5 Ways Technology Has Altered Money Transfer Practices

It is evident that money truly does make the world go around, and the way in which we move money around has been altered greatly in recent years.  The U.S. Government no longer issues little colorful papers for food vouchers.  They issue debit cards that are digitally loaded with funds each month and work as ATM cards for some.  

The face of money transfer has changed, and it behooves us all to keep up with the changes.  Take a moment to look over this comprehensive overview of a few ways in which money transfer has changed the way our money moves.  

PayPal Transfers

PayPal swooped in and revolutionized the world of money transfer.  The company provides a platform for friends and family to send and receive money without paying a fee of any type; a completely free transaction.  The irony is somewhat amusing.

PayPal also offers other money transfer options for businesses.  Another interesting element (and we say interesting because it is yet to be seen whether this is an altogether good trait)  of PayPal is that the site keeps meticulous and valuable tax information available to users and who knows who else.  

Bank to Bank Transfers

Bank to bank transfers is super easy with the assistance of technology.  Online banking capabilities have grown exponentially over the past ten years.  The internet did not even exist 30 years ago, and now our very sensitive financial information is scattered all over the various digital platforms.  

Technology is an excellent gift to humanity, but it pays always to remember that there are those who wish to use it for harm.  Invest in some very capable virus and spyware protection whenever engaging in excess financial matters via the internet.

Payment Methods

The ways in which we pay for things have also changed quite a bit due to the enhancement of technology.  Though cash is still very much a part of our daily lives, many people simply do not carry cash.  The term “cash advance” actually refers to some type of intangible credit.  

Microchipped debit cards, digital fobs, and even fingerprints are all acceptable forms of payment in today’s economy.  Soon enough, we will all just look into the register to face a retinal scan that will transfer digital information and pay.  It is a little scary to think about, but interesting as well.  

Digital Magic Money

Sites that work like SwagBucks and BitCoin work in alternative money.  These sites have created their own currency that simply transfers into gift card credit or a lower amount of real cash.  Which begs yet another interesting observation.  

Gift cards are a relatively new method of money transfer.  Though they may seem like they have been around forever, gift cards have only been a “thing” since the 90’s.  The first official “gift card” was from Blockbuster Entertainment.

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