Gone are the days of cash transfers, and good riddance! And maybe it isn’t totally true that physical money is outdated, but there certainly are lots of benefits to digital financial flow. And, using some of the latest technology and available applications, a lot of your money isn’t even hooked so much to your credit cards, but rather your mobile phone applications!
From a mobile perspective, consider the benefits of using commerce apps, how central the idea of PayPal is these days, why instant transfers are beneficial, and where you should put your trust regarding security and encryption. It is now safer than ever to do almost all of your transactions digitally through your phone.
Mobile Payments for Commerce
If you’re a merchant, creating a mobile payment system for commerce should be one of your top priorities. People don’t have to hand you cash anymore. People don’t have to swipe a credit card at a cash register anymore. Now, once you have a system in place, they can electronically transfer your funds instantly and anywhere, thanks to the availability of mobile technology that merges with financial capabilities.
The PayPal Hub
Everyone should get a PayPal account. Even if you don’t necessarily keep much money in there, it at least gives people a way to pay you digitally if they don’t have cash, or if they don’t use credit cards. PayPal is extremely secure, and there are all sorts of built-in features that mean you can’t get defrauded too severely without protections being in place. Many employers and employees even use the PayPal system because there aren’t a lot of the same hoops that you have to jump through for banks. It is an entirely free system to use on a consumer level, and on a merchant level, there are very reasonable fees for certain types of processing transactions.
Then there is the idea of the instant financial transfer that is becoming more ubiquitous with people today. If someone owes you $10, there’s an app to transfer money from their bank account to yours. This capability is especially helpful for things like tipping or splitting purchases for gifts.
Security and Encryption
Some people are nervous about digital money because of the security and encryption involved. If you have a $20 bill and give it to someone else, that means they now have $20, and you don’t. With digital money, it’s just a lot of numbers moving around, so people feel anxious about what happens if accounting errors occur. There are lots of deep, secure systems in place, especially through banks and major financial providers that ensure that there are receipts for every single transaction. It is harder to lose five dollars digitally than it is to accidentally leave some bills in your pockets while you’re doing laundry and never see them again.