We learned in grade school social studies that currency is trading one thing for something else. Of course, we learned that some people bartered, giving their neighbor two goats for a bushel of apples. Then, currency became metals such as gold and silver. And then paper came along and was supposed to be backed by those precious metals. We all know what happened when that paper began to lose value. Now, our society is in a place where our currency is digital. The cell phone has become our hub of connection and now currency. We can pay for something without even touching a pen or keypad. And many people are rushing toward contactless commerce in the throes of the pandemic, when we are hyper-aware of germs. But with any technology, there are dangers. Our hosts Philip Michael and Julia Sun discuss the issues with this type of currency.
Beware of the hackers and scammers
Software developers are constantly developing new tools to keep people safe from the ominous cyber attacks. It’s hard not to think about hackers when your entire bank account is under the power of a device that can go to the corners of the Internet. For every helpful technological innovation, rest assured that someone will find a way to make problems. So, research your contactless payment system and ensure that there are safety precautions. You can never be too safe with your money.
Contactless commerce is less painful leaving the account
The problem doesn’t always come from the bad people in the world. Sometimes we hurt ourselves with our technology. Studies have shown that you spend less when you pay with cash instead of another form of payment. When you don’t physically see the money leave your hand, it’s easier to let it go! But that doesn’t make contactless commerce bad. It just means you need to keep a more watchful eye on your spending. It’s not like the old days where you could just trade your goat.