Money has been a part of human history for centuries. From the discovery of gold to the invention of paper currency, society’s relationship with money is constantly evolving. It could be said that our relationships with money are more complex than ever before, given the ever-changing landscape of technology and digital banking. The good news? Technology is making it easier for us to save and spend money, so we can get on with living life instead! Let’s take a closer look at how technology changes the way we save and spend money.
Online banking
One of the most significant ways technology has changed our relationship with money is online banking. With a few clicks of the mouse, you can now manage your finances from the comfort of your own home. Gone are the days of waiting in line at the bank or writing out checks by hand. And if you have a smartphone, you can even pay for items without carrying around cash or cards!
Online banking makes it easy to keep track of your expenses, and many banks offer mobile apps that make banking on the go a breeze. You can also use online banking to pay bills, transfer money between accounts, and even invest in stocks and bonds. So if you’re looking for a convenient and efficient way to manage your money, online banking is the way to go.
Digital mobile payment apps
Another example of how technology changes our relationship with money is through mobile banking apps. Mobile cash transfer and mobile credit card payments have been around for now, but mobile wallets are relatively new. This type of mobile app allows you to store your credit cards, debit cards, coupons, and reward cards all in one place. In the past, carrying multiple mobile wallets was a hassle because they often couldn’t communicate with each other or your desktop computer. But mobile wallets from leading mobile payment providers such as PayPal have been designed to work together seamlessly across different platforms.
Shopping online
Online shopping has become increasingly popular in recent years, and for a good reason! It’s fast, convenient, and often more affordable than buying items in stores. Plus, you can shop from the comfort of your own home without having to deal with crowds or long lines. Statistics show that 26% of Singaporeans shop online at least once a week, largely due to convenience and efficiency.
There are thousands of websites to buy everything from clothes and furniture to cosmetics and electronics. And if you’re not sure what you’re looking for, there are plenty of online shopping guides to help you find the best deals and discounts.
Crowdfunding
Crowdfunding is a relatively new phenomenon that has taken the world by storm. It involves pooling money from many people to finance a project or venture. And thanks to the internet, it’s easier than ever to find people who are willing to invest in your idea.
Crowdfunding platforms such as Kickstarter and Indiegogo allow you to post your project online and solicit donations from people all over the world. All you need is a good idea, a well-crafted pitch, and some collateral to back up your claim. If people like your idea, they will donate money to help make it a reality. And if you reach your fundraising goal, you can often get your project off the ground.
P2P payments
Peer-to-peer (P2P) payments are a relatively new form of payment that allows you to send money to someone else without going through a third party. P2P payments are made through mobile apps or websites, and they’re often used to pay back friends or family members.
There are several different P2P payment platforms, but the most popular is undoubtedly PayPal. PayPal allows you to send and receive money from anyone in the world, and it’s one of the most widely accepted forms of payment. Other popular P2P payment platforms include Venmo, Square Cash, and Facebook Messenger.
So why are P2P payments becoming so popular? Well, they’re simple, convenient, and secure. And because you don’t have to deal with bank fees, they tend to be cheaper than other forms of payment.
This has all been possible thanks to the internet! Thanks to the wonders of technology, our relationship with money has changed dramatically in recent years. Digital banking (online banking), mobile wallets, and crowdfunding platforms have made it easier than ever to manage our finances. And with the invention of new payment methods, we can now send and receive money without going through a third party.