Impact of Technology On the Usage of Money

Abstract

This paper mainly focuses on how technology impacted the payment methods. As per the sources digital payments leads to increase in employment and also reduces the risk of corruptions, theft, carrying huge amount and etc. Digitalization helps an individual to transfer amount from one account to another account easily with high security. Banks play a major role in digitalization, few of the instrument are debit cards, credit cards, internet banking, mobile banking and etc. In 2016, when demonetization decision then people started to pay digitally instead of giving paper cash. In changing environment many technologies are implemented in banking sector and still going on. Over the time, even individuals slowly adapting the technology and started paying their bills, transferring amount vis smartphones, cards.