In today’s modern landscape less and fewer people are visiting physical banks and instead opting to control their finances entirely through electronic payments.
The ability to make an online transaction in 2021 is as commonplace as bread and butter, especially considering that nowadays we are in an era of digital money where people are utilizing cryptocurrency platforms to make everyday trades and purchases.
However, even in light of all these huge technological advancements, it can be interesting to look back on the roots of electronic payments in order to see how far society has truly come.
If you think about your everyday activities, there are probably a handful of actions that are made possible only because of virtual transactions. Here are just a few important ways in which technology has dramatically altered the 21st-century world in which we live.
The Very Beginning: Online Banking
It’s no surprise that the internet boom of the 90s and the creation of the first online bank are heavily intertwined. In 1994 the Stanford Federal Credit Union located in Palo Alto, California became the very first bank to provide online services to its customers.
One can imagine that at the beginning of this pursuit, it was not always the most user-friendly experience. Countless tweaks and adjustments were made along the way to arrive at what many people recognize today as an extremely beneficial service they could not live without.
Today, the modern bank member is even choosing institutions that operate entirely online and do not retain a physical office. These platforms dominate both in the U.S. and abroad, making financial life a breeze in all sorts of ways.
PC and Mobile Gaming, Shopping, Streaming, and More
Electronic payments didn’t just change the way society uses money, but also the way people are able to enjoy the hobbies and activities they love. Being able to purchase an experience at the touch of a finger by copying down your card’s digits and security code opens up incredible doors in a variety of industries.
For example, a large portion of the gaming sector’s online audience enjoys everything from strategic games like poker and chess to first-person shooter titles because they are easily attainable, day or night, through e-payments.
These transactions mean that players can join their friends in popular FPS Esports activities like Overwatch with just a few clicks. Similarly, the leading platform PokerStars unlocks access to the game’s top variations like Texas Hold ‘em, Omaha, and Five Card Draw following a secure online payment process.
And of course, it doesn’t stop with gaming. Selecting décor for your home or filling a virtual shopping cart with your week’s groceries is all made possible with digital wallets. Companies like Amazon are taking this a step further by utilizing a customer’s stored data to simplify the checkout process.
Popular streaming services like Netflix also make purchasing their services a breeze as well, with more than a few transaction options. In each of these instances, electronic payments have made buying processes quick, simple, and efficient so that customers can begin enjoying the product or service as fast as possible.
The ability for a mobile user to carry out a transaction that connects them to their favorite hobbies and activities is an invaluable thing
Virtual Lenders Revolutionize the Borrowing Process
In the same way that handling finances virtually is speedy and efficient thanks to e-payments, so is applying for loans. Virtual lending companies operate to aid people in their pursuit of borrowing, but with a method that contains lower fees than physical institutions and better approval rates.
These platforms make commuting to a bank obsolete and replace that time you would be spending in a car with something that can be completed in just a few steps with a digital transaction.
Whether it’s a loan for a business or home or something else entirely, these businesses are growing in popularity compared to other, more traditional methods in the market.