[Brielle Buckler]

Quick—how much cash do you have on you right now? Check your wallet, purse, and pockets, and see what you have. Do you have enough to make change for a twenty-dollar bill? Not so long ago, you could ask a roomful of people that question, and most folks would have the cash on hand to make change. These days, it’s less common. Think about the last five or six purchases you made. Did you pay with cash? Chances are good that you used a debit card or a credit card instead. Consider the possibility that someday debit and credit cards will disappear, too.

Technology has had a profound impact on our view of the necessity of cash. As we move towards a “cashless” society, the banking system is also challenged to adapt its processes and the services it provides.

Go beyond what you learned in the course module, and research some of the forms of “virtual currency” or cash alternatives that are currently available to consumers. Some of these include digital currencies, EFT, ACH transactions, iPay, Google Wallet, ePayments, direct draft.

For this discussion, first answer the following questions, and then respond meaningfully to at least two of your classmates’ posts.

1. Briefly explain briefly the alternative form of payment that you researched and how it works as an alternative to traditional cash.
2. What are the advantages of this form of payment?
3. Are there disadvantages or risks associated with the form of payment that you researched?
4. As a consumer yourself, do you use any forms of cash alternatives? Which ones? Do you have concerns about the security of this payment method, and if so, what can you do to mitigate these?

————-

In order to receive full credit for this assignment, you must first post your own response to the question(s) above by Friday, November 17 at 11:59pm ET. You then must comment meaningfully on at least two classmates’ posts by Sunday, November 19 at 11:59pm ET.

This assignment is worth a total of ten (10) points — 6 possible points for your original post, and up to 2 points for each of the two responses to your classmates’ posts. Please reference our Discussion Rubric for more information, and to this guide from MSSU to learn more about what it means to respond meaningfully to a classmates’ post.

Source: Lumen Learning

• This topic was modified 1 year, 5 months ago by Brielle Buckler. Reason: Republish

[Juaddy Lajara]

1. The cash alternative I decided to go with was one I use every single day that being “Apple Pay”. Apple Pay is a digital payment alternative to cash as it allows me to store my card information on my Apple device and make contactless payments in-store and online. With the benefits of enhanced security features like two-factor authentication, and privacy considerations, Apple Pay gives me a convenient and secure way to make transactions without the need for physical cash or cards.
2. Three heavy advantages I find in using Apple Pay are convenience, instant alerts, and contactless. Convenient in the sense that I am provided a quick and easy way to make payments without the need for physical cash or cards. I can simply tap my device on a contactless POS System and go about my day. Alerts provide me quick notifications and receipts that will be stored on my phone instantly. My favorite is contactless because I am such a germaphobe it is perfect that I do not to handle cash that thousands of others have touched.
3. The only disadvantage that I find in using Apple pay is the struggle that I may go through if my phone ever dies before I am able to make a purchase. To tie in question 4 here I feel very safe using this cash alternative and believe at some point it will take over all payment methods.

[Armani Warner]

Hey Juaddy, It’s evident that the convenience of Apple Pay, especially its contactless feature and instant alerts, significantly enhances your daily transactions. Your concern about the phone battery issue is valid, emphasizing the reliance on technology in cash alternatives. The alignment with the broader trend towards digital payments reflects the potential for these methods to dominate future transactions, underscoring the transformative impact of technology on traditional payment systems. Thank you for your insight I did not think about the battery issue at all because charging my phone is such a ingrained thing in my daily routine but its actually a disadvantage.

[Muhammed]

I agree, I also use Apple Pay and it is such a convenience. I love the new contactless payment feature it makes transactions fast and effortless. Nowadays you don’t need to go out with a physical wallet soon I even think they will have a digital ID card so then we could leave our wallets at home completely. I am also very germaphobic when it comes to touching money it’s been everywhere and I’m glad I’m starting to see less of them. To be honest I don’t know the last time I was in contact with paper money. It’s probably been months. Virtual currency is just dominating today. It’s a fast and secure way to make payments.

[Darius Burton]

Apple Pay is extremely convenient. Due to the fact that, its just pressing your power button twice it makes it so easy to make purchases.

[Armani Warner]

1. I decided to discuss digital currencies, such as Bitcoin, Ethereum, etc, these are decentralized forms of currency that use cryptography for secure financial transactions. They operate on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
2. The advantages of digital currencies, such as Bitcoin, Ethereum, etc, is firstly security the cryptography ensures secure transactions. Secondly decentralization because there is no central authority, reducing the risk of government interference and lastly accessibility it is available to anyone with an internet connection.
3. The Disadvantages of<span class=”Apple-converted-space”>  </span>digital currencies, such as Bitcoin, Ethereum, etc, is firstly the lack of regulation, limited regulation can lead to potential fraud. As well as limited acceptance meaning it may not be widely accepted for everyday transactions.
4. I use Apple Pay everyday have it on my phone and watch and barely use cash, Its extremely secure as well as seamless, I can buy goods or services and send funds to friends or relatives. What I love<span class=”Apple-converted-space”>  </span>most is the digital nature of Apple Pay which provides a clear and detailed record of my transactions, aiding in budgeting and financial tracking.

[Darryl Gunawan]

Hi Armani,

I’m really interested with this digital currencies since it has so many variables due to the cryptography system itself that controls the centralized blockchain. Even though I don’t really understand about how this system works properly, I really following the updates about this cryptocurrency since It has been really trending lately especially during the COVID where it has NFT related with it and also there are many countries supporting cryptocurrencies as their legal payment method across the country. However, I’m still concerning about the security where it really has no company that could take care properly and once it got hacked, it would literally gone without any trace or chargeback. But I still believe, this currency will be improving anytime soon in the future.

[Lauren DeFrancis]

Hi Armani, thank you for providing a thorough overview of digital currencies and highlighting their advantages and disadvantages. Your emphasis on the security and accessibility aspects of cryptocurrencies like Bitcoin and Ethereum is insightful. The mention of potential fraud due to limited regulation is a valid concern. It’s interesting to hear your positive experience with Apple Pay, especially how its security features and convience adds to your daily life. The digital nature of Apple Pay indeed offers a transparent record aiding in effective budgeting and financial tracking. It’s great seeing technology shaping our financial decisions and providing valuable tools for financial management.

[David]

Hello Armani, I love the topic of cryptocurrencies and I hope to start using Apple Pay. It is a good idea to have the outputs recorded with details. I keep them written in a notebook. One of the things I like is that, as you mentioned decentralization, however, there is fake news or truths. They have a great important effect. I remember not more than 2 months ago that a magazine published an article about SEC approval and in 2 minutes it increased by about 7000, so despite being decentralized, it can also be manipulated.

[Jessica Munoz]

Hi Armani,

I really enjoyed reading your post, I have heard about cryptocurrency before but never really paid attention to it. Reading your post gave me knowledge about something really cool. It’s interesting that there is another side of money.

[Lina]

I think that cryptocurrency is a pretty smart idea and most of the time safe when sending transactions. People often use it for bigger purchases I believe but it does fluctuate a bit which causes inconsistency.

[Darryl Gunawan]

1. I’m taking a chance to share about Venmo where it is becoming quite famous nowadays. Venmo is a digital wallet and also payment method that allows the users to send and receive seamlessly through an app. It works by linking many various options to deposit and it enables the wallet to do the transactions between users.
2. The advantages of Venmo are many kinds. It is convenience and extremely fast from end-to-end process. Its benefits for the users to split the bills among each other, paying back to other person, or even making small transaction without requiring physical cash method as a payment. It also provides detailed information that can be sent together along with the transactions.
3. However, there are also some disadvantages nor risks by using this system. The main concern is privacy issue throughout the transaction. Since it is already became the agreement between users, sometimes it risks the user to some data leaks. Secondly, from security sides, any online platform can be a subject of hacking or fraud activities in any ways.
4. In my opinion, I do use Venmo as an option of payment method. However, I’m still taking some cautions in order to avoid the hacking concerns, I ensure my account has 2FA (two-factor authentication) turned on and also check my balance statement on a daily basis just in case there is any illegal activities occurred.

[David]

Hi Darryl Gunawan, I didn’t know about this Venmo wallet. Would it be like a Coinbase wallet or is it different? However, I think that security is something very important. I couldn’t sleep peacefully knowing that one day my money would be there and the next day it was not. What could be the advantages that Venmo Wallet offers compared to other types of wallets?

[Juaddy Lajara]

Hi Darryl,

I agree completely with how much of a national phenomenon Venmo has become. It’s easy accessibility and facilitation has made our financial lives much simpler. As you mentioned the only thing that is kind of a red flag are the privacy concerns. I have dealt many times in the past with data leaks and it sometimes does not end well. Besides that I think it is something that will continue to grow and with minor improvements it can substantially become something greater.

[Muhammed]

Hey Darryl, Venmo has some great features I don’t use it personally but I have heard about it. I use Apple Pay and Cash App but these digital wallets don’t offer all of the same benefits as Venmo. I like that you are staying vigilant in this digital age where cyber crimes are running rampant. I also use two-factor authentication to protect my accounts and I am always monitoring my activities. There are a lot of benefits to using virtual currencies but nothing comes without its risks.

[Raymond Fleming]

I’ll speak from personal experience with my use crypto currency. I remember hearing about this idea of being able to pay with the use of a secret code, a link, or an image similar to a Qr code. No physical cash transaction, no trace on any banking or federal platforms. This decentralized structure is perfect for those who want to keep their anonymity, or just their finances private. Unlike wall street, the crypto market is 24hrs 7 days a week. It doesn’t turn off, people don’t go home and come back tomorrow. You can purchase shares of a coin, sit back and hope the company rises to earn a profit. Or, you can transfer money into a digital wallet, and use that as a method of payment exclusively. The ability to transfer funds in real-time back and forth to your bank or debit card is a major plus for me also. Now keep in mind this is decentralized secure network that operates using blockchain technology. However, If you make a mistake on a specific digital wallet address that your sending coins to, that transaction is final and your money is gone!

As a consumer, I always prefer using cash in person. I rarely use any other form of payment besides this unless I’m ordering something online. When I order something online, I use a credit card for my payments. By using a credit card, I can earn points, and travel discounts on my purchases. If there is any questionable transactions that I’m unaware of, I can report it to my credit card company and they will remove the charge or investigate.

[Lauren DeFrancis]

Raymond, thank you for sharing your insightful perspective on cryptocurrency. It is fascinating to hear about your firsthand experience with the decentralized nature and privacy features of crypto transactions. The 24/7 availability and real-time fund transfers seem like strong advantages. Your cautious approach, preferring cash for in person transactions and using a credit card for online purchases, shows a consideration of security and asses benefits like points and travel discounts. It’s interesting how individuals navigate between unique features of different payment methods based on their preferences and needs.

[Darius Burton]

Cryptocurrency being untraceable makes it great for hiding your purchases private.

[Lauren DeFrancis]

1. I researched a mobile payment system. Apple Pay. Because I quite literally use it every day. Apple Pay is a system that uses Near Field Technology, which enables contactless pay. Users link their credit or debit cards to their mobile wallets and transactions are completed by tapping the device on a compatible terminal.
2. Mobile payments offer convince and speed. Users can make transactions without using a physical card or cash. Many mobile payment systems incorporate extra authentication when making a purchase for added security.
3. One disadvantage is being reliant on technology. There have been times where I go into a store or restaurant order something and then when it’s time to pay its cash only. Even if your phone dies or malfunctions, it could delay or impede the ability to make payments. Data and privacy security is another concern. Though there are advancements in encryption to address these issues.
4. Personally I use Apple Pay for the convenience. I like the ease of transactions but try to stay mindful of the security aspect. To decrease the risk I regularly update my phone and use authentication, like Face ID or my password. I also monitor my transaction history for any false charges.

[Karim Badri]

Being reliant on technology can definitely be a disadvantage but it’s also us as humans adapting to the world around us. Technology is evolving and growing at a rate that most people can’t comprehend and we need to keep up as best we can. In that same vain, using technology to make our purchases rather than physical cash has become a norm in our everyday lives. We don’t see it as an alternative form of payment most of the time but as a primary form.

[Raymond Fleming]

Lauren, I now further understand the convenience of Apple Pay. If I had an Iphone, I would use it for my NFC payments. It’s interesting that by you speaking of Apple Pay, makes me want to use it over Samsung pay. Sounds strange, however your description of usage actually sells the service to me. The only drawback as noted would be loss of service in some areas. Other than that I would pick this as an alternate method of payment also. The use of this contactless method of payment should be monitored daily as you said, to avoid any payments that may have went to someone else!

[David]

1. I chose cryptocurrencies or digital currencies as a form of payment and to preserve their value, as we know, our money, thanks to inflation, is worth less and less. Cryptocurrencies work with a system we know as blockchain. In which complex mathematical problems are solved using computers The biggest cryptocurrency in the crypto world is bitcoin And just as a fact since the beginning of the year it has increased by 120%, I personally prefer to have my money in cryptocurrency than in cash.
2. The first advantage that he observed in digital currencies is that thanks to the fact that they are accepted in many places, we do not lose purchasing power when using them in other countries. In my case, I go to El Salvador, which by the way is the first country to adopt Bitcoin as a currency. legal use in a country Returning to the topic in El Salvador, I take out my money at the ATMs like a normal bank without losing value. It is a decentralized currency which means that it is not governed by a country or a person, It evades inflation from my experience, I can say that the market can be influenced by false news. The transaction is very fast and can reach the other part of the world in a couple of seconds. Another advantage is that we can frequently know its value and it is very secure. Thanks to the trust that It has digital currencies, especially Bitcoin and Ethereum.
3. I would not say that there is a risk, the profit is how low it is bought. But if I think that there is a problem when there is no education and all the money is invested and then we need to use it there may be big losses so it is good to diversify like having an emergency fund from which we can choose to use it. In one case the market is lower than what we bought.
4. Yes, I use debit cards and digital wallets. Personally, I have no doubts about how they work. I have learned a lot by watching videos on YouTube and reading. However, if I had any doubts, which of course always appear, Educating myself is the best thing I can do, whether by reading or watching videos.

• This reply was modified 1 year, 4 months ago by David.

[Jessica Munoz]

Nowadays most stores you go to will have “tap payment”, which could include just tapping your car or using any form of mobile payment. For example, apple pay, google pay, even after pay or pay pall, and I believe even cash app. These forms of payments give you the opportunity to not have a physical with you for the payment.

“Contactless Payment allows customers to make payments, without using cash or swiping the card. The customers must ‘Tap’ or ‘Wave’ their card over a card-reader to use this method. After that, the terminal will connect with the Bank Account and the payment will be made, quickly.”

If you have a Samsung or an iPhone, you have the ability to add as many cards as possible to your Phones wallet. You can add your debit, credit and even gift cards to your online wallet, to use when you don’t have your physical cards with you. This can be considered as an advantage.

For Instance, let’s say you were rushing to leave the house and sis does not have the chance to get your wallet, with apple/google pay you would already have your cars on your phone. This also works if you’re ordering something online.

Personally, I use Apple pay as a different form of payment. Most of the time I don’t really carry my wallet when I go out to crowded places. So, apple pay really comes in handy when I want to buy something, and I don’t have my wallet or cash. A pro for having apple pay is that for security apple pay is programed to change the last 4 numbers of your card so no information is stollen. “Apple Pay is designed with your security and privacy in mind, making it a simpler and more secure way to pay than using your physical credit, debit, and prepaid cards. Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions. In addition, to use Apple Pay, you must have a passcode set on your device and, optionally, Face ID or Touch ID.

 

 

“Apple Pay security and privacy overview.” Apple Support, 18 September 2023, https://support.apple.com/en-us/HT203027. Accessed 26 September 2023.

“What is Contactless Payment? How It Works?” ICICI Bank, https://www.icicibank.com/blogs/credit-card/what-is-contactless-payments. Accessed 26 September 2023.

[Gabrielle]

I didn’t realize that Apple Pay changed the last 4 digits on your card. That’s actually pretty helpful. I recently started using Apple Pay and I can agree that its very convenient. Having the ability to pay with your phone is very handy in situations like leaving your wallet at home or going into places with high activity. I feel the creation tap payments as a whole was a pivotal moment in terms of where we are going as a society.

 

[Janet Amendano]

Hi, Jessica

It’s obvious that electronic payment systems like Apple Pay, Google Pay, Samsung Pay, and other have completely changed how people conduct business. You make some good points about the benefits of these payment methods, particularly their security and convenience.

[Gabrielle]

1. I chose to explore epayments. An epayment is simply an electronic way of transferring funds. Examples of this include debit cards, apple pay, and digital wallets. As an alternative, epayments make payments happen in seconds. These examples are all connected to your bank account, making for a seamless transaction (if you have the money of course).
2. Epayments have many advantages. Considering the pandemic, epayments are utilized more due to their contactless use. I remember when certain stores outright refused to take cash. Using epayments open up the possibility of using direct deposit. Being directly connected to your bank accounts, you can have your money deposited into your account rather than going into the office and getting a check to deposit at your bank. Epayments definitely provide a more convenient option for sending and receiving money.
3. Having these epayment methods come with a risk however, as personal information on the internet is leaked on a daily basis. I’d say this is really the only risk, other than the possibility of overspending due to the simplicity of contactless payment.
4. I personally love my debit card as an epayment. The tap to pay feature is so satisfying to me! And it’s so convenient. Personally, I’ve had an encounter with scammers. Fortunately they didn’t cause any damage, and I was able to get the situation under control with help from my mom and my bank. A huge part of it is how easy it is to get your info leaked online, especially considering how we’re in the midst of a transition into the digital world. Going forward, I’ve become more attentive to where I put my information and the types of job offers or opportunities I receive online. This has helped tremendously, as I can recognize the red flags of a scam.

[Karim Badri]

I resonate with the part where you said that it’s easy to get your info leaked online. I’ve had multiple situations where I had to change my card and call up my bank because of scammers getting access to my info and making purchases that I would have never made for myself. Thankfully though, it’s fairly easy to get it under control as long as you catch it quickly enough.

[Bryan Teutle]

Hi Gabrielle, I think epayments are some of the most convenient forms of alternative currency that I use apart from google pay. While it does seem riskier as there it is less secure compared to apple and google pay, it is still fast to send money to friends or family when I need to. I also separate my alternate currencies for paying in stores and food places to use google pay and for anything personal I would use an epayment like Zelle or paypal.

[Karim Badri]

1. The easiest and most common alternative form of payment seems to be Apple Pay, based on my research. Using an Apple device, such as an iPhone, you’re able to learn your debit or credit card and pay directly from said device. While you could always just use your actual debit card which has a literal chip installed for the exact same purpose, it also offers the convenience of having one less thing in your pocket to worry about. People are also more likely to lose a paper-thin card that can simply slip out of their pocket compared to a phone which is much denser and allows you to recognize when it’s fallen out.
   2. The easily recognizable advantages are as follows; less clutter in your pockets, a quick way to make your phone and card an interchangeable item, contactless payment, and general convenience.
   3. Just as there are advantages to using Apple Pay, there are also plenty of disadvantages. Off the top of my head, data leaks that allow hackers to gain access to information stored on your iCloud can lead to a slew of security risks. Another is that your ability to make purchases is tied to how much battery life your phone has at any given time. Phone ran out of charge? You’re going to have to go into a public business/establishment and have to ask if you can charge your phone.
   4. I personally prefer to use Apple Pay and my debit card, but I definitely do have concerns about security. Just before writing this post, I checked my Chase account to see what my balance was, only to see that it was in the negatives. Turns out that my nephew got access to my card and bought one year of a subscription service called “Game Pass Ultimate” without asking me first. I had to get on a call with a Chase employee and explain the situation to them, and they got back to me to say that they’ll see what they can do.

[Gabrielle]

I mentioned this elsewhere, that I had just started using Apple Pay not too long ago. My experience has been seamless, but I never took into account how iCloud still has the possibility of getting hacked. Information leaks happen on a consistent basis, and that’s one of my main concerns with having my information stored somewhere that could get hacked faster than I can say okay. Security isn’t too much of an issue if you’re careful, but it is insane how quickly situations like that can escalate.

[Muhammed]

EFT  or Electric Fund Transfer is one of the most advanced payment alternatives that is available to us today. It’s an electric payment method that transfers money from one bank account to another. There are lots of benefits to this and one of the biggest ones that mean the most to me is the direct deposit. EFT allows us to receive our paychecks directly into our bank accounts, it lets us pay our bills from the comfort of our homes without having to take a trip down to a Western Union, and it’s convenient for sending money to family and friends through Zelle. These are some of the many benefits of EFT.

EFT is a safe and reliable method of payment but nothing comes without risks. Since it is an electronic method there is always a chance of there being some technical issues and vulnerabilities when it comes to your info being secure. As a consumer I understand this and try to mitigate it by ensuring that I am using a strong password and changing it every so often, keeping all my devices up to date, I monitor my accounts to make sure everything looks normal and I have my notifications turned on so that my bank can notify me if anythings wrong. Thankfully there are legal frameworks in play that will provide assistance in recovering your money in the case of a security breach.

[Darryl Gunawan]

Hi Muhammed,

Thank you for sharing about the EFT. However, I just still don’t get it about how it actually defines since you had mentioned about receiving paycheck directly into our bank and also you mentioned Zelle in the meantime. Are all of them counted as part of EFT? Since I also used Zelle due to its convenience that connecting all of the users in the US from any banks to directly send the money through online. It is still amazed me sometimes about how the banking system in the US works in the making it became so seamlessly that is sometimes impossible to be happened in the other countries. However, I still considering everything that has human involved in it would get some risks even though the percentage is really low. Because human error is totally normal in the society nowadays. But really, EFT based on your explanation really shared the basic idea about it.

[Bridget]

The alternative payment I decided to go with is digital wallet such as Apple Pay, Google pay and Samsung pay. This is a super easy form to connect all your cards onto a phone either iPhones or Android. This is an alternative for your cards. The process is very simple all you do is go onto your wallet on your phone and put your phone passcode or Face ID then you tap your device on the card reader machine from the store to pay.

There’s so many advantages of having digital wallet cards on your device. Carry less items with you, incase you forget your cash or cards you still have your phone as a form of payment. you can also track all purchases on your phone every transaction will be stored including date, time and the amount.

Some disadvantages are forgetting your phone, losing your phone , your phone dies, The CVC from your card info can mistakenly get erased from your phone. People can hack onto your phone have access to your cards.

As a consumer myself I use Apple Pay all the time its very convenient for me since its quick and easy instead of reach for my wallet and pulling cash out or my cards its so simple for me. What like about it is that I can archive all my purchases in case I need to go back to them in the future.

 

[Janet Amendano]

1. I’ve been using a digital wallet such as apple wallet as an alternative payment method for years. This makes it easy  for me  to use my phone to pay for things like grocerices and transportation. It’s also one of the fastest methods to access money and keep track of the items I’ve paid for. Making payment is a simple and convenient with digital  wallets. You no longer have need to carry cash or a physical card because people can keep several cards and payment methods in one app.
2. Digital wallet has many advantages one of them is the sercuity function.  It allows you to press on it to get access to your Face ID, Touch ID and passcode and acts as a sheild from it also provides you with a notification on your phone that displays the items you purchased that day and the amount of the price.
3. The disadvantages are the fact that Apple wallet is limited to users with Apple device such as those with computers or iPhone is one of its drawbacks. Hackers in particular could be able to access your data and locate your card information. there’s a chance where you can run a risk and lose all your card information.
4. Apple Pay is an absolutely secure app that tracks information and notifies you when your payment is approved . You can always get in touch with the company if you’re unsure about the purchase and the hacker won’t have easy access to your personal information.

[Jessica Munoz]

Hi Janet,

yes, apple has become a part of my lifestyle because of how much I use it. The only inconvenience I have with apple pay is when I go to a store that does not have “Contactless payment” such as Walmart. Because I got to use to Apple Pay, now when I go to Walmart, I have to remind myself to take my wallet with me.

 

[Bryan Teutle]

Hi Janet, when it comes to digital wallets, it has become the most convenient feature around. I sometimes use google pay instead of apple pay but it still works the same way. The disadvantage of hackers is very small as these companies try their best to secure our data to insure it doesn’t happen.

[Lina]

Oh woah, I did not know that hackers can access our information when linked to Apple Pay, I think that’s one of my parents bigger concerns with Apple Pay but I personally feel pretty safe.

[Matthew Edwards]

The alternative form of payment that i had researched is Apple pay, it is a secure digital wallet that make people pay in stores and online on their apple devices. The advantages of this form of payment is that you no longer need to carry money in your pocket and in your wallet and also eliminate the risk of losing money by it falling out. The disadvantage of apple pay is that only apple devices can access apple pay and not all merchants accept apple pay. The other form of cash alternative i have used was cash app but i prefer apple pay because it is more easier to access.

 

[Bryan Teutle]

Something I use from sometimes as an alternative to cash is google wallet. It is convenient to use in other apps on my phone or even pay with at stores with contactless payment. The main advantage to me about having the google wallet is to always be ready to buy something in case it is last min or I forgot to bring my card on me. However, the disadvantage to this is the type of security it has as it is ultimately linked to my google account. If my email would be somehow taken, it would mean exposing a lot of my information along with my google wallet. I don’t feel like it is too threatened since google does its best to come up with counter measures to insure that a google account can remain as secure as possible. There is also the possibility of entering a store that still only accepts cash and I would rather carry cash in any case in order to avoid that situation and use google wallet as least as possible instead.

[Juaddy Lajara]

Hi Bryan,

Google wallet as an alternative to cash is one that I really trust and enjoy using. Being that it is a Google product and Google is a multi billion dollar company it gives us users the security to know that our money is safe. Like I stated in my own response it gives the benefit of not having to walk around with my own wallet nor card and just have everything on my phone.

[Raymond Fleming]

Bryan, I also use Google Wallet for payments online. Many online retailers offer this option to pay, and it’s convenient if you don’t have your card present. By logging into my Google account, I can access my credit/debit cards on file. I can be at a completely different computer login to my Google account, then pay for my goods or services. I believe this option is just as secure as any other alternative forms of payment. In terms of NFC usage, Google Wallet would be my choice if I ever used this payment option.

[Nanyamka Mead]

In my research, I explored the concept of digital currencies, with a specific focus on Bitcoin. Bitcoin is a decentralized form of virtual currency that operates on a peer-to-peer network, allowing users to make transactions directly without the need for intermediaries like banks. The currency is generated through a process called mining, where powerful computers solve complex mathematical problems.

Bitcoin operates on a decentralized network, meaning it is not controlled by any central authority or government. This decentralization provides users with more control over their funds and reduces the risk of government interference or manipulation. Bitcoin transactions can be conducted globally without the need for currency conversions. This makes it particularly advantageous for international transactions, eliminating the need for traditional banking systems

As a consumer, I have used digital payment alternatives, including cryptocurrencies like Bitcoin, for certain transactions. While I appreciate the advantages of decentralization and global accessibility, I do have concerns about the volatility of these currencies. To mitigate risks, I carefully choose when and where to use digital currencies and ensure the security of my digital wallets through robust authentication methods.

[Janet Amendano]

Hi Nanyamka,

Your personal experience as a consumer using digital currencies like Bitcoin for specific transactions is a practical approach that many adopt.

[Nanyamka Mead]

Brian, it’s interesting to hear about your experience using Google Wallet as a cash alternative. The convenience it offers, especially with contactless payments, seems to align with the growing trend of making transactions seamless and quick.

I completely understand your concern about the security of Google Wallet, as it is linked to your Google account. It’s crucial to be cautious about potential vulnerabilities, and it’s reassuring that Google employs security measures to safeguard user accounts. Utilizing strong authentication methods and keeping your email secure indeed play a pivotal role in ensuring the safety of your information.

Your point about the possibility of entering a store that only accepts cash is valid. Despite the rise of digital payment methods, some establishments might still operate on a cash-only basis. Carrying a small amount of cash as a backup is a smart approach to handle such situations.

It’s fascinating to observe how technology has transformed the way we handle transactions, and your insights into using Google Wallet provide a glimpse into the practical aspects and considerations of adopting cash alternatives. Have you encountered any specific situations where using Google Wallet significantly enhanced your purchasing experience, or any challenges you’ve had to navigate?

[Nanyamka Mead]

Thank you gabrielle,

It’s great that you explored epayments, and your focus on the electronic transfer of funds provides valuable insights into the contemporary landscape of financial transactions.

The advantages you highlighted, especially the contactless nature of epayments during the pandemic, resonate with the changing preferences in consumer behavior. The convenience of direct deposit is indeed noteworthy, streamlining the process of receiving funds without the need for physical checks.

Your acknowledgment of the associated risks, particularly the potential exposure of personal information, is crucial. As we embrace the convenience of epayments, safeguarding our data becomes paramount. Your personal encounter with scammers underscores the importance of vigilance and being mindful of where and how we share our information online.

It’s interesting that you have a positive experience with the tap-to-pay feature on your debit card. The simplicity and satisfaction of contactless payments are shared sentiments among many users. Your proactive approach to recognizing and avoiding scams by being attentive to online interactions is commendable.

In your future endeavors, do you foresee any specific developments or improvements in epayment security measures that could address concerns about personal information leakage? Additionally, have you come across any specific resources or tips that you find helpful in staying vigilant against online scams?

 

• This reply was modified 1 year, 4 months ago by Nanyamka Mead.

[Lina]

<li style=”font-weight: 400;” aria-level=”1″><span style=”font-weight: 400;”>The alternative form of payment for cash I’ll be talking about is Apple Pay. Apple Pay is a digital service that allows people to make contactless purchases using iPhones, Apple watches, and other Apple products. This removes physical contact and makes things a lot more convenient.</span>
<li style=”font-weight: 400;” aria-level=”1″><span style=”font-weight: 400;”>Apple Pay has multiple advantages as it is a lot more convenient since people only need to carry their phone around which is already on them at all times. There’s no stressing looking for cash or a physical card. It also has strong security and aids in contactless payment which a lot of people dislike physical contact.</span>
<li style=”font-weight: 400;” aria-level=”1″><span style=”font-weight: 400;”>The disadvantages of Apple Pay is that there are limited places that accept the payment and there are possible extra upcharge fees.</span>
<li style=”font-weight: 400;” aria-level=”1″><span style=”font-weight: 400;”>As a consumer, I only really use Apple Pay and cash. I don’t have concerns with the security of these methods, just fear of having cash stolen at times. However with Apple Pay, my friends can steal and use my phone if they know my password and make purchases with it, not really a big concern of mine though.</span>

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