ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Different Forms of Transactions With Convenient Digital Money

Updated on May 24, 2020
jnanesh profile image

The author is a small boy and writer by passion; he loves technology and tries being towards it.

Introduction

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.

Online money has become convenient for e-commerce.
Online money has become convenient for e-commerce.

Debit Card and Credit Card

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.

Payments made easy with credit and debit cards
Payments made easy with credit and debit cards

Money Handling Agencies

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 for Convenience

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.

Exchange of money made easy through digital money
Exchange of money made easy through digital money

E-wallets

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.

Safety Requirements

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.

An intelligent investor sees an opportunity in dip than the risk.

Shopping made easy through digital money over the internet.
Shopping made easy through digital money over the internet.

Advantages

  • 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.

Conclusion

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.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Jnanesh Sharma H

Comments

    0 of 8192 characters used
    Post Comment
    • jnanesh profile imageAUTHOR

      Jnanesh Sharma H 

      14 months ago from South India

      Thank you, Mr Muralikrishna, for commenting on my article. Yes, digital money has made transactions easier than it was before and so it is very useful for all of us.

    • hmkrishna profile image

      Halemane Muralikrishna 

      14 months ago from South India

      Thank you, Mr Jnanesh Sharma, for giving details of digital money and giving easiness of exchange with digital money. Way back in 1999 I had to undergo a lot of procedure and formalities to send money to the UK in Pounds. Now, these are all easy online with the involvement of automated clearinghouses and conversion online.

    • jnanesh profile imageAUTHOR

      Jnanesh Sharma H 

      14 months ago from South India

      Thank you, Mr Shreekrishna Sharma and Akash for commenting, yes hackers are a big threat and they can be reduced by the digital technology tracking.

    • shreekrishna sharma profile image

      SHREEKRISHNA SHARMA HALEMANE 

      14 months ago from MANGALORE

      Article gave good information on various modes of digital transaction. All care should be taken while transferring money. Hackers are big threat in this process

    • profile image

      Akadh 

      14 months ago

      Nice article

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)