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The future of payments is electronic 

If you’re still using cash to pay for everything, you’re living in the past! Electronic payments are the future and in this article we tell you why. 

google and paypal integrations
Image: CoinDesk

It is estimated that almost half of the world’s population is online. That means that over 4 billion people now have access to an unprecedented wealth of information and entertainment. We can also buy and sell almost anything you can think of thanks to ecommerce and electronic payments.

Electronic payments, in fact, have been a game-changer for individuals and business enterprises alike and have directly influenced the amount of time we now spend online. Electronic payments are not only here to stay but they are the future for almost any financial transaction you can think of.

The age of electronic payments began with the credit card. It could be said that the credit card was a little ahead of its time. It took many years for people to truly trust and embrace this form of payment because although the idea was revolutionary, the technology was not available to back it up. Once banks and retail outlets had the tech to communicate directly via a credit card machine, however, there was no looking back.

Nowadays, with the boom of online banking, e-wallets, and mobile payments, credit cards are beginning to feel old-school. The heralding of a new ‘the cashless society’ is largely due to the fact there are now so many new and convenient ways to make purchases – both online and in person.

A Question of Safety

Let’s face it, no one wants to walk around with a huge wad of cash in their pockets anymore – it’s not safe and safety is one of the driving forces of this wave of change. If someone steals your wallet and it’s full of cash, or even if you accidentally drop your wallet or leave it on the bus, you can be almost certain of one thing; you’re not getting that money back.

However, if the only thing in your wallet is a credit card, then a quick call to the bank will ensure that the card is canceled, and your money will remain safe and sound in the bank. But credit cards are not the best option for online purchases; details can be stolen and money can be drained from an account in the blink of an eye – hence the invention of the e-wallet.

The e-wallet acts as a middle man between your credit card and your bank. Using an e-wallet like PayPal or Skrill means that you don’t have to input your credit card details every time you wish to make a purchase or effect a payment. Mobile payment options allow you to transfer funds via your mobile phone bill. All you need to do is input a phone number or email address and voilà, payment made.

If some unscrupulous character were to discover your PayPal password or steal your phone, they would only have access to limited funds rather than the entire contents of your bank account – and a prepaid card, like Paysafecard, works in the same way.

The World at Your Fingertips

Advances in online security have made it safer than ever before to use the internet for almost all our daily needs. By using an electronic payment method, we can order and pay for all our groceries online and have them delivered to our homes. We can play online games and make safe and secure deposits in order to play new slots Canada and hopefully win a jackpot or two – and then we can safely withdraw that money and have it sent back to our e-wallets. We can pay our bills, order takeaway, book theatre tickets and do all our Christmas shopping from our mobile phones.

It simply doesn’t make sense to ignore all the payment methods available to us online. Electronic payments save us time and money (think more time on the sofa and less money on travel). And all those filthy banknotes may soon be relics of a bygone era.

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