Single Global Currency – A Need of Present Time

With emergence of internet, the traditional mode of commerce started reshaping and encroaching the boundaries of physical interfaces and transactions and different internet based transactions started to take place. These changes opened new doors of opportunities in the field of commerce of products and services. Many new products and services also started finding customers for them which were not marketable in traditional commerce. Very soon e-commerce took clear shape and emerged as a new picture in the gallery of commerce. Now the e-commerce has emerged as a very significant mode in the field of retail commerce and growing with highest rate than any other mode and bulk trading is also very likely to start shifting to e-commerce in the coming future.

The ecommerce has narrowed the transaction time required to be devoted to carry out commerce and has opened a vast global customer base to everybody sitting in any part of the globe. This has also given freedom to both buyer and seller to choose place and time for commerce as it can be done from any place and at any time. This has brought real freedom to commerce to every common person of any part of globe.

By this time, the world has realized the benefits of e-commerce being most time efficient and most cost effective. The opportunities of marketability emerging to many new products and services is adding and enriching the world economy. Such easy opportunity inherent in e-commerce available to products and service to find their customers across the globe beyond the physical boundaries and physical restraints is likely to drive the world economy to a such height in coming future that can not be imagined today.

But, e-commerce is not flowering to its fullest potential due to certain constraints being put by the existing system of different currencies in different countries and the opportunity of global marketability through a single web interface being offered by the e-commerce is not being harnessed to its fullest. Pricing and payment form the basic consideration of commerce. In e-commerce, the price is quoted on the webpage itself. The quoted currency as price, on the webpage, causes a big limitation for global marketability. The price of each item can not be quoted on the webpage in all the currency of the world. As soon as price is quoted in a particular currency the commerce practically restricts to that native currency. The second issue is payment. From buyer side, payment option in native currency form considerable basis to check out the cart. Similarly, from seller side, check out is offered to the buyer on receipt in a particular currency only. This put restriction to the e-commerce.  At present there are only few global payment gateways offering convertible payments and receipts and to a common person, day to day banking services are available in native currency only. These are big issues and limitations being faced by the e-commerce towards global marketability. Further, due to different currencies in different countries, the overseas payments are subjected to certain regulatory provisions in most of the countries which also form certain restraint to the e-commerce.  Thus, now, in the new era of e-commerce, the system of different currencies in different countries are putting limitations and restraints to the growth of e-commerce.

I think that it is demand of present time to review and re-evaluate the present system of different currencies in different countries in the light of e-commerce. From my view, a single global currency is the need of present time.

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