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Just press pay

  • Published at 05:24 pm October 13th, 2017
Just press pay

We can no longer afford to lag behind when it comes to the use of technology in financial transactions, and thankfully our government knows this.

But we still have some catching up to do when it comes to digital payments.

A new study conducted by economics research firm Roubini ThoughtLab has shown that 100 cities, including Dhaka, could save around $470 billion annually by increasing the use of digital payments.

Most developed nations are already way ahead of us, and many countries are moving towards becoming cashless societies.

Easier payment methods are crucial to the constant growth of the economy -- they help increase tax revenues, make administration more efficient, and reduce cash-related crime.

And the benefits are not merely monetary either.

Digital payments can save billions in saving time by making banking and other administrative procedures seamless and hassle-free.

With PayPal slated to begin work in the country this month, it has become important that we encourage such initiatives to go further and reach more and more people.

However, PayPal will only be functional at limited capacity; this is another example of our administration taking too long when it comes to ensuring that the people of this country receive a truly digitised economy as soon as possible.

As it stands, digital transactions have improved, but there still remain many an obstacle in the way of making it an easy and smooth experience.

With the world becoming more and more digital in every way, it is important for Bangladesh to stay on top of the game.