Impact of Digital Payment Systems and Blockchain on Economic Growth

Abstract: Blockchain technology's emergence has the potential to significantly transform the global economy. The financial industry is currently showing a lot of interest in blockchain, a new technology. Small economies are setting the bar for how to use this digital asset and technology. More emphasis is being paid to the potential of blockchain technology to address enduring problems with economic development. Supporters of blockchain assert that it will boost opportunities for exchange and collaboration by reducing the need for intermediaries and the resistance they cause. This research is aimed to evaluate the impact of blockchain on economic growth that has a potential to the technological era. In order to evaluate this concept empirically, a quantitative analysis has done to assess the research construct. Data collected from public and domestic banks from Sharjah UAE. 209 participants screened responses included for analysis using SmartPLS 4. A composite reliability, validity, correlation and hypothesis testing performed by calculating PLS-SEM algorithm. Findings revealed as significant of each variable that represents a positive impact of digital payment on economic growth. The findings may contribute to major researcher in intended to explore financial sector such as banks, the academic individuals and scholars.