Paradigm Shift in the Payment System
Publication Date : 07/11/2017
Consequent to demonetization, there seems to a shift in the way Indians are paying for their their commercial transaction. The earliest system was through a barter system. When the concept of money was propounded, it became the means of settlement using pebbles first, and latter precious metals like gold and silver as coins. Latter, it evolved into paper money, called currency, which was used for settling buying and selling transactions and for transferring money from one person to another. Then, the evolution gave birth to a banking system which changed the course of settlement and transfer of money’s worth from person to person in a safer, quicker and convenient way. Now the banks became fulcrum on which monetary system of a country started balancing and revolving. This led to transfer of money from account to account without the physical transfer of currency. This paper traces such transformation in the field of payment system.
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