How Electronic Payments Changed the World

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Electronic payments changed the way people use their finances. They provided a faster and more secure method of conducting transactions. The rise of electronic payments came with the big boom of the Internet. Stanford Federal Credit Union was the first institution that enabled online payments in 1994. Although it was still considered as a concept which was unacceptable to the general public, these days the world wouldn’t be able to function properly without them.

Using your credit or debit card online has some potential risks, but the benefits often outweigh the cons. All of your favorite clothes and shoes are just a few clicks away. Applying for loans is also possible these days because many online lending companies have started flourishing. So, in that spirit, we wanted to give you a small list of transactions that you can complete via electronic payment methods.

Paying the Bills

Remember when you had to wait several hours just to pay your bills? Well, with the modern payment system, you have one more option. Many countries made a system where you can receive your bills on your email and use your card to pay them. That way, you skip the process of walking to the banks and waiting in line, plus you get rid of any extra fees attached.

Paying the bills online is a win-win situation for both sides. On one side, the state receives the tax much faster and on the other side, you save time and money.

Ordering Stuff Online

Amazon and eBay are some of the leading eCommerce sites. They are filled with various products – from clothes and kitchen appliances to phones, car parts, and much more. The process is very simple, you just search for your product and buy it. The shipping process might take some time depending on your location, but nevertheless, you don’t have to walk from store to store and waste days while searching for a nice t-shirt.

Online Lending

Like we mentioned before, the rise of electronic payments has enabled online lending companies to flourish in the world. Now, you may think – why would I look for online loans, when I can just simply get it with my bank? The answer is simple. Usually, banks take weeks (maybe months) to review your case and approve your loan. Not to mention that the decline rate is also high. With online lending companies, the process is much faster and the average approval rate is more than 70%.

Online loan applications are even easier to fill – you just give your basic information and wait for a confirmation. Taking several trips to the bank to consult is unnecessary here.

There is no doubt that credit and debit cards changed the way we spend money, but with the rise of the Internet, the transactions were made faster and easier. By using electronic payment methods, you have a clear view of the amount that you spend and escape the hidden fees that can be frustrating. All in all, the benefits are far greater than you’d think, and to make things even sweeter, the technology is still relatively new and growing.



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