Different Forms of Transactions With Convenient Digital Money

In this tech-savvy world, time progresses continuously which brings new day-to-day tools which make our lives easier. Long ago there used to be coins of all metals like alloys, silver, gold, etc. carried in pouches and bag loads. Since then there were many forms of money which nowadays is both coin and paper convenient to carry in wallets. But will it be the same? No, it has already started changing to another form and it is digital money which is very useful and easy to transact. It has started to be in use in many of the countries over the world. It can be very useful in situations when a person has to transfer money to someone then he can use digital money media to transfer money easily.

People may know about the two useful banking cards, debit card and credit card. They are useful in their own manner. They are very much used form of digital money. It has two types of card, one is magnetic strip type and the other is chip type. A combination of both also is found. The chipped one stores more information and is termed secure and difficult to clone. Now barcodes and QR codes are also included to add more safety to it. But, since these cards use plastic, it is a threat to our mother earth. And hence it is better to use applications of digital money than using credit and debit cards.

Automated clearinghouses (ACH) and digital money transfer agencies. It is an automated clearing house which is a computer-based electronic network for the procession of transactions, usually low-valued payments, between participating financial institutions. It may support both credit transformation and direct debits. In this case, payments are electronically done which pull funds directly from the checking account. You without writing out in a paper check or initiating a debit card or credit card transaction, the money will move automatically. ACH can make life easier, but it can also cause problems in some situations.

Digital Transaction is the transaction which has to be authorized for the transfer of the money. It is a very convenient mode of the transaction since it is easy to use as it just requires your devices with the internet. It is very easy and there is no need of going to cyber café or somewhere else.

Exchange of Currency

There are different currencies all over the world. But, what can we do when we want to exchange them? You just need some of the helpful services like that of PayPal. They are very useful in the situation when you are working online or when you don’t work in your country. Imagine you are paid in dollars and you live in India, the currency you want is Rupees. In this case, you can use currency exchanging services and convert what you have to convert them into what you want.

E-wallets are the online wallets, which are also known as ‘digital wallet’, useful secure and easy to transact. They are useful in times when you are in your house and are asked to give money to someone very far away you can easily transact it within two to three minutes. It may also be useful in the situation when you are locked in your house, working from home and are to be paid for the hard works you can be easily paid.

Crypto-currency

Crypto-currency is the digital ownership which is designed to work as the means for the exchange in which individual coin ownership are stored in an online ledger or computerized database using strong cryptography to secure the transaction being done, record entries, to control the creation of extra digital coin storage, and to encrypt and verify the transfer of coin ownership.

Double authentication process and triple authentication processes. You must choose a service popular for its encryption for the safety of your money. You should not allow viruses to enter your computer by having antivirus safety.

• You can easily check how your money is being used in the online passbook.
• The Government can easily track your account and it will be easy for them to track money.
• Since it can be tracked by the government, there is very less chance of black money and hacking.

Disadvantages

• Physical feeling and pleasure of money handling does not exists
• Liable for theft online through hacking
• Oldage people are not able to grab the crux of it.

Digital money has its own advantage and flexibility in the present-day digital world. With the globalization of businesses and need for swift money transfers across the electronic networks, digital money has become part and parcel of businesses. For a common man also, it has many advantages for payments, investments, exchange and shoppings. Therefore, one should understand its power and know the safety features required for digital transactions.