Physical money has been around for thousands of years, and has been used in almost every culture since the beginning of time. But it seems that within the last 10 years, digital and online credit has been expanding their reach. Credit, debit and online transactions is becoming so popular, that it is making cash seem outdated. Today, people can pay with simply their phone, without needing a debit, credit or cash to hand to cashiers. Apps like PayPal, Google Pay and Apple Pay has made transactions as easy as a touch of a button. However, as impressive and convenient this technology is, are we no longer in need to hold cash all the time? Is this form of currency better? Is using online payments and credit cards more efficient, or is it more dangerous? Here are some points supporting and discrediting
The Positive About Using Digital Payment
Credit and online payment methods is better in many opinions for several reasons. One is because of these kind transactions are not tangible. You don’t have to count it to make sure it is enough and the cashier also doesn’t need to check to see if it is real. Another reason why online and credit payment is better than paper money is because it is money that is completely yours. When people have cash and they lose it, it is very hard for them to claim it since all money looks the same and it most likely will not have your name on it. Whereas if you lose your credit card or debit card, the money is yours and all you have to do is replace your lost card. And now there are many stores that allow you to pay with mobile apps like Google pay Apple Pay,and Venmo Card Balance without needing a card. All you need to do is simply use your phone and have enough money online to pay for the purchase.
Using Online Credit Is Transferable And Mostly Safe
Before online and credit cards existed, people that wanted to give their friends and family money was not as easy to do as today. They usually had to drive to their local bank first and then meet them to give them the cash. Or, they had to go to the bank, put the money in the mail and ship it off to them. Today, none of this is necessary, and people can pay and receive money within minutes from anywhere in the world. We have multiple access to Venmo card balance online transfers, PayPal balance transfers online and even send money from our banks to other people with the same thing as us. People’s biggest worry when using online transactions is security. Fortunately, many online financial apps have top quality card protection plan embedded in their company already. It is actually there responsibility to protect you, and they spend millions of dollars to secure people from fraudulent activities every day.
The Dangers Of Using Digital Money
Although online and credit money can be fun and easy to use, there are also some risky factors attached to it. The main problem with digital transactions is that its extremely easy to use and easy to lose. Many people have noticed that when they use credit and online money, they spend a lot more than what they expected them to pay. Many people just swipe, swipe and swipe their card all day long and by the time they know it, they’ve drained nearly half their account, going over their budget limit for the day. Whether it’s a Prepaid card, PayPal card or regular bank card, it can make purchasing too extravagant, and it’s very easy to get into a habit of it. If this sounds like you ( which most of us do it often) and you’ve noticed that use your credit and debit card excessively.
In conclusion, the transition will be gradual. If you don’t feel comfortable completely making the switch, begin slowly. The world is moving in that direction, and even though the system is not perfect. Improvements are being made to improve people’s trasaction experience.