The Global Impact of Digital Payment Systems

Supposed say, you wished to send your sibling’s monthly allowance, and he/she resides in another country; you wouldn’t have to visit your bank to carry out such a transaction because you can do that with your mobile device, through Money Transfer Platforms. Or let’s say you see an item in the store as you are walking down the road, you want to purchase it but you don’t have any cash with you; No need to withdraw, because you can simply make a transfer or pay through your mobile wallet, installed on your device. Payments have been made easier, with platforms such as these and not just you, but almost every other person in the world today is feeling the impact of Digital Payment Systems.

A digital payment system is an electronic mechanism of paying for goods or services instead of using cash or a cheque, in person or mail. also defines digital payments as payments done through digital or online modes, with no exchange of hard cash being exchanged. A study by Moody’s Analytics examined the economic impact of digital payments in numerous countries and it as found that the use of digital payments has led to increases in production, jobs, income and GDP.

Digital payment platforms have helped facilitate the sales experiences for customers. These platforms have also helped small-scale and large-scale businesses. Platforms such as these have made the payment experiences of consumers, smooth and seamless, and this has helped drive the revenue of businesses and of the government to an extent. Digital payment solutions such as Money Transfer Platforms have also made remittances more convenient and faster. This has encouraged Migrant workers, who are one of the main factors driving the growth of remittances worldwide, to conduct Money Transfers frequently.

A report by analyzed the use of Mobile Money in Africa, and it was found that in 2020. The number of registered accounts grew by 12.7 percent globally to 1.21 billion accounts, which was double the forecasted growth rate. It was also mentioned that there are about 300 million monthly active mobile money accounts. These payment platforms have proven to be a more suitable alternative to conventional financial institutions, due to the ease many do experience when making payments, cheap rates and so on. Payment platforms have indirectly impacted the economic growth of many developing countries, and have also helped facilitate payments.

With payment platforms such as ATL Money Transfer, you can conduct Money Transfers at the best rates and at a low fees. With our well-designed platform, you can send money to almost anywhere in the world with just a few clicks. We also offer you a variety of payment methods for you to choose from, to enable your recipient experience ease when collecting your funds. And with our team of well-trained customer care representatives on standby, to attend to all your enquiries and needs, we can guarantee you a smooth and seamless payment experience.

ATL Money Transfer is a payment platform trusted worldwide. With our office in London, the United Kingdom, we handle thousands of transactions daily, making your money transfers transparent and secure for everyone.

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