With the advent of advanced technology came the growth of the Internet, and so everything has moved operations towards an online atmosphere, including the way we’ve settled our payments. What was once a market dominated with the use of physical cash is no more, and instead has been replaced with the predominant use of electronic payments, since they are a much faster and more secure way of conducting transactions. While seeming as a novelty at first, electronic payments are now a crucial part of the modern commercial scene and the world would never be quite the same as before without them. Let us look back into this amazing creation, and list down the main changes that electronic payments have brought to the world.
For When Buying Things
While there are still good reasons to buy things in local malls and other physical stores, there is no doubt that ecommerce websites such as Amazon and eBay have boomed in popularity over the past few years. Filled to the brim with everything you would ever need – from car parts and electronic devices to toys – these web stores allow you to check for products all in one place. And with the rise in usage of electronic payment. Instead of using your physical plastic card to make purchases, a digital wallet or a peer-to-peer payment service allows you to pay in online stores or physical ones. Using popular apps such as Google Pay, PayPal and Paxum, customers find that the transaction process is very simple and convenient. And although shipping may take some time, not having to walk around from store to store, only to be disappointed from the selection, makes online shopping much more worth it.
For When Paying the Bills
In the heydays before the Internet became mainstream, you would have to go to the bank or the respective facilities in order to pay for your bills and other amenities. Not only do you have to set aside time in order to go there, but you also unfortunately have to wait in line for what can take up to hours in order to pay. That’s not even mentioning having to withdraw the cash needed for the transaction. But nowadays you can simply be notified of your bills through emails or text messages and pay them through a variety of electronic payment options, all for a minimal fee. It’s very convenient and has saved people their time.
For When Transferring Money
Back then, one of your only options to send money – either domestically or internationally – was to go through the bank. But with the exorbitant fees and long transfer times associated with bank transfers, bank transfers don’t seem all too feasible nowadays. Nowadays you have other options, such as money remittance services or other online payment options, all of which provide faster transfer speeds with lower associated fees.
Electronic payments have changed the way we settle payments around the world and we are all better for it. The way we’ve lived our lives has become much faster and more convenient as a result. It’s hard nowadays to imagine what it was like without electronic payments.