Digital money- what does it mean for the common man?

The common man, regardless of where in the world they are, has a lot of daily tasks to perform from dropping off the kids to school, preparing meals, showing up to work, among other things. Seeing how busy their lives are, it is not hard for them to forget something like their wallet. In fact, it is actually quite a common occurrence. Fortunately, thanks to digital money, not having hard cash with you all the time does not have to be a bother anymore.

What is digital money?

Digital money is money that is not in a physical form such as Baht notes or coins. Although this money is purely in electronic form, its value remains exactly the same as the traditional currency or fiat money. However, it allows for borderless transfers and instantaneous transactions.

What does digital money do for the common man?

The use of digital money is becoming popular by the day with many service providers gaining traction across the globe. DeeMoney, for instance, is a digital money transfer company in Thailand that enables the common man to transact using digital money with ease. Today, anyone in Thailand, banked or unbanked, can easily store their money in the DeeMoney app for use as they please. This app provides consumers with more convenience, choice, and organization of their digital money with lower transaction cost.

Here are some of the ways digital money is benefiting the common man:

Convenience

The ease that comes with conducting financial transactions is one of the biggest benefits of digital money to the common man. With digital money, you don’t have to carry loads of cash, bank cards or queue at the ATM machines to gain access to your money. All you need to do is tap on your smartphone to transact. Digital money also makes transactions less expensive because of the low costs of transferring money worldwide compared to traditional banks.

Security

Digital money offers a safer and easier way to save and spend your money, even when traveling. With digital money apps, users can easily load cash on their virtual wallet and send it to other users whenever they want. This feature is particularly important to the unbanked community as it provides a safer way to store their cash compared to storing it at home.

Boosts global remittances

Each year, immigrants, send a substantial amount of money back home. But with fees for international money transfers averaging between 6 to 10% for sending money, the burden on the common man is substantial. Digital money helps the common man curb this issue by making these transfers faster and cheaper.

Since digital money transfers are done over the internet which recognizes no political borders, the cost to transfer money within a country will almost be equal to transferring money internationally. With services like DeeMoney, users can send funds to a myriad of countries overseas affordably, quickly, and at the comfort of their home with a single tap on their smartphone.

Track your spending

Since digital money transactions are done digitally, this makes it easier for people to track their spending.  This, in turn, promotes a positive impact on budgeting and the discipline that comes with it. The written record helps you keep track of your spending and will, in turn, result in better budgeting of your money.

Most digital money apps come with an array of tools to help users analyze their spending pattern and provide good insights over time. Digital money will also help with filing income tax returns and in case of scrutiny, people will find it easier to explain their spends.

Promotes e-commerce

In the past, credit card fraud has caused many online business people to turn away great business opportunities. Such fraud cases are more common in international transactions, causing many firms to decline international payments. But, with digital money, money transfers across the world helps eliminate these issues, allowing even small businesses to engage in global e-commerce.

Also, digital money payments can be made by anyone with access to a smartphone and the internet. Unlike card payments which are limited to authorized stores and agents, digital cash enables person to person payments. This way, all businesses, even the small ones, and individuals will be able to use digital money for all sorts of transactions.

Digital money gives the common man the ultimate control over their money, who they send it to, what type of fees they can and can’t pay for among other things. Its increased efficiency has opened new opportunities, especially for individuals and local businesses. That is why it is quickly becoming one of the fastest adopted forms of payment online.