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The Advancement of FinTech and How To Get Savvy With It

handling finances, FinTech, digital money, money handling, technological advancement in finances

The technological advancement in finances has been revolutionary in the past two decades, and especially more in the last five years. It’s obvious that with time technology will progress. But the way handling finances has changed interesting and worth understanding for better living. Money always had been a financial entity, either in the form of notes and coins, or in the form of land, house or car, or the form of bonds and certificates and stocks, etc. This means the money has always been handled either in liquid cash form or in inverted form in some property or bank account, etc. Hence you always had something to point to and show that there lies your wealth. But since the last few years, the digitalization of money has brought huge changes in the way cash is being handled.

Money transaction through cards

Credit and debit cards have been into use for almost three decades. And they always dealt with money in your account or money you are borrowing. They always dealt with a physical form of money that is retained by the banks, and that you may also withdraw as cash if you need to. Credit and debit cards were physical entities, which made money transactions easy by letting you transfer money from account to account. But now with the advent of digital money in wallets, things have got advanced a few more steps.

The advent of digital money

The digitalization of money is a big step that changed so many things and customs. Although money had long been partially digitized through the cards, yet the use of wallets and cryptocurrencies, and other forms of digital currencies have been a big leap altogether. Paypal, ebullion, egold, pecunix,alertpay, and many such forms of electronic currencies were in use for long, which could be handled through an email and the feature-based account. But still, they were not used in regular day to day transactions. You could not go to the local shop, and offer to pay by PayPal or alertpay usually, because not all had the email ids or accounts for this.

But things changed drastically in the last few years, when the tendency to use liquid cash reduced, people avoided carrying cash in wallets, and instead started relying more and more on the wallet to wallet cash transfers. Such transfers were more facilitated with the use of simple mobile number based transfers, where you can transfer the money to another person by simply adding the person a beneficiary, based on his or her mobile phone number. Also, the simple addition of the wallet based account and such things got introduced, and many operators and several wallets came into existence and use.

Nowadays people hardly transact big amounts in cash. Wallet-based payments in purely electronic form that uses currencies in digital format are most common. 

Cryptocurrencies

Financial technology or in shortfin tech reached the highest level of advancement now when cryptocurrencies like bitcoin, litecoin, ethereum, ripple, etc. became popular. The encrypted form of digital money transactions made them the safest form of money, which cannot be seized, or transacted in any illegal way. They can be bought and sold, and you can make money out of buying and selling digital currencies too just as you may do in foreign exchange trading.

Wallet-based transactions and digitization of money have brought great solutions to man. Money handling, saving, and storing is now much safer than earlier, and managing wealth is much organized and secure.

Understanding finance handling is still important

Cash handling never was so easy. But with time things got easier. But the way you manage your finances also have to be improvised so that you also can take the pride of saving money and making money through the utilization of such fin techs. All the advancement in the field of fintech is for helping a man grow money in healthier and secure ways. But this also depends much on how you would be using the technology, and how savvy you get with the technology. Most of these wallets are made with such easy to handle interfaces, that common man will start using them without any formal training.

Simple and easy to understand and easy to use systems with strong infrastructure behind them have made money handling most secure these days without having to use money physically. But it’s more than just the use of wallets. It’s also about being aware of money handling concepts and managing your finances so that you never take a wrong step you repent of.

There are advancements in technology, and there are coming new ways of growing money and dealing with money. Still planning and budgeting, and handling finances still need the use of brains. And here you have to be strong to save money and make money.

Managing financial crises

You can manage finances, and save yourself from financial crises only when you know how to handle money, avoid getting into debt and know to manage debt if you are already indebted. Debts also can be planned and managed smoothly if you have good planning depending on how much you are earning, the inflow of cash, outflow, and how you will distribute funds for debt repaid.

If you get into debt by chance, you must take ideas of managing things smoothly on time, without affecting your financial reputation and creditworthiness in the market. Sources like Nationaldebtrelief.com are good to get inspired and collect information, which you may use for handling finances and debt sensibly.

Finally

Fintech is getting more advanced for helping man use money sensibly, securely, and in a planned way. Also, transactions have become lighting fast now with the advancement of fin tech. But man can use the technology for the benefit only when conceptually money management is clear to the average person. That is why finance handling also must be learned and practiced by taking ideas and knowledge from helpful resources. You can start learning now.

Author Bio: Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA.  She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers.

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