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Economies prioritising payment digitization better positioned

Wednesday, 05 20 2020, Category: Technology, Country: World
Countries adopting digitised payment solutions are well-positioned to fight risks related to financial exclusion, unemployment and the cost of cash and corruption, a Mastercard study found.

“Early adoption and the use of digital technology allow for higher productivity levels through more efficient use of capital and labour … such as the benefits of real-time data in logistics used by e-commerce giants,” the global payments firm said in its report on Tuesday.

A 10 per cent increase in internet use in an exporting country, for example, can increase the number of products traded between two companies by 1.5 per cent as a result of buyers and sellers being able to communicate directly.

“And the very speed, at which digital technologies boost innovation, often requires new regulation to avoid unfair competitive advantage,” Mastercard said.

Digital payments and online transactions have been surging as consumers opt for contactless transactions amid the coronavirus pandemic. In the UAE, one in four transactions is now digital, Mastercard estimates.

Source: The National – UAE
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