How the Economy is Impacted by Digital Payment Apps

How the Economy is Impacted by Digital Payment Apps

Has the digital payment apps impact on economy, society and culture? I have often been asked this question in different situations, ranging from meetings with senior managers to browsing internet cafes. The answer is an emphatic yes. In this article, I shall try and elaborate on why digitalization positively impacted the economy.

What are the Positive Impacts of Digital Payment Apps on Economy?

The most significant advantages of digitalization impact on the economy are evident in creating an online economy. It has made possible the existence and growth of online markets that are open to all the online transaction has made a simple platform for money transfer.

Digital payments through banks. Now people can send money digitally to anyone. These ‘online markets’ have the most far-reaching effects on the economy. For instance, they allow consumers to buy products from anywhere in the world. It means that products can be traded online, unlike the physical markets.
Another significant advantage is in the online purchase of goods and services. With digitalization impacting the economy, consumers have more fantastic choices when selecting what they want to buy. It leads to competition among different online sellers and enables them to price their products or services competitively. On the other hand, this also forces the seller to expand and build more outlets, thereby creating more job opportunities for the workers.

How Digitalisation Created A Social Platform?

Digitalization of the economy also helped in bringing people together. Through social media sites such as Facebook, people can share and communicate with each other. It facilitates discussion and debate as there are many users from different countries backgrounds & helps promote cross-cultural. An interaction which is beneficial for society as a whole, this platform has a vast scope.

Lastly, and perhaps, most importantly, digitalization’s impact on the economy has led to innovation. Given the wide usage of the Internet, computer systems have become a standard everyday device.

Thus, computer applications and programs are readily available to anyone. It has increased efficiency since people no longer need to go through department stores to purchase items they need. Instead, they use their computers to access the items they require. In conclusion, the impacts of digital payment apps on the economy increase production efficiency, enhanced competition, and create job opportunities in the economy.