The Vitality of Digital Payments for Economic Growth

“The world as we have created it is a process of our thinking. It can not be changed without changing our thinking,” says Albert Einstein, the greatest physicist of all times.

Yes! Our point of view has always changed due to the revolutionary milestones in innovation. Actually, it is in our DNA and Homo Sapiens is mostly famous for adaptation skills compared to other beings. Call it survival instinct or evolution, yet we are all intertwined to observe the current situation and armor ourselves according to it. Since we do not live in caves anymore, our concerns and desires are massively different from our ancestors. Our survival mode passes through finances. Because we are taught money is the power and the happiness. Thus, we all crave to have more and more money whereas our next-gen basic (!) instinct brings us together to build up new structures for a better financial world. Through the centuries since Romans, we have developed paths for conventional and easy payments. The story of money evolved from shells to cryptocurrencies whilst we also arranged handover systems up to these assets.

Thanks to the penetration of the greatest invention of all times, the Internet, the most updated ways of money transfer and online shopping are digital payments in today’s world. Most of us do not even remember their last visit to a bank branch. Just like everything in our lives, our finances have already gone online. Therefore, why bother ourselves with archaic structures like the traditional banking system? Exactly! No reason! 

What is a Digital Payment?

In simple terms, digital payment is a transaction taking place via digital or online modes, with no physical exchange of money involved. These payments are provided by digitized traditional bankings from the front-to back-end. Through digital wallets (so-called e-wallets), users can transfer money, monitor their cash flow, take suitable precautions for outcomes, and set their spending habits in order. Furthermore, they also provide access to services like mortgages, loans, insurances, and installments. They are not only life saviors but also essential intermediaries for greater economic growth for both individuals, merchants, and governments. 

What is Economic Growth? 

Although we all have a personal opinion about how to define economic growth as an increment in the production, distribution, and trade, as well as consumption of goods and services by different agents. As a social domain, the economy emphasizes the practices, discourses, and material expressions associated with the management, use, production, and consumption. Being dependent upon many factors, the growth of the economy takes its power from the circulation of money.  

How Digital Payments Help Economy

What triggers the cash flow? Unsurprisingly, convenient money transfer providers are the leading actors of macroeconomics. The logic is simple: payment methods are the trucks in the money flow. No matter whether it is a small business or a country, every institution regulates these intermediaries as the main subject in broad economic policy guidelines. 

The more practical and cheaper a provided method, the more circulation it can carry in the sector. A point-shot example for this principle is SEPA Banks. 

The SEPA (Single European Payment Area) project was realized in February 2014 as an economic plan for seamless, fast, and affordable international payments in the Europe Zone. The aim was to zip up capital flow which was exhausting at a snail’s pace. At long last, the facilitation boosted the entire circulation of money transfers which also led to an obvious acceleration in the European Economy. In other words, this avant-garde project changed the entire destiny of a Union’s economic destiny.  

Digital payments feature in the same way as SEPA. They not only provide faster transfers overseas but also encourage merchants with low budgets to start businesses. Contrary to the common belief that massive companies set this ship afloat, small businesses are ball- bearings in the machinery. Therefore, it is crucial to give full support and offer them handy solutions to step into the system.

This is what Jeton Wallet exactly wishes for! We completely know how digital payments are crucial to the economic growth of any institution. Cooperating with more than 100 countries around the globe in 50 currencies, we offer our users smooth online transactions internationally. We guarantee the lowest fees compared to our opponents in the field. Moreover, Jeton services come with customer support 24/7/365 to provide full assistance in any case.

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