Five Ways Technology Is Playing a Role in the Way We Use Money
Ever since Paypal, there’s been some type of financial revolution going on almost every year. And that’s great, because what once was expensive to manage, now we can keep track of our finances easier than ever.
It doesn’t matter if you have just a couple of paychecks saved up, or you’re managing millions, it is more than likely that you are impacted by the technological advancements in the sector.
But while fintech companies are working full steam, we’d decided to take a look at how our lives have changed because of those advancements. So, let’s go over five ways fintech companies have impacted us for the better.
It’s Easier Than Ever To Invest Now
What twenty years ago was only for highly skilled professionals, now anyone with access to the internet can do. Investing in either cryptocurrency, stocks or even bonds is easier than ever.
With apps allowing us to quickly buy, sell, and trade it’s just all a few screen taps away. Not only that but those same programs have currency and even bitcoin converter tools that can speed up your workflow a lot.
You Can Transfer Money Faster Than Ever!
Most young people don’t even know what a check is. Let alone going to the bank to cash it and receive their money in cash.
Truth is, apps have made transferring money fast, cheap, and convenient, with some fintech companies disrupting the industry and allowing quick transfers throughout the world free of charge.
Not to speak that now even our phone numbers allow for money transfer, with apps working like messaging apps.
Money Is Cheaper To Handle
Years ago you had to be pretty smart with the accounts you invest your money into. You always want to make money from interest, not pay the bank for storing them.
And while this is still mostly true, it’s cheaper than ever for you ta handle your money smartly. Whether you decide to invest your money into bonds, crypto, or stocks, it’s up to you.
Truth is, you can lose money that way, but you can also make a lot more than you would by simply leaving money in your bank account sitting there.
Less Paper Money Used
While holding cash is still pretty satisfying, and even you can spend less when you pay with physical money, people still slowly adopt virtual money and virtual wallets than keeping cash on them.
And understandably why, it’s easier and safer that way. After all you carry fewer things on you. And while we’re on the topic of carrying less…
You Don’t Even Have To Carry Your Debit And Credit Cards On You
Yup! With things like Apple and Google pay you can easily just carry your phone with you and as long as it has NFC you can pay just like you carry your card.
So, with so much flexibility, it’s obvious fintech companies impact our lives daily. From the way we use money, to making banking cheaper and more accessible to the whole world, it’s only going to get better from now on.