Top 5 Ways in which Technology has Changed the Way We Look at Money

Which are the top ways in which technology has changed the way we look at the money?

It is far from a secret that development of technology has strongly affected so many aspects of our lives. There are, of course, both positive and negative changes that have occurred, and it is safe to say that we live in a completely different way than our ancestors. For starters, the living pace is much faster, we have less time for ourselves, we are always in a hurry, we don’t do much physical work, and often many of us are under a lot of stress. The question is – if the main objective of technology was to help us, and make our lives easier, how come it seems there is more anxiety among people then ever?

Well, it seems to me that the answer to the aforementioned question is fairly simple – technology has made our lives more unnatural. In this modern society, not many people have contact with nature, with themselves, which is most likely the essential problem.

Although it is interesting, this philosophical debate about all the good and bad things technology has done for us is not the main topic today. Now, we need to focus on only one aspect of our lives that technology has made it different – financial! (In that regard, don’t forget to check 11 weird but successful ideas that somehow make money.)

We are all aware of the fact that, unfortunately, one of the most important things for so many people is money. Thus, naturally, technology has also changed our relationship with money. And, since it is obvious that it didn’t make the money less valuable to us, let’s see what and how was changed, what are the top 5 ways in which technology has changed the way we look at the money.

5. Internet banking technology

Online banking is one of the first digital technologies pertaining to finances. A while back, this term designated the use of a terminal and a phone line to access one’s bank account. However, over the years, the service has greatly expanded, and it nowadays refers to one’s ability to control their financial accounts with the use of a device with an Internet connection. A vast majority of financial institutions have taken their services online, while others, who operate solely in the digital realm have started popping up, thus forever changing the way in which people look at banks.

4.  Contactless payments

Credit cards have undoubtedly been an important milestone in the finance world, but recent innovations are likely to push the envelope even further. Recent developments, such as contactless payment methods might completely revolutionize the notion of credit card payments. Basically, these systems use radio-frequency identification as a means of increasing the safety of transactions. With such systems, users will no longer have to introduce their signature or PIN number, which will increase the speed of transactions while still ensuring full security. This is definitely one of the top ways in which technology has changed the way we look at the money, because without the actual contact with the money bills, we are all more inclined to unnecessary spending.

3. Smartphone banking

Smartphones have steadily become an important instrument in most of our lives so it was only a matter of time until banks would start to connect with their clients via these little devices. In essence, smartphone banking allows clients to interact with their accounts much like they would if they would have a teller in front of them. This type of banking allows you to check your account, pay your bills, or authorize various transactions, from wherever you are and whenever you want.

2. Electronic currencies

One of the most recent technologies that is altering the way in which we look at money is represented by the introduction of electronic currencies. While they are still somewhat in their early days and have yet become a mainstream payment method, electronic currencies are starting to gain ground. The most recognizable example of an electronic currency is the Bitcoin which can be currently used to buy a multitude of things, from meat and beer to pastries and furniture. However, there are several other digital currencies, such as the Litecoin, Dogecoin, Peercoin, or Namecoin.

1. Online payments

Few things have changed the way in which we view shopping and finances more than the advent of online payment methods and credit cards. Along with the development of these technologies, the modern man was introduced to a whole new realm of opportunities. People can now buy anything their heart desires, from groceries and clothing to toilet paper and cars without having to step foot out of their homes, a feat which was virtually inconceivable a decade or two ago.

It all comes down to that now, thanks to the technology, we don’t even have to move our butts and leave the house in order to spend some money. After you finish reading this text, you can easily purchase new shoes, without having to move one inch. Easy and useful right? Let me ask you one thing, is it the same feeling when you purchase your shoes online without even trying them and having to walk to a couple of stores, try a few pairs, see a friend and have an unplanned coffee with him? Also, do you think you would spend the same amount when you pay in cash and when you pay with a card (or online)?

If you have your opinion on this topic and can think of few more ways in which technology has changed the way we look at the money, we would like to hear them!