a day ago
The Benefit of Digital Payments
The future of money is expected to be heavily influenced by technology.
The Ministry of Industry & Commerce this Friday made it mandatory for every business in Bahrain, regardless of size or number of outlets, to give customers the option of paying digitally. This move will help the Kingdom to surmount the last-mile barriers to complete digital payment. Soon, those hawkers of fresh fish and fruits in public places will also give us the option of paying digitally – something which many already do.
We are potentially standing at the cusp of a financial revolution. The future of money is expected to be heavily influenced by technology. The world is approaching a tipping point where cash phases out and digital currencies reign supreme. Surprisingly, one cluster of nations that has taken the lead are African nations, where mobile finance transactions took off as early as the 2000s. And India's digital financial transactions – harnessed by hawkers, roadside vendors, and glitzy showrooms – generate transaction values of approximately 450 million rupees per day.
Coming to Bahrain, we also need to look into non-commercial transactions. For a country that prides itself on its e-governance, we are still lagging behind in simple e-transactions to pay for government services. My pet peeve has always been the street parking meters. Why can't we simply swipe our phones on a barcode and pay for parking instead of hunting for a meter (often one that doesn't work)?
(Captain Mahmood Al Mahmood is the Editor-in-Chief of The Daily Tribune and the President of the Arab-African Unity Organisation for Relief, Human Rights and Counterterrorism)
