Monday, June 3, 2013
Brief History of Digital Payments (Julius)
How do you see the future of digital payments for the future? With the vast increase in technological evolution tomorrows innovations are today's hot topics. Digital payments is the movement from payment using currency and checks to make purchases in person to being able to do any type of transaction over the internet or other digital technologies. Digital payments allow people to pay bills, buy clothes, Christmas shop, etc. from there home or wherever without having to ever step foot into a building. The first ATM was put into work in the late 1960's, this article has more details on it: Article about the first ATM. Digital payments have been a viable technology that has been around for almost 40 years but with the use of the internet and social media boom, the new generations of children are technology driven.
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I can honestly say that I rarely carry cash or checks. I don't even use cash for vending machines. Digital payments are booming but what does that mean for bank account security?
ReplyDeleteI hear you, ATM's were one of the first technologies in the era of digital payments.
ReplyDeleteDigital payments has changed a lot over the past couple of decades. We can now pay bills online or via mobile phones and buy and sell without ever seeing products. All sorts of stuff is possible thanks to the technology we have today. I felt the first post should be open ended so that others can have input of different types of digital payments in covering the history of digital payments.
ReplyDeleteI can remember having to go by the ATM all the time to get cash out for things...and now I can't even remember the last time I even used one! Now I pay almost everything online or use debit/credit cards. You can't beat the convenience. I wonder just how long until we are a cashless society?
ReplyDeleteI think I'm one of the few that still refuses to go to the ATM. I'm still old school, I like going to the bank to retrieve cash and conversing with all the bank tellers. I think I'm also afraid of getting charged the service fees. So, that's one of the digital technologies I haven't tapped into yet. I also still pay all my bills through the mail. Something about transacting money and paying bills through the internet just doesn't sit well with me.
ReplyDeleteReema I am right there with you! I definitely am old school. As I am commenting on all these blogs talking about my fear of privacy and security issues...I am realizing I don't even think that's why...I think I am just a hands on person who likes to be in control. I like doing my part in a transaction. I don't need everything to be "easier." But yes I mail my bills too!
ReplyDeleteWhat about privacy from the government - or more importantly, the IRS? As more payments become digital and the need for cash decreases, cash will be in higher demand for those conducting business under the table. Remember, the IRS tracks all transactions over $10,000.
ReplyDeleteIn my entire life I have written less than 10 checks. My bank has an auto-pay feature that allows me to pay off all of my bills from the same place. It gives me peace of mind knowing that the payment was received on time. By sending the check through the mail you run the risk of the payment being received late or the check being stolen and your bank information compromised. Although there is a steadily decreasing demand for cash, it will always serve it's purpose but I prefer to use my debit and credit cards when I am able to.
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