There is no doubt that the internet has had a massive impact on modern life. Since it was first made publicly available in the early 1990s, it has grown at a great rate. It now sits at the center of all our lives and is vital to many core services, business websites and daily life. One area that has seen a big change since the internet arrived is how we deal with money.
Just how has it changed the way that we handle money?
Here are a few ways that our dealings with money have changed thanks to being connected online:
- Online banking – the first online banking service in the US as we know it now was seen in 1994 from the Stanford Federal Credit Union. Since then, this way of checking your account, making payments, and setting up direct debits has taken off massively. Not only does it make it easier for people in remote locations to manage their money, but it is also much more convenient even if you do have a local bank close by. Compared to how we all used to have to bank, this is a big change that the internet ushered in.
- E-payments – another way that the internet has changed our dealings with money is enabling payments online via online payment providers. Companies such as Stripe make it easy to pay for goods or services without the need for actual cash. They also make it simple to send money to friends and family online if it is necessary. When you think that you used to have to give them a check or cash in person, this is a big step forward.
- Sending money internationally – as well as online payment solutions for everyday money management in your own country, the internet has made it much easier and cheaper to send money abroad. There are many amazing international money transfer companies around now that make it simple and fast to send money across borders or back home if you are abroad. Most offer lower fees on international transactions, so it is worth shopping around online to find the best deal.
- Cash is taking a back seat – while cash will always be needed, the internet has actually made us less reliant on it. Now that you can pay for goods online, use your debit card to pay via a connected card reader in shops, or even use your smartphone, having cash on you is not so essential to get what you need.
The internet has made a positive change
What is obvious from the above is that the changes that we have seen in money management since the internet became popular have been positive. Not only do they make it easier to manage your money wherever you may be, but they also make it much easier to pay for things when you are out. After all, it was always a real pain to have to run to an ATM if you hadn’t got the cash you needed on you!