The way that we pay has changed in so many ways since those primitive times. The old ways to include that of using banknotes and coins to pay is no longer the preferred method of payment in a few countries. Cash cannot be used to make online purchases, which is the way that a lot of people in developed countries get to buy what they need and want.
Online payment methods
Even money has become digitized and our economy is reliant on the internet. We get to pay using our mobile devices at a contactless terminal. We use an online payment method to purchase from shopping sites that do not accept cash payments. We subscribe to video sites by using online payment. During these times that the pandemic has affected our movements and the economy, the year 2020 has brought about the stability of digitalized payment methods, making it become more popular than ever before.
The way we pay is included in the key indicators of the never-ending progress that we have as a species. Those primitive payment methods are indicators of a primitive lifestyle. On the same line, using the current methods of payment which are powered by mobile technology indicates that we are updated with the achievements of humankind.
Digital payments created an enormous boost to reach the goal to have secure, fast, convenience and easy payment methods. When money is digitalized, it saves time as a payment transaction can be done online in less than a few minutes. Digitized money also makes banking institutions and other companies no longer need to have those large vaults to store the cash.
Cost of storing and handling cash
Those vaults take up a lot of space and also require security personnel to guard it like when it is transferred using an armored car. To add to that, money needs to be counted and that takes a lot of time. Now, that most of the money is in digital form, it greatly reduces the cost of storing and moving money. If you have a piggy bank and open it, you will note that you may have a lot of money that is stored. One of the advantages of digitized money as the balance reflects the exact amount, down to the last cent.
There have been massive developments in the past few years and we can expect to have more changes in the years to come. As the payment infrastructure becomes established in more places, more people will be inclined to use digitized money. There are still millions of people though who prefer to use cash as the payment ecosystem in their area does not support mobile payments. There are also those who stick to the traditional banking methods and the use of credit cards for their payment transactions. It would be difficult for these people to make the change to mobile payments because they feel comfortable with the payment method that they frequently use.