Technology is evolving faster than ever, and as money management becomes increasingly digital, it’s important to understand new capabilities — not only for convenience, but also for security. Digital finance refers to the transfer of funds from one account to another through electronic methods, mostly online or via mobile phone. For example, it’s estimated that by 2023 there will be 1.31 billion mobile payment users worldwide, up from 950 million users in 2019. So, as digital finance becomes increasingly widespread, you’ll likely encounter instances where it’s preferable to make payments or transfer money digitally.
Digital Finance
Getting comfortable with digital money will benefit you and your finances. Using it to your advantage not only improves convenience but can also help you track your transfers and payments. Here are three aspects to consider: automated teller machines (ATMs), regular payments and debit card purchases.
ATMs
Most people are familiar with ATMs as a method for withdrawing and depositing money quickly and easily. ATMs give you the flexibility to withdraw cash at almost any time. What you might not know is that many ATMs will also let you transfer funds between your accounts and make deposits, providing the quick and easy convenience of 24/7 banking.
Regular Payments
One of the most useful features of a digital account is setting up regular payments to and from your account. If you are paid regularly, your employer may deposit your wages directly into your account. Similarly, you can pay necessary recurring expenses like bills, mortgage or insurance payments on a regular basis with ease, and without missing a payment.
Now that you know the benefits of digital finance, you may want to learn how to manage your finances from your smartphone. Check out our Mobile Banking page to learn more.
Share