The idea of going to a branch to move money around or transfer some to a friend or family member may seem out of the ordinary now. There were times when things were a lot more complicated if people wanted to move their money around or even do things like open accounts or move money to savings.

Loads of tech innovations have led to a much more convenient world of money today. Almost everything people want to do is at their fingertips and some of it is instant (or near instant). There are loads of ways that money matters are getting even faster as companies and banks look to innovate and improve processes.

The Cryptocurrency Revolution

One of the biggest game-changers in speeding up transactions has been cryptocurrency. Bitcoin and other digital assets have introduced a way to transfer funds without banks or traditional financial institutions. DeFi means no banks have to be involved. These transactions happen on the blockchain, allowing people to send money directly to one another (or to vendors) without the need for intermediaries.

Crypto transactions can clear in minutes instead of days – especially when compared to international bank transfers which often require currency conversions and banking approvals.

Cryptocurrency has been found to have some very relevant real-world uses. There are times when people really want to move money quickly. If they want to play a casino game online then they do not want to wait for money to clear in their account in order to play. The wait can be frustrating and it doesn’t really need to exist! Crypto has given a lot of players the chance to finance their playing instantly and without the need for any banks to approve or get involved with transactions.

Nothing else has to change or be compromised for players. If they want to use their cryptocurrencies to load games on the Ignition website they will still have a very wide range of options for what to play including different games that are available. Table games and slots alike have found their way into crypto platforms and there are even some newer games cropping up as a result.

Since the crypto revolution in the world of gaming, there has been a growth in Crash-style games that mimic a stock market or similar. Crash games have an option to allow people to cash out of the game before the value potentially dips.

Mobile Banking and Digital Wallets

Few innovations have revolutionized financial transactions like mobile banking. Nearly every major bank now offers a fully functional mobile app that allows users to check balances as well as perform a whole lot of transfers and other functions without having to ever talk to a member of staff. The first ever app of this kind was launched in the UK back in 2011 and since then things have become almost ubiquitous when it comes to online banking.

Digital wallets like Apple Pay or Google Pay have also contributed to the faster movement of money. These services allow users to make instant contactless payments in stores and in the process they have eliminated the need for cash or card swipes. Payments are processed within seconds so transactions are faster than ever before.

Peer-to-peer (P2P) payment apps have further streamlined financial exchanges. Sending money to friends or businesses is now as simple as entering a phone number or scanning a QR code. These apps have made cash transactions almost obsolete as well as meaning that banks don’t have to be involved in every aspect of finance. P2P lending is even becoming much more mainstream and this can help people to borrow or lend without financial institutions being required. The transactions are still rock solid and use contracts to protect those involved.

Contactless Payments in Person

Another change we have all seen but now take for granted is the switch to contactless payments. These payments have become the preferred method for in-person transactions. Instead of entering a PIN or swiping a card the customers simply tap their card or phone on a payment terminal. These transactions take just seconds to process and are designed to be safe for the customers. There is also the benefit of not having to touch the terminal like they might have to on a chip and pin device – this can mean that fewer germs spread. ATMs and other terminals have been shown to be as dirty as toilets in some scenarios! No wonder people want to avoid this.

People who have been actively consuming and paying for things over the last decade or so will have seen that there are a huge number of different changes that have happened in the world of money and a lot of these have made it easier for the customer. They have driven more choice and in the example of cryptocurrency, we are also seeing a whole new financial world.