Currency is the lifeline of every country. It comes with various forms and utility. Let us take a look at the future of currency. The journey of paper currency started with the Chinese introducing Paper Bills. The first paper money in modern days was issued in 1661 by the Swedish. Since then it has become the primary medium of the financial transaction all around the world. With advancing time paper currency lost its luster and many disadvantages associated with it are being recognized recently.
To replace paper currency, the Digital currency has been developed by most of the nations. Singapore, the Asian Jewel, does not lag behind in the race of incorporating safe and secure digital currency in its financial market. Truth be told, paper currency poses many challenges and comes with a plethora of disadvantages. Some of them are
- Limited acceptability.
- Occasional fluctuations in the rate.
- Lack of durability.
- Inflation in case of over issue.
- Corruption through illegal transaction and hoarding.
So countries like Singapore are in lookout for new options in replacing paper currency.
How Technology will replace Paper Currency
Technology and its applications have achieved such a feat that it holds a great rein on our life. In the finance and banking sector also, technology has made its dent and on the way to completely replace traditional banking activities.
Singapore had always been ahead of time and other countries with respect to finance and technology. With the Singapore Consensus 2018, the country is on the way of becoming the harbinger of a robust financial market running upon various Crypto currencies in Asia. Digital currency. The advantages Digital currency enjoy are
- No inflation
- Legally clean transactions
- Easy to use
- Faster payments
- Less scope of corruption
- Seamless International transaction
- No burden of carrying
Due to these advantages, Digital currency has gained its popularity. Although having many other options, the cheaper form of Digital currency can be utilized through Credit cards that are just a plastic replacement of paper money working wonderfully in making transactions; both national and international. Credit cards have managed to transform the financial scenario of the country.
Credit cards are actually on-the-go plastic money that you promise the bank to repay later. The advantages of using Credit cards are many
- Built-in security
- Instant digital receipt and notifications
- No charge for transaction
- Compatible with POS machines
- Convenient in making other online payments.
Some popular choices in Singapore are DBS card, POSB card, OCBC card, Maybank card, and CIMB credit card. The best thing about Credit card is that you can always apply for a Credit card online. With just a few clicks away, it is the most convenient form of Digital currency in Singapore. Most of the citizens own at least 1-2 credit cards. It just takes 5 to 7 days to get the card. Every time you repay the loan, it will increase your Credit Score. The more your Credit Score is, the more you will avail loan. So it has become a hot deal in the country. The whole of Asia is looking forward to Singapore and its sojourn into Digital currency.