QR code payment can be a significant factor in uplifting Nepal’s digital economy. A couple of years ago, the use of the digital platform for transactions was quite limited. But the trend of using cash as a mode of payment is gradually shifting to digital transactions. This makes consumers believe that the future of transactions is a cashless payment method and Nepal is moving towards becoming a cashless society.
There are several benefits of a cashless economy. One of the major benefits of going cashless is the security factor. By going cashless people will not have to worry about theft and robbery. Further, to talk about transactions of large amounts or just general transactions, digital payment systems provide transparency as they enable users to have records of the transaction which may decrease the fake activities. Additionally, consumers in every part of the country can have access to financial services and easily make simple transactions. Cashless payment helps a businessman to save time and cost of cash management and reduce the paperwork.
The cashless payment system needs advanced technology system skills, a smartphone, and a technology facility. If the lack of these facilities is fulfilled, it is possible to apply the digital mode of payment system in Nepal.
Credit: https://www.suryaxetri.com/2021/10/grade-xii-compulsory-english-note-qr-code.html
