Over the last few years, and certainly over the past few decades, how we purchase goods, pay for services and order essentials has changed like never before.
This is reflected in how consumers and wider populations can use and even borrow money, with the likes of payday loans online and cryptocurrencies changing the ways we use, borrow and even perceive the money we earn and ultimately spend.
In past times, cash was king, with few other ways in which to perform a transaction. Although some high-value commodities and assets like gold and oil have sustained their positions as ‘safer’ investments, cash and how and when it is used has changed considerably.
There have never been more ways in which to pay for things and with which to complete transactions. Where the likes of eBay and Amazon transformed how we order and how we receive what we need when we need it; the likes of cryptocurrencies, digital currencies and even cashless transactions have transformed how we pay for what we want and need.
Speed and Convenience
The speed and convenience with which transactions of almost any nature can be made has irreversibly changed. For example, gone are the days of waiting 5 or more working days for payments to clear. nowadays, when it comes to payments, be they national or international, the speed and ease with which payments can be made is faster than ever.
For example, a payment, transaction or money transfer from one country to another, even on the other side of the world, can take mere seconds to clear and be deposited in the desired bank account.
Moreover, because most banking in the 21st Century is online and has at least some digital presence, both senders and recipients of any financial transaction can easily and efficiently track and manage all payments from almost anywhere in the world.
There remain some clear benefits to using cash in some circumstances. For example, in countries where there are high levels of digital fraud or where you may not be able to acquire a secure and encrypted internet connection, spending in cash may be preferable.
Additionally, there are members in every society who are not totally savvy when it comes to digital banking and the online sphere, for whom cash will always be preferable, such as the elderly and some of the extremely vulnerable within society.
Furthermore, the principle that everyone should be able to spend their money however they want and whichever legal way they wish to spend it rings true, even in the 21st Century.
Digital payments and non-cash payments however, do provide a much more robust and rigorous paper-trail through which authorities can track payments where needed and through which they can detect, deter and disrupt potentially criminal activity. It also allows for global cooperation between authorities to stamp out international law breaking.
Easier and Better to Reclaim
Both in the UK and in the USA, there have been over the years a number o scandals and occurrences which has led to consumers and businesses having to seek compensation and reclaims. In the UK for example, there has been an increase in the numbers of people seeking a diesel emission claim refund as a result of having been mis-sold diesel vehicles by a number of vehicle manufacturers.
There have also been reclaims in the form of those for payday loans compensation as well as the ever-growing injury claim industries in both the UK and the USA.
Digital banking and the ability to pay digitally has allowed more people than ever to receive the compensation and rebates they are entitled to. Whereas in previous years and in previous times receiving what is due and owed would have taken months or years, with digital banking and digital payments, it can now take just weeks or even days.