Tag: Innovation & Invention

The banking industry has been revolutionized by rapid technological advancements over the past decade. Mobile banking has emerged as a key player, significantly improving customer access to financial services globally, particularly in developing nations. Iraq's banking sector has undergone a remarkable transformation, with the Central Bank's push for mobile banking and the introduction of mobile banking apps by individual banks. This evolution highlights the profound impact of technology on economic development and financial inclusion.

Payments are made using payment instruments. Cash, for example, is a payment instrument. So too are cheques. Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. Innovation has been one of the biggest drivers for the growth of India’s digital payments economy. Along with the increasing adoption of smartphones, the availability of affordable mobile internet is doing wonders for the digital payments market in India.