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Various sectors increasingly embrace digital transformation
(MENAFN) As various sectors increasingly embrace digital transformation, the reliance on the Internet has led to significant growth in financial technology (fintech) and its associated economic, social, and banking advantages. Experts agree that this evolution is becoming a cornerstone for the future of both the banking industry and the broader digital economy.
The synergy between technological advancement and the local banking sector has become more pronounced as technology is integrated at multiple stages. This integration includes automation, digitization, and a comprehensive digital transformation of financial services. Key offerings have emerged, such as electronic bill payment services like "eFAWATEERcom," digital wallets such as the "GoMoPay System," and payment platforms like "Click." In addition, various trade-related systems, including contactless payment cards and e-commerce platforms, have proliferated.
In Jordan, the adoption of these digital systems has surged, with a substantial portion of the population—over 10 million Internet users—utilizing these services in recent years. Experts predict that the usage of digital payment systems will continue to expand significantly in the coming years.
A critical factor in this transformation is the role of the Central Bank of Jordan, which has actively promoted digital payment solutions. The benefits of these systems to the economy are manifold. One of the most significant advantages is the enhancement of financial inclusion, which allows underserved groups such as youth, women, and residents of remote areas to access financial services.
Moreover, digital payment systems help improve liquidity levels within the economy and accelerate cash circulation—a vital component for economic vitality. By streamlining transactions and facilitating everyday financial activities, these systems simplify lives for citizens and open up new avenues for e-commerce and economic growth.
Overall, as digital payment solutions become more integrated into the financial landscape, their positive impacts on society and the economy are expected to grow, leading to a more inclusive and dynamic economic environment.
The synergy between technological advancement and the local banking sector has become more pronounced as technology is integrated at multiple stages. This integration includes automation, digitization, and a comprehensive digital transformation of financial services. Key offerings have emerged, such as electronic bill payment services like "eFAWATEERcom," digital wallets such as the "GoMoPay System," and payment platforms like "Click." In addition, various trade-related systems, including contactless payment cards and e-commerce platforms, have proliferated.
In Jordan, the adoption of these digital systems has surged, with a substantial portion of the population—over 10 million Internet users—utilizing these services in recent years. Experts predict that the usage of digital payment systems will continue to expand significantly in the coming years.
A critical factor in this transformation is the role of the Central Bank of Jordan, which has actively promoted digital payment solutions. The benefits of these systems to the economy are manifold. One of the most significant advantages is the enhancement of financial inclusion, which allows underserved groups such as youth, women, and residents of remote areas to access financial services.
Moreover, digital payment systems help improve liquidity levels within the economy and accelerate cash circulation—a vital component for economic vitality. By streamlining transactions and facilitating everyday financial activities, these systems simplify lives for citizens and open up new avenues for e-commerce and economic growth.
Overall, as digital payment solutions become more integrated into the financial landscape, their positive impacts on society and the economy are expected to grow, leading to a more inclusive and dynamic economic environment.
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