The future of cryptocurrencies in India is currently uncertain as the Indian inter-ministerial committee has drafted a bill in an attempt to ban it. Whether it stays or goes, the future of money is definitely digital. Online banking has become the norm, apps make budgeting easier than ever and the security of digital money is getting stronger every day.
The future of online banking
51% of Indians prefer to access banking services online or via an app, as opposed to talking to a human agent. Online banking has been around for a while now, but there are more features continually being added to make it even easier to manage your finances completely digitally. There are also banks that are based entirely online who are all about the technology, so offer their customers new features before other banks can, such as being the first to give the option of temporarily freezing your card online if you’re not sure if it’s been lost or stolen. Online only banks are working on things like taking a mortgage out completely online, providing a quick, easy and cheaper option.
Technology makes budgeting easier than ever. Apps, such as Mint, can put all your financial information together from any other finance apps you have and help you to set a budget. The great thing about this is that your budget is based on what you’re actually earning and it will take into account your spending. Mint will even notify you if you go over your budget or it notices you spending a lot on things like coffee. Plenty of people have gotten out of debt and managed to save money thanks to apps like this.
Is digital money secure?
90% of money currently only exists digitally, which suggests that people trust do generally digital money. The main barrier to bitcoin and cryptocurrency being used by the majority as a normal payment method is trusting it. When you look at your smartphone and see a number on your banking app you know that you can go to the bank, withdraw it and physically hold it. Going completely digital takes this away, which requires a higher level of trust, as well as an understanding of how it all works. Despite this, it’s generally believed that digital money is more secure. A good example of this is making payments via your smartphone, which requires a password, a fingerprint or facial recognition, as well as your device.
It’s undeniable that money and money management will go completely digital in the near future. Whether cryptocurrency will be a part of that in India is uncertain, but online banking is growing, along with many other financial apps.