Shaping Our World
Almost everyone is opting for online payment methods nowadays. However, did you know that with a simple change from cold hard cash to digital payments can drastically change the world that we live in? Here are a few reasons why online payments are sharping our current world.
Reaching the Unbanked
A staggering amount of the world’s population do not own a bank account, especially in developing countries. It was likely because it was hard to go to a bank for some people in rural areas, but many people either did not trust financial institutions or did not see the point in getting a bank account. However, online payments are helping the unbanked make digital payments easier.
Digital payments can be easily done through smartphones and laptops, which tons of people already have. This means that people can make bank accounts online, make transfers through online banking methods or alternate payment platforms, and even receive their salaries through online payment options. People in somewhat rural areas that still have access to the internet and a smartphone can easily send and receive money, which is ideal for OFWs who want to send money back to their families in their homes.
Slowly Going Cashless
With the rise of online payments, it is very likely that we will be living in a cashless society very soon. More and more consumers are opting for online payment methods since online shopping and food delivery is practically a staple in many countries. Therefore, cash payments are slowly going out of style. In fact, some merchants and physical stores only accept cashless payments, offering other alternatives like card payments, Paypal, Venmo, etc.
Electronic payments and online shopping are seeing a huge rise, but online lending is not left out from that. Lots of people used to opt for loans from their banks, which took a lot of time and effort to even get a quote from. Luckily, online lending makes it easier for people to borrow money without waiting for hours and hopping from bank to bank.
Most online lending platforms have less strict conditions for borrowing money, which makes it easier for people with low credit scores to get some much-needed cash. It also makes it easy for anyone to get various quotes without ever leaving their homes. Additionally, online lending platforms require fewer resources than a physical establishment. Therefore, the interest rates and other fees tend to be much lower than a traditional bank.
Increase in Online Sales
Online merchants are going to see a huge increase in their sales in the coming years. More and more businesses are adding or shifting their goods online so that almost anyone can view their business through their smartphones. In fact, it is likely that the majority of goods sold will be e-commerce sales in as early as 2040. That is likely due to the fact that online payments are extremely easy to make, so online shopping sales will likely increase as more people choose online payment methods.
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