According to the research, 12 per cent of consumers are reportedly relying solely on digital payments in Lagos. However, reduced time spent on banking activities is hardly the only benefit to consumers who rely more on digital payments. As cities increase their use of digital payments, the positive impacts extend beyond financial benefits to consumers, businesses, and government. The shift to digital payments also may have a catalytic effect on the city’s overall economic performance, including Gross Domestic Product, employment, wage, and productivity growth. Government must adopt a technology and innovation strategy and make secure digital payments an integral component of it.

Source: The Guardian January 09, 2018 01:41 UTC