UNCTAD or the United Nations Conference on Trade and Development stated that we will handle our payment process with our phones instead of many of our credit -cards in the near future.
Although it is possible to grow economical-ly, the benefits of a local consumption boom, a housing boom or export have been inculcated in a disproportionate minority. At the same -time, too many borrowers and very few demanding ties at the global level prevented the world -economy from expanding continuously.
Tension measures adopted after the global financial crisis, which happened about a decade ago, have corrected this situation. These measures caused the world's poorest communities to become the most violent and even more polarized, causing people to worry about what they can do in the future.
In a report by the United Nations agency on international trade and development, online, mobile and digital money payment systems have been set to pay off credit and debit -cards as the most popular form of payment in e-commerce worldwide by 2019.
The United Nations Conference on Trade and Development (UNCTAD) estimates that the share of credit and debit cards in global payments will fall to 46 percent three years ago from 51 percent by 2019. "Knowledge Economy Report 2017: Digitization, Trade and Development".
The US-based PayPal service as well as Tenpay, led by Alibaba's al-Fayed alipay aliased alleged e-wallet systems and Alibaba rival Tencent, spread rapidly with the explosion of e-commerce.
According to Analysys International, an Internet research company in China, the size of the mobile payment market in China alone reached 23 trillion yuan (US $ 3.5 trillion) at the end of the second quarter, up 22.5 percent from the previous quarter.
Alipay may soon pay for dinner at a KFC fast-food restaurant in China by using face recognition technology, while Alipay signs Starbucks coffee-line to allow e-payment at 2,800 Starbucks locations in China.
The UNCTAD report said credit and debit cards were dominant in digital payments in developing regions and that it was followed by e-wallet. However, new online and mobile payment methods are in place in some emerging countries where credit cards are rarely the most important form of payment.
Stated that the preferred payment method for consumer electron trading in China is Alipay, which is used by 68 percent of all online shoppers in the country, while accessing financial services in Kenya, mobile phone or a mobile phone. E-commerce is more common than credit cards, but cash continues to be the main method of delivery.
UNCTAD said e-purses were "particularly popular" as a method of payment during cross-border purchases.
Other surveys have paid attention to the rise of e-payment systems.
In 2016, International Post Corporation, a group of 24 national postal services, said that 41 percent of e-commerce buyers in 26 countries use e-purses, 33 percent use credit cards, and 18 percent use debit cards or banking.
UNCTAD noted that when looking into the future, payment systems based on distributed book technology such as block chains are likely to be more widely used.
"This technology can secure online payments and is cheaper than intermediate payment platforms if they are partners," Raporda said.
"A small number of internet users are gradually adopting this payment method now, because they are increasing security, speeding up negotiations, minimizing the size of the minimum feasible process, and putting digitized versions of traditional contracts (so-called smart contracts) into force."
The report adds to the report that block chain technology makes it possible to perform smaller cross-border transactions, including remittances, that are not made due to high fixed costs or lack of trust between parties.
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mobile payment is very easy.
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