Paying for goods and services has become increasingly easier over the past few year. So easy in fact that we don’t even need to physically have money on us anymore to pay for items or even for paying people back. This brings me to today’s topic: digital money.
What is digital money?
A basic standard definition of digital money would be: Any type of payment that was transacted via an electronic manner. In essence it is the act of paying for something by exchanging currency with someone or a business where physical cash is not actually exchanged between the two or more parties because it is done through the internet.
How might I use digital money?
I’m sure by now you probably have already done a digital transaction but I will give you some basic examples of the types of digital money I use and I’m sure you do too.
- Online banking
- Mobile banking
Those are the basis ways in which digital money is used by most of us. We tend to log onto our banks website to check our balances, transfer money and pay some bills. This type of digital money is becoming more popular was technology is playing a bigger and bigger role in our daily lives.
Ways in which digital money has helped our life
As I mentioned above, one of the biggest things is online/mobile banking. The power to always check to see how much money we have right there on the spot without having to walk into a physical branch. It has helped new business’s form and become successful. Without digital money online shopping would not be as efficient and smooth as it is now. Imagine if you wanted to buy something online and you had to go get a money order or write a check and then send it in the mail before your package would even start to get prepared for shipping. There is the risk of your money being stolen in the process too. This could just be another massive headache.
With digital money comes people trying to get access to your accounts. Make sure you make your password hard to crack when signing up for online banking and other websites that deal directly with important financial data.
Be weary of random emails from people asking for sensitive information, they might not always be who they say that are. You can check out two other articles I wrote about two types of ways people try and steal your data: Spoofing and Smishing. They may have silly names but that are important things to know.
In the end
As things become easier for us, there are always ways they can hurt us. Especially with technology and sensitive data. Digital money has made things easier for consumers and business’s and will most likely continue to do so. I know I use digital money on the regular. I hardly ever have to go to the bank to handle any kind of transactions. This leaves me with more time to spend doing things I want to do or run other errands.
Use digital money to help you save time, but always be cautious when doing so.
Have you had any horror or pleasant stories with digital money? Do you have other thoughts on this subject? Sound off in the comments!