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America is adapting to Digitized Money, Are they prepared?

We are in the fast moving generation and we can use everything by using the technologies because we are surrounded by the technologies. The technology has taken over us and there are so many new technologies are in the century and that is impossible to list out all of them. It would be hard to live, is there did not exist any kind of technology in the world. Eventually, everything is changing into digitizing and everything is available in online. Therefore people think buying the things in online is easy and cost effective.

Now a day we are using the debit card and credit card for a transaction in our daily life. The debit and credit cards are the regular one and user, especially young user needs to know about these tools, the authority and rules that go along with them.  Using of credit card and debit card is fine, but having some cash in hand is better in any case of an emergency. The technology changes the people into go cashless, but still people are not going with that technology. People are comfortable to use cash for their daily purpose.

Digital money transactions

Digital money transactions

Digital money is nothing but the bank provides the account holder with a debit card and credit card for their purpose. The credit card allows as borrowing the money from the bank and later the money will be collected from us at the end of the month. The debit card draws money from our own account. This card works very easy as we just swipe the card for the transaction.

E- Banking

E-Banking is also called as Internet banking and it allows the user to execute the fiscal transaction through an internet. Now a day online banking plays a vital role in the transaction for booking tickets, shopping online and paying bills. This is the fast and easy way of transaction. The bank designed the system complete with security. On the same time, online banking depends on an internet connection.

People do not need any privacy break in their account. This is the main reasons we are going with online banking or cash. Although internet banking is improving, but at the same time, such account is still unsafe because of hacking. Alternately the bank provides security and there is no third person would know that.

People prefer cash than E-banking

In village side and rural areas, there are no alternatives and the people do know about the internet banking so they prefer cash than the cashless payment. According to the survey only twenty percent of people using the internet banking and online transaction. Some people not happier with an online transaction and they prefer to pay cash for their payment. This kind of transaction will help the economy to grow, but we only need to invest the huge money. Today’s generation everyone is trying to save their money for their future. Now we have no proof of online payment, so most of the people go for cash payment. And one of the main reason is cash is available at any time and there is no need to wait for the transaction.

Cashless society

A cashless society is generally called as a corruption free society. There are a lot of advantages for being cashless because it increases the transparency in the system and it helps to improve the economic status. Using of cash means, there are many transactions goes unrecorded and no income is actually earned from that. But on the online payment its record the income tax and it helps to improve the country.

Convenience is one of the main advantages of online payment. Blocking of our credit card and debit card is not a matter. If we missed our cards or someone stole our card means we just block our card and our money goes safely. But in the case of cash, we have no other option. This is the easy way to pay money. Here we have the four- way connection, so we will able to know about our payments and it’s a simple mode to pay the amount.

Is the world ready for the advancement of the technology?

The world is fast moving and everyone wants the thing to be done is a faster mode. It is hard to think of a future where there was not the technology or gadgets. There are people who are not happy with the fact of having the transactions of money made in digital forms. People prefer to make the money transactions in the form of cash. They feel that the transactions which are made online do not hold a strong security to it.

Transactions which are made online do have the authentication process to it. But still, can we be sure of the fact that they are safe and secure in the digital mode? This is the question which millions of Americans want to be answered by the finance industries and the banks as well. Technology is fast moving and advancing rapidly, are Americans ready for the new age of cashless economy?

At the initial stages of Cashless Economy

America is in the initial stages of becoming a Cashless Economy country. The minor parts of the communities have started to adapt to the changes of going cashless. They are glad about the fact that they are able to make the payments with the help of plastic cards and internet banking. The neighboring countries of US have already changed to the mode of the population adapt to the cashless economies.

Sweden and Norway are the countries which are presently living in the future of the technological improvement. China has made efforts to make the citizens of its country start using the mobile apps with which we can make money transactions. Digitizations of the transactions have been effective and efficient, as all the information regarding it can be fetched with the help of the network administrations.

If a trader wants to make transactions, they have to be well acquainted with the technology. They need to know, how to use the devices, the internet, and apps on the smart devices. If they are not aware of how to use it, then it would be a difficult task for them to accomplish. So, it is the right time for the people to start adapting to the changes and make a tremendous progress out of it.

In conclusion

By using the plastic money they give the cash back offers and discounts for us. Similarly, saving on train tickets, pay tolls and purchase in online can help to save our amount. The main advantage is tracking speed if all of our transactions are in the record; it is easy to track the people and their spending amount and this will improve the cash flow statically. Online payments indirectly reduce the manufacture of money and its transportations. To make incentivize economy their move for a cashless society. On another face having money in our hand will be use in the case of emergency. Therefore the online payments are the future payment and this will change spend money on a daily basis. And this is the time to move toward a completely cashless economy.

Author Bio

Andrew Shah is a digital marketing manager at Zoplay.com, a leading PHP script development company that offers valuable services to clients. As a professional, he is interested in developing new mobile apps with Zoplay scripts that will benefit both customers and business owners.

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