Digital Banking and Its Impact on Indian Economy
- Author Elsa Jacob
- DOI
- Country : India
- Subject : Commerce
Keywords : Digitization, Digital Banking, Demonetization, Computerization, E-commerce, Smart cards, Artificial Intelligence
Abstract
A sound and effective banking system is the backbone of an economy. The journey from barter system to digital banking has made tremendous changes in the economy as globally. Within a lesser turnaround time, digital banking has made a deep leap in the new era. The impact of digitalization can be evidently seen in the global economy as it delivers extra ordinary gains in productivity, service quality and reach. Ecommerce success is largely attributed to the phenomenal growth of various digital payment technologies such as card payment technologies such as card payments, electronic fund transfers, payment gateways, E-payments, smart cards, mobile money, wallets etc. Going digital is no longer an option, but a simple bare necessity-to collaborate and flourish. Digital banking provides critical solutions to bankers for their short term and long term business and technological requirements
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