Impact of Technology on Currencies

Impact of Technology on Currencies - The development of information technology has helped change millennial behavior with regard to money and its use. The ease of making various financial transactions and managing them is much easier to do than before. The following ease in finance has made life easier for millennials.

1. Transaction Cash Back Increases Instead of Using Coupons

With the development of technology, the concept of cash back services is that you will get the money back after you complete a certain transaction. This is very different from coupons, where customers have benefited before they make a transaction.

2. Easier to make investments

At present there are many millennials that depend on micro-investment which makes them only need to invest a small amount of money but often to achieve financial goals in the future. Micro investment allows prospective investors who have minimal capital to invest and get benefits for the investments they make. Not only that, because the development of investment technology is also made easier with the help of applications and procedures carried out 100% online.

3. More Rarely Visited Banks

Now you will rarely see millennials coming to banks, unless they only want to take cash using an ATM or work there. The method chosen more because of the development of technology is mobile banking, which allows each financial transaction to be carried out faster and easier. Based on research there are around 75% of the millennium that rely more on the mobile banking application to send money, check balances, and pay bills.

4. Easier Financial Transactions

Financial transaction services are increasingly facilitated by e-money and electronic wallet applications like now. Financial transactions such as shopping at the minimarkets, paying tolls, and paying for parking are getting faster and easier to do this also changes due to the influence of technological developments.

5. Increasingly Value and Real Digital Currency

Digital currency or cryptocurrency has become known to many people since the success of Bitcoin. Not only used as financial transactions, digital currencies are also widely used by young people to invest. However, not all parties legalize transactions using this currency.