The internet is changing just about every aspect of life, but its impact on money is a big one. From eCommerce to savings accounts and investments, the internet has changed money in just about every way imaginable. Whether you’re well-acquainted with digital banking or are still holding onto cheques, this blog will reveal some of the ways that being connected to Wi-Fi has changed the financial world forever.
It doesn’t matter if you’re transferring money by wire or trying to check your bank balance, the internet has made it easy to do both of these instantly. While there are certain matters you need to visit your local branch for, most banking can now be done online. This helps people to have a better awareness of their financial situation, giving them more control over the money they save and spend on a day-to-day basis. What’s more, it’s much easier to spot transactions that are out of place because, instead of waiting for a paper statement, you can open an app to review everything you’ve spent in the past few months.
All money is becoming increasingly digital, but cryptocurrency takes this to a whole new level. While this is an area that most people are still unfamiliar navigating, there are many investors who believe in the future of cryptocurrency. El Salvador has recently become the very first country to recognise Bitcoin as legal tender, showing that even if cryptocurrency isn’t around forever, it’s sure to have a big and lasting impact on the financial world.
While financial scams have always been around, online banking has seen an increase in people losing their money to criminals. With scammers becoming more and more inventive, people have become victims of theft by clicking on links and transferring money to other accounts, believing that their own has been compromised. Online banking is incredibly secure and banks do everything in their power to keep hackers out of their systems, but human emotion and fear leaves people vulnerable.
Pay later schemes
The rise of eCommerce has brought with it a whole host of schemes that allow customers to receive their purchases and pay for them later. It’s true that this gives many people more freedom and flexibility with their purchases, but could it be leading others into debt?
The internet has brought lots of innovations to the financial world, but it’s key to educate people on how to navigate these changes safely and effectively. At one point it was just elderly people who were confused by online banking, but now many young people don’t understand the implications of racking up debt with pay later schemes?.
Has the internet changed money in a positive way?
Despite its pitfalls, the digital revolution has made it much easier to buy, sell and transfer money online. This has made saving and investing much more accessible to a wide range of people and makes trading with other countries easier than ever.