The World Of Currency IS Changing
The world is already heading towards a cashless society. China is already a digital currency society. During this pandemic, we experienced the effects of a coin shortage. Grocery stores did not have coins, there was a big emphasis on “card only” transactions. Cashless by Google definition, is characterized by the exchanged funds of cheque, debit or credit card, or electronic methods, rather than the use of cash.
Here are 10 items that will assist and accommodate your transition into cashless transaction:
- Debit Card, most widely used today, by Google definition, a debit card, is a card allowing the holder to transfer money electronically from their bank account when making a purchase.
A debit card can be obtained with a checking account from a financial institution such as a bank or from a fintech company such as Stash or Cash App. Accounts with the bank or fintech company source the funds of the holder, allowing the holder to transfer money electronically from their accounts when making a purchase.
2. Credit Card, also most widely used today, by Google definition, a credit is a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
A credit card is based on credit worthiness. Approval of a credit card can be where you are given credit by the issuing credit card company or where you fund the credit card limit with your funds. This type of credit is called a secured credit card and is usually given to those whose credit is not that good and need to rebuild their credit.
Zelle allows it’s user to send or receive money via email or a U.S. mobile phone number. With Zelle, you have to have a participating bank that offers Zelle in order to sign up for it. Zelle sends money to U.S. bank accounts only. My primary bank does offer the option to sign up with Zelle, I personally have been trying to sign up for Zelle for a while now. To see if your bank is a participating bank, click here.
Allows it’s users to send and receive money, to buy and pay with cryptocurrency, to raise funds, to purchase products and pay in 4 payments, to pay at check out and more.
Sign up for PayPal here.
5. Cash App
Cash App allows it’s users to send and receive money, to invest in stocks or Bitcoin, and to bank with a deposit account, receive a debit card, and to add cash to their Cash App balance by stopping in participating stores to load the cash. You cannot pay for items directly at check out by scanning Cash App. You can get Cash App today along with $5 when you send your first $5! Get it here.
6. Google Pay
Google Pay allows it’s users to send and receive money. To hold their cards in a digital wallet, to view their finances, getting a fuller picture. It claims to safer than swiping your card or carrying cash. If you already have a Google Account (i.e. Gmail) you can sign up online by adding a payment method. You can also sign up by downloading the app.
7. Apple Pay
Apple Pay allows Apple users to easily, securely, and privately pay using an iPhone, iPad, Apple Watch, or Mac without a physical card or cash present. A credit, debit, or prepaid card must be added to Wallet in order to use Apple Pay. It can be used to buy things in stores, within apps, on the Safari web, to ride transit, to send and receive money in messages app with Apple Cash. If a user uses a credit, debit, or prepaid card, they will continue to get the rewards, benefits, and security that each one provides. If Apple Card is used with Apple Pay, the user can get daily cash on their purchases.
Bitcoin is a form of buy, sell, payment and exchange. It is not money. However, it can be used like money. In the United States it is not a currency. The United States government controls what is currency in the United States. Bitcoin is property. You can own it, you can buy it, you can sell it, you can use it to exchange for goods and services, you can build a hedge against the U.S. dollar with it. However, it is not money. It is not apart of the currency issued by the United States government. You don’t have an actual coin in hand to own, buy, sell, use, or exchange Bitcoin it is used digitally.
NFT (Non Fungible Token) is a special cryptoasset in which each token in unique. It is different than Bitcoin and dollars. Bitcoin and dollar bills are worth the exactly the same amount. NFT can be used to authenticate ownership of digital assets (e.g. digital works.)
Yes, a smartphone.
This is how most of China’s economy operates on a daily basis. With a scan of their phone a payment is made. Where is the money coming from? An app on their phone or a digital wallet. Instead of wallets, they carry smartphones. In the U.S. you can easily check out at some stores with your smartphone. This is where the world is heading. No physical in hand money needed.