Financial transactions in mobile age

Tuesday, 12 April 2016 00:01 - - {{hitsCtrl.values.hits}}

The concept of electronic cash (e-cash) has become very popular in today’s context, due to the rising adoption of advanced mobile devices such as smartphones and the extensive use of the internet. We see that the most common form of money used when transacting in the modern business world, is electronic cash. Users have the ability to conduct a wide range of financial services without having to handle physical cash or cheques, and banks facilitate the process by providing digital services. The most significant benefit of using e-cashisthe ease and convenience of accessing cash and carrying out transactions anytime, anywhere, thus saving up on the most important element at our disposal, time. This concept of electronic money is not entirely new, and has been around for at least a decade. Debit cards and online bill payments for example enable users to immediately transfer funds from personal accounts to business accounts irrespectiveof the country of origin, with just a few clicks and without any physical transfer of money. While manybusinesses rush to offer digital money products, e-cash allows users to conduct all forms of internet transactions.

With the help of modern technology, e-cash is changing the way currency is perceived. Eventhough the change seems revolutionary, it is actually only an evolution from current paper-based mediums. In the modern financial markets,electronic money is a necessary invention. Merchants also can attract customers to their online market placeby utilising e-cash systems as a selling tool.

With over 10 billion mobile internet devices expected to be in use by the end of 2016, and a world population of 7.3 billion people, it is clear that mobile phones are now a basic necessity. Further, the rise in the use of smartphones has established a flourishing market for mobile applications, helping businesses to increase productivity by restyling end-user experiences and more effectively mobilising their workforces. With Western countries embracing these fast paced mobile phone applications to uplift their daily living standards, one can only hope that these technologies would be adopted by Sri Lanka in the near future. We look forward to a day when we will be able to headto work in the morning with nothing more than a smartphone in our pocket and be to able pay for anything, anywhere, be it even a cab or breakfast.

Life gets easier every day with thebooming mobile app industry, and daily transactions can now be done using nothing more than an app on a smartphone or tab. The hassle of phone calls, cash, credit cards, online forms, loyalty cards or even an ID card is limited. Thus, adopting such technologies will no doubt be a major factor in advancing financial inclusion and one of the driving forces of economic growth in the country.