Digital money vs traditional Banking System!
Now people think that it is more convenient to transact money online than to carry money. This issues are encouraging people to widely accept digital money. In this consequences traditional Banking System are moving digitalized system.
What is digital money?
Digital money is the way to transact money without touching it through electronic process. This money is transacted through electronic devices such as computers, credit or debit cards, smartphones, etc., so there is talk of transacting electronically. Simply put, digital money is what is used for online payments. Anyone can make money transactions by connecting to the internet on a smartphone or a laptop / desktop. Almost all the banks are now offering their customers the facility of transferring funds, ordering check books, paying bills, making account inquiries through internet and mobile banking. Even credit card and debit card bills can be paid in this way. Undoubtedly it is one of the fastest and most convenient means of exchanging money. There is no hassle of pulling the bank papers and a lot of time is saved.
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There are currently some digital wallets where you can store some money. You can give this money to anyone through electronic payment. This method of digital cash is gaining popularity day by day. People nowadays are doing mobile recharge, electricity bill payment, online shopping through this digital cash.
However, in order to pay in this way, your digital wallet has to be filled in advance. You need to transfer money from your savings bank to this wallet through online banking. Paying in this way is a lot like paying with debit card and credit card. Many small businesses have become involved with this digital wallet.
Hello @team007
I hope that there will be more collective education in this aspect, which could make this trend even more impactful in society. In particular, if it were up to me, I would do everything digitally, since a long time ago
Digital money is undoubtedly much better and safer, at least in countries like Venezuela it is very risky to carry money with you since thefts are the daily bread, I always keep my money in the accounts and only charge it in physical I use to pay for public transport, everything else I pay with digital money.
Hello friend, it is a reality that the digital era has allowed us to advance in certain things, I believe that it is a good advance, the benefits are many, besides eliminating the long lines to be able to obtain your money. It should be implemented everywhere.
@franyeligonzalez Thanks friends for your valuable opinion, My opinion also similar with you.
Where I'm from, digital money has no value... People can use it, but they can't keep it in wallets as the balance slowly drops to zero. The fees to handle digital money are going up constantly.
A lot of shops here still use cash even though banks charge extra to deposit cash back to bank accounts.
Instead of robbing banks, criminals use small fraudulent credit card charges because police has a threshold before they can investigate international crimes crossing borders. Banks can't do anything about the fraudulent charges as their payment processor doesn't enforce requiring use of card verification codes.