Daily Times
July 14, 2021
The start of year 2021 has witnessed a much awaited rebound by various global economies but the pandemic has certainly left its mark by revolutionizing the trajectory of economic growth. The World Bank has downgraded the short and medium-term outlook for the World Economy for the year 2021. The COVID-19 Pandemic has geared up and intensified the significance of digital banking across the globe. The world is rapidly shifting towards digitalization with a growing number of countries developing instant payment systems to dynamically and virtually connect their diverse economic sectors and stakeholders. A new global economic landscape is emerging which is being driven by changes in technology, demographics and the environment. Industry 4.0 Technologies are at the heart of this financial revolution powered by Block-chain, Artificial Intelligence (AI) and Micro Payment Gateways. The defining financial trend around the world is the rapid increase of electronic payments for business and personal transactions. This is complemented by the decline in the use of cash for basic transactions partially accelerated by the COVID-19 Pandemic.