, “zero contact” payment helped address the difficulties and improved the quality of life by providing access to online shopping, payment of utility bills, and ordering take-out food. Even as the Covid-19 pandemic has subsided, we have continued most of the digital payment habits we acquired during the pandemic.

What do you think? How has digital payment made your life easier or better? What mobile apps do you use most frequently to make digital payments?