We are no longer dependent on a piece of paper or minted metal to make payment transactions. There is a great decrease in many areas of the world of the use of a physical object to make an exchange for services or goods. There are clear signs that cash is on its way out though there will still be places in the world that shall still use banknotes and coins, there is going to be more who will use mobile payment methods.
No need to be near
Cash might always be in use, however, it does not bring about an economic boost as this payment method notably makes completing transactions much slower, not to mention the need for one to be physically near. Online payments and mobile payment apps provide a solution for social distancing as there is no longer any need to come near to hand over or to receive cash.
Speedy transactions
Online payments makes it easy to send funds internationally. The funds can reflect in the account of the recipient in a matter of minutes. When you make an online payment, it travels to the recipient with the speed of lighting. The speed of making such transactions brings about the boost to the global economy. There is no longer the wait of having the funds cleared after a few days when using the banking network. There is no longer the need to wait to meet with the person for the payment to be made. It also eliminates the need of having to travel to a place to meet with someone.
Counting cash
There is also no more requirement for the cash to be counted when one makes an electronic payment. With online payment, the digital money is accounted for, down to the last cent. All transaction records are kept without the use of paper. Digital payments aid in saving paper as there is no need for those printed receipts. It is the eco-friendly choice as aside from receipts, those bulky ledgers, sales invoices, and other documents that are typically filed for use for accounting purposes are now stored online.
Every cent adds up
If you take the time to think about it, those coins that are put aside as these are too heavy to carry can add up to a substantial amount. Those crumpled up bills that are left inside a purse or a picket also do add up. There are some people who hide their money for years, and then when it is found, they sadly realize that these are demonetized. With digital money, that won’t happen.
Make those pennies count
When you are counting pennies, the easiest way to do so is by using digital money. For example, if you go out the whole day and spend cash, you need to have a running total of what is left of your cash as you go about spending. If you were making mobile payments for commuting and buying food, you will see the total amount that you have left in your digital wallets. Making those pennies count goes a long way, when you get to manage your finances by using mobile payment methods.