How Technology is Changing the Way We Manage Our Money
Feb 12, 2019 20:36
Technological advancements have helped to change practically every aspect of our lives. From the way in which we communicate to the way that we work; it’s brought many significant changes which have made our lives easier.
One change in particular that has resulted from improvements in technology, is the way in which we manage our money. Here, you’ll discover some of the key way’s technology has changed money management.
One of the major changes which has occurred in recent years has been the rise in contactless payments. Although this type of payment has been used in US petrol stations since 1997, it wasn’t until 2008 when banks started to introduce contactless cards. These days, it’s estimated there are approximately 32 million contactless cards within the UK, showing just how popular this method of payment has become.
Enabling you to simply tap your card to pay for your goods, contactless payments are super-fast and convenient. The technology behind contactless payments is still in development, so as improvements are made it’s likely this method of payment will become even more popular in years to come.
Easier staff payments
Technology hasn’t just made it easier for consumers to make payments, it’s also benefitted businesses too. At one point, payroll needed to be done manually by the HR department. This often led to errors being made, causing staff to receive either incorrect, or late payments. These days however, businesses can invest in payroll solutions from companies such as Moorepay.
Payroll software minimises human error and speeds up the payroll process. It also helps your team to stay up to date with the latest legislation changes.
Giving us more options than ever before
Before technology really took off, consumers had very little choices as to how to manage their money. Banks were pretty much the only option available. However, these days the internet has made the personal finance sector much more competitive. We now have so many more options open to use regarding where we manage and save our money. As well as traditional banking, we now have access to mobile and online banking, as well as several different types of savings accounts.
These are just some of the way’s technology has changed the way we manage our money. As it continues to advance, it’s likely we’ll see even more changes introduced, with the likes of contactless payments taking over from traditional cash payments.