How virtual money has changed our lives
There was a time that we all had piggy banks to save coins. Now, we save our money virtually, storing these in e-wallets. We have store reward apps to keep those points to convert for payment or to exchange for redeemable items. We also have e-wallets for storing the smallest fraction of a cryptocurrency.
People still keep money in their bank accounts but no longer have to visit a branch to deposit, send or receive funds as there is mobile banking. A payment transaction can be done using a mobile app like that of their bank or a money services company. To send funds internationally using a reliable money services company may be done using banking channels for bank-to-bank transfers or wire transfers.
Opening financial accounts
Even opening a bank account can be done online. The identification that needs to be submitted can be verified by face recognition. There are other financial companies that also allow online sign up like that for debit cards and e-wallets.
Less manpower needed
Virtual money is appreciated even by the banking system. To store cash in vaults is costly. The need to hire more bank tellers and other staff has been greatly reduced, as ATMs and software replace manpower. Even the accounting process and transactions are no longer a time-tasking workload because these tasks are computerized.
E-wallets are commonly used to make a payment transaction at offline retailer stores. The use of this application varies to encompass many things that we do daily, such as ride a bus. These little apps hold a powerhouse of functions from making transactions using virtual money to storing QR codes for discounts.
Doing things online like shop
Virtual money has changed our lifestyle especially since mobile technology makes us get to perform various tasks with the least amount of effort. With the use of an app or a mobile browser, we can shop online for groceries, pay our bills, and more. We don’t even have to leave the house to work as there are online jobs and ways to get paid online. As eCommerce sites prosper, you’ll note that several big stores shut their doors as people no longer have to flock in the way they did before.
As online payment enables us to make paperless transactions, the printing of paper has gone down drastically. We can send an e-check and keep track of our financial activities online. Gone are the days of voluminous files, pencil-pushing, and backbreaking filling of accounting books.
Send money instantly
Most of the money in the world is in virtual form. Only 8 percent of all the money globally is in banknotes and coins. The money that makes it possible to have instant international funds transfers, spanning the globe in a few minutes, is virtual money. Cash transactions slow down the pace of the global economy to a crawling speed. Gone are the days that you’ll have to go travel to a faraway place to bring some cash, as you can send funds to nearly any part of the world, instantly, because of virtual money.