Gone are the days when we had to carry cash or checks to make a purchase or pay a bill. With the rise of digital payment solutions, transactions have become faster, more secure, and more convenient.
The importance of digital payments is quite evident at present in India. Particularly after the demonetization drive in 2016, the government's push towards a cashless economy and the rise of affordable internet access has contributed to the growth of digital payments.
The world is going digital in terms of the money transactions we make. However, no matter how digitalization we bring, the day when cash will lose its supremacy is way too galaxies away. Money in its paper form will always be needed.
Do you remember those times when we used to talk that there will be flying cars as technology has advanced a lot? Well, that time of flying cars hasn’t come yet but technology has advanced for sure. We have achieved technological development in other fields like talking robots and the possibility to live on the Moon. And finance, which was much needed.
Some say the introduction of FinTech could be traced back to 1967 when the first ATM was installed. Some believe that FinTech started in 2015, and some could be seen entertaining the idea of FinTech rising in 2016.
