Ted Bauman: The Rise of Digital Transactions
In one of Ted Bauman’s latest newsletter, the financial expert challenged college students to recall their most recent use of cash for a transaction. The Banyan Hill Publishing editor stands his ground with the message of cash no longer being king. In fact, months and months had passed since the need for cash according to many of the students who took part in this challenge; The majority even stated that the use of cash in most of their instances where to get rid of it. Others stated that they usually keep cash around because certain small businesses only accept cash. However, even this is becoming nonexistent as technology has allowed small businesses owners the opportunity to accept card transactions simply using their phones.
Ted Bauman states that cash was often very convenient; for example, paying for gas often meant that you needed to pre-pay for it. You’de give the gas attendant a twenty dollar bill and collect the remaining amount that you didn’t use. Due to the rise and access of credit and debit cards, an individual can simply swipe and use as much as their card allows with no need to walk into the store.
Check out ideamensch.com to read full interview of Ted Bauman.
Of course, physical cash in the past was also a tactic on spending less, says Ted Bauman. People would often hide cash within their homes or simply put it away as a means to not get tempted to use it while out doing errands. However, Ted Bauman explains that today’s technology has presented people with a variety of online budgeting tools that can do a far better job of keeping us in line with our finances.
However, Ted Bauman warns investors not to believe that just because we’re heading into a mostly digital currency that they should quickly invest into VISA or Mastercard. Ted Bauman states that due to this rise of virtual funds, we are going to rapidly see the emergence of various companies seeking to take advantage of this shift. We’ve already seen the rise of Google Wallet as well as Apple Pay, to name a few. Mr.Bauman does recommend investors look into PayPal as this medium has had an incredible track record of execution and success.