More than a decade ago, it was easy to catch sight of people waiting in queue to withdraw cash from an ATM. Back then, salary payment through banks was still a quite new practice. Most workers found it troublesome to get their pay with a card, since there was more to do before cash went into their wallets. Today, office workers transfer their salaries to an e-wallet, or directly use Internet banking for shopping. Payment of power and water bills, purchase of prepaid scratchcards, or debt servicing, all can be done simply with a single click. And that is just a small part of the new ecosystem created by the digital technology. A natural development stage For long, we have been talking about the digital economy as if it were a separate entity, or a subdivision of the economy in general. However, in reality, the digital economy is a natural development stage, accompanying technological advancements. The birth of the steam engine, and later the diesel engine, completely transformed the small, self-sufficient production model into a large-scale commodity economy. As a result, the whole world has become a huge market and factory. Following the invention of electricity in the United States,… Read full this story
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