Introduction
Before digital payment came to existence it was the life of go with your cash or go with your check and that made life very difficult for people and made life easier for armed robbers.
For example in Nigeria people travel from Lagos State to Abia State to buy goods and it is a journey of 12 to 15 hours, embarking on this journey with a huge amount of cash made life very difficult for business men because they were always attacked by armed robbers on the lonely roads.
Managing finance was very difficult because it requires a lot of manual efforts to follow up with every business transaction, there was a lot of paperwork due to the writing of checks and verification of accounts manually and this increased the risk of security breach and privacy of customers data.
Some businessman lost their lives as a result of trying to guide their money while some stop doing business that will lead them to embark on such journey with cash at hand, Then also armed robbers offered visit to homes of businessman because they are sure to get cash when they get there after every business day.
Even when someone loses money recovery of the money was a lot of work, during occasions like wedding or birthday party does another opportunity for armed robbers because it was only cash or check gift that will be given to the celebrity, Life was very difficult and bored before the invention of digital payment.
But since the invention of various type of digital payment finance have improved in general and businesses have also improved.
Various types of digital payments.
Google wallet.
Google wallet was launched in 2011 and there are different types of Google wallet and many are still coming out, businesses are enjoying the use of Google wallet it have also helped to reduced the rate of armed robbers as well.
There are many interesting functions of Google wallet that makes it easier to use.
Immediately you link your credit card to your Google wallet you can program how to pay your bills without stress of going to the bank to approve any transaction.
Anyone who uses Google wallet can make payment of goods and services without the use of his physical debit or credit card, the person can as well send and receive money to a second party owns a Google wallet.
Google wallet also have other useful options like saving charts, notes and also setting alarms for upcoming schedules, you can also save your transportation card and other cards on Google wallet.
Another interesting feature of Google wallet is a fact that is accept all types of debit card once they are stored in Google wallet there is no need of carrying those card physically.
Bank transfer.
This is the most why do you digital payment so far, one don't even need a credit card to conduct transactions.
One interesting feature of bank transfer is that you can uninstall your bank app and install it back to your phone at any point in time, you can as well choose the USSD form of transfer without having a mobile app on your phone, this have saved so many business men from armed robbers.
Most of the businessman that travele far away to buy their goods uninstall the bank apps of the account where the huge money for their goods is saved, they decide to install it back when they are ready to pay for the goods they purchased and all they need is their username and four digits pin.
Just in less the 5mins you can transfer money to any bank of your choice without stress.
Buy now pay later.
Buy now pay later digital payment has helped a lot of people both in my country Nigeria and other countries, people own good phones, household appliances and other valuable things to buy now and pay later form of digital payment.
Buy now pay later helps the customers to get their goods and pay by installment, the payment will be splitted into weeks months helping the individual to gradually pay from his little earnings.
One good thing about buy now and pay later is the fact that it doesn't require too much interest unless the customer didn't meet up within the agreed time frame.
There are different types of buy now pay later apps, like after pay apps which is majorly used in Australia, The Affirm which is used in the United States, then here in Nigeria we have so many of them like the easy buy, payquart, jumia pay, pay with specta, credpal and many more.
Some of these applications have a physical store where a customer walk in and reach an agreement and gets what he wants, while others are strictly online stores where you reach an agreement and they will deliver your purchase at your doorstep.
screenshot from my playstore
Why use digital payments.
There are many reasons why everyone uses digital payments, the benefits can never be overly emphasized.
The comfort or convenience that digital payment gives is exceptional, there is no need of carrying cash and being scared of armed robbers, immediately you dress up you walk into a shop purchase whatever you want make a transfer from your bank account and you are good to go.
Process of digital payment can never be compared to writing of check in just few minutes transactions are done and this has helped to improve finance in general.
The easy access is also a great benefit of digital payment for example many low come individuals are able to own a good phones or other home appliances with buy now and pay later.
The benefit is much
Conclusion.
Digital payment has really improved the financial system of the world in general and it has reduced the risk thats was involved earlier, most importantly it have helped to save resources, as technology keeps improving digital payment will keep advancing to make life more easier for humans.