Studying the future of traditional payment methods in light of the presence of modern methods

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Studying the future of traditional payment methods in light of the presence of modern methods
Studying the future of traditional payment methods in light of the presence of modern methods
Written by: Saleh Elias
Study summary
The study of the future of traditional payment methods shows that the payment system and methods of any economy are an indicator of the extent of its progress and work, which has made banks in various countries of the world realize that developing and modernizing payment methods is a priority, and this is because traditional payment methods are no longer effective in an era that requires speed. In processing transactions and transactions.
The study of the future of traditional payment methods adds that technological development has allowed the creation of electronic payment methods that are inexpensive and devoid of material, but on the other hand, the coordinated operation of newly established electronic payment methods requires legal regulation and a high degree of security, and Algeria is also fully aware of this necessity.
A study of the future of traditional means of payment confirms that the emergence of banks has contributed to organizing and developing the economies of countries around the world. This is mainly due to the fact that money is the primary means around which the work of banks is centered. Money itself is considered the first means of payment used to facilitate financial and commercial exchanges and transactions.
The study of the future of traditional payment methods indicates that with the passage of time, banks invented payment methods that depend primarily on money and secondarily on paper. Thus, the promissory note appeared, which is considered an essential element in trade, the promissory note, and checks, which are considered the most important of these methods due to the large use of them. However, economic development and the pace The speed on which commercial transactions depend has revealed the defects and shortcomings of these methods, perhaps the most prominent of which are the high costs of processing them and the slowness of their turnover. Thus, these traditional methods have become a heavy burden on banks, due to their reliance to a large degree on paper and human use and their consuming time, and in many cases cause... On the other hand, the rapid development of the world of electronics led to the emergence of the Internet as a means of transferring information and communication, which was able, in record conditions, to achieve what other traditional means of communication could not, not only in view of effectiveness, but also in consideration of several aspects, including: Speed and cost elements.
The study of the future of traditional payment methods adds that banks were the first to exploit these developments in order to modernize the payment system that was in dire need of that. This process resulted in the creation of new payment methods, namely electronic payment methods that represent the electronic image of traditional payment methods and the basic difference between them. It is that in these new means, all operations are carried out electronically, and there are no coins, paper money, or transfers. So the banks proposed to their customers a method of payment by cards and introduced automated means and devices that allow for shortening time and cost. This was completed by the emergence of electronic commerce that relies on the Internet, which led to To the inevitability of creating other electronic payment methods devoid of a material nature that are compatible with this type of trade.
The Doc Suite system is known as one of the most important tools that contribute to facilitating the transition from traditional payment to electronic payment. It has many importance:
1. Electronic signature: The Doc Suite system allows individuals and companies to sign official documents electronically, reducing the need for printed papers and manual signature. This saves time and effort and increases efficiency.
2. Security: DocSuite provides advanced security means to protect electronic documents and signatures from hacking and forgery, and this makes them reliable for financial operations.
3. Track and monitor: DocSuite users can track and monitor signatures and transactions directly, allowing for greater transparency and visibility into payment processes.
4. Environmental transition: Reducing the use of paper in payment processes contributes to preserving the environment and reducing waste.
5. Compatibility: The Doc Suite system is compatible with many laws and legislation related to electronic signature, which makes it suitable for institutions and companies.
In short, the Doc Suite system helps achieve electronic payment operations in a safe, fast, and efficient manner, and contributes to improving operations and eliminating paper burdens, which enhances the shift from traditional payment to electronic payment.
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