The goal in the transition from cash to digital payments is building a strong digital payments eco-system. That means, putting in place, the technology, the partnership and the rules needed by digital payments to offer effectively.
When the system works, more people will use it, when enough people use it, a tipping point is reached where it is harder to stay outside the digital payments system.
It’s a no brainer that the world is taking on with digital transformation at lighting pace. All for one and one for all, digital transformation or nothing. The Oman ecommerce conference will enhance the stability of the crescendo of digital transformation.
Let’s look at who really play the part in building a digital payments eco-system:
1. Government’s set digital payments regulations and enforce them, they can also set an example by making and receiving payments like salaries, pensions and taxes, electronically!
2. Financial institutions issue accounts that enable electronic transfers.
3. Payment companies authorize and settle transactions between payers and payees.
4. Telecommunication companies transmit transactions between devices. They provide electronic channels to access financial services and businesses and individuals make and accept electronic payments of other things they buy and sell.
Building a strong digital payment eco-system means linking these people and the organizations in a way that shares the benefits of digital payments efficiently. To do this, Government business development organizations and individuals need to work together from the start. TO FIND MORE SUCH INTERESTING TOPICS, FOLLOW US AND REGISTER WITH US.