Digital Money: Start of an Era

Posted by April 20, 2015 Uncategorized No Comments

Digital Money: Start of an Era

Truly worthwhile destinations almost always require a significant journey. The widespread use of digital money is no exception. We can say that the concept of Digital Money is a revolutionary change from past to 21st century.

Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill, rupee note or a coin. It is accounted for and transferred using computers. Digital money is exchanged using technologies such as smartphones, credit cards and the internet. It can be turned into physical money by, for example, withdrawing cash at an ATM.

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A recent Wall Street Journal article entitled, “The Slow, Steady March Towards Digital Money” summarized the 3rd annual Digital Money Symposium from Citi and Imperial College in London which explored the state of digital money adoption around the world. Their 2015 Digital Money Readiness Index was analyzed along with the findings from their new research report entitled, “Digital Money: A Pathway to an Experience Economy.”

Financial services companies facilitate digital money transfers and foster online transactions between complete strangers across long distances. Without digital money, many online retail websites would operate much less efficiently. Digital money also makes it possible to bank online or via smartphone, eliminating the need to use cash or to visit a bank in person. Digital money or digital cash is a replacement for credit cards or cash, for online purchases, where privacy and personal safety are important. Digital Cash can take two forms: Online accounts or Smart cards. An Online Account allows transactions on internet and a Smart Card can be thought of as an electronic purse people can carry with them.

Online payments(recharge, transactions, shopping, bills etc) are now just a matter of seconds with Digital Money. With change being the one constant along any journey, digital money implementations is now changing our life’s journey.

“Disproportionate gains await those who are able to seize the opportunity—and the time is right.”

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