Payments are the foundation of economies. Governments worldwide are trying to create ecosystems to promote convenient and seamless payments between people and businesses. Governments obtain taxes from the exchange of goods and services, which can be used for welfare activities such as nation development. When it comes to changing habits, humans are naturally inclined to convenient methods. Technology has made lives more comfortable and simplified payments. Around 700 BC, payment systems changed from barter to a pre-decided value of goods, laying the foundation for coins and checks. In the seventeenth century, the hassle associated with payments made in coins led to the emergence of banknotes and checks. From the beginning of the twentieth century, access to technology started impacting lives, ultimately laying the foundation for digital payments. |
