Search
Digital currency could well be the money of future
February 14, 2022
In payments, as in each and every other sphere, technological innovations have drastically altered social behaviors businesses and consumers have effectively looked for the convenience of contactless payments, digital wallets, and virtual payment solutions for pay or be paid in a safe, seamless way, particularly since the pandemic hit.
As per the Reserve Bank of India’s (RBI) digital payment index, there was a 40 percent development in the adoption of digital payments across the nation in a year through September 2021. However, today, even more, newer innovations, for example, Digital Currencies await, with promising prospects of revolutionizing payments.
In its simplest form, digital currency is a digital form of cash, which is stored, managed, and exchanged digitally, directly between senders and receivers. It is thus different from money stored in your bank accounts and used for payments or transfers.
In a normal payment transaction done via online banking, UPI, or even Cards, the money doesn’t move from one entity to another, instead, an intermediary such as your bank or a network like Visa, reconciles and settles the change in balances. When someone transaction with digital currencies, however, the actual digital asset is transferred between parties akin to paying with cash, without the need for an intermediary.
Important Links:
- Post Graduate Diploma in Management (PGDM): https://tscfm.org/courses/3-in-1-management-program/
- MBA from UK University: https://tscfm.org/courses/mba-from-uk-university/
- Professional Diploma in Digital Marketing: https://tscfm.org/courses/professional-diploma-in-digital-marketing/
