World Bank praises 'electronic payment' and reveals its profits to the economy

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World Bank praises 'electronic payment' and reveals its profits to the economy

 

1 day agoNaser MuhammadEconomy News

World Bank praises 'electronic payment' and reveals its profits to the economy

 

 

World Bank praises 'electronic payment' and reveals its profits to the economy

According to the constitution, the website of Al-Wasat, which contains the World Bank's news, pays tribute to "electronic payment" and reveals its profits to the economy.

 

Al-Wasat - A World Bank report praised e-payment as a measure to restructure the banking market, explaining that entrepreneurs accept their customers electronic payment automatically, and pay suppliers, tax departments and others electronically.

This comes at a time when Egypt is finalizing the electronic payment project to be applied in all institutions and bodies and all aspects of inter-governmental relations and the private sector.

In developing countries, the widespread use of electronic payment systems is still limited, a commercial tool that can provide significant benefits to entrepreneurs and society alike by integrating more individuals into the formal financial system, the report said.

He noted that the rapid boom in mobile ownership to facilitate digital payments in developing countries, the shift from cash to digital payment is making great gains for entrepreneurs around the world. A recent report shows how digital payments can benefit entrepreneurs.

"The benefits of digital payment are varied, whether for a small fruit retailer or for a large-scale plant manager," he said, "When an entrepreneur can easily track his daily sales through digital payment, that person can manage his stocks and profit margins better. E-commerce through digital payment will also broaden the base of business with the entrepreneurs, and increase awareness of them, allowing the recovery of their activities beyond just covering the cost.

For business leaders, digital applications, such as electronic filing of files and e-payment of license fees, can reduce the high cost of tax compliance in developing countries. This could also encourage the formalization of enterprises and the expansion of the tax base of governments. Moreover, the electronic filing of wages in staff accounts assured all entrepreneurs of the accuracy and security of their workers' salaries, benefiting both staff and employers.

Not only does electronic payment benefit individuals, but society as a whole, by including more individuals in the formal financial system by owning bank accounts. Globally, there are still more than 2 billion non-bankers, about a quarter of whom are self-employed adults in developing countries. E-payment systems give business owners a strong incentive to conduct formal financial transactions, thereby increasing financial transparency and reducing corruption, which is manifested in bribery and other illicit activities.

In addition, e-payments also offer opportunities for workers to integrate into the automatic deposit system, regular text messages to remind savings, and automatic positive options that also help them save. Studies show that these "catalysts" have a positive impact on financial and non-financial behaviors.

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