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The Role of Cash App and Other P2P Apps In Digitalisation of Currency

The Role of Cash App and Other P2P Apps In Digitalisation of Currency

Given the pace at which the real-world technology is developing, I think we can all agree that at one point most of our day to day activities will be carried out digitally. One such digitalization that will reshape the world will be of that of money. 

Money, as we know it, is already becoming a part of the digital trend. While it would be quite far-fetched to assume that the entirety of currency will be replaced with electronic money any time soon, peer-to-peer payment apps have played a vital role in bringing money to the internet, which could be seen as a stepping stone towards a digital future.

P2P and Digitalisation

CashApp and other P2P payments apps facilitate instantaneous money transfer in a way that was previously impossible. The fact that you can send, receive, make payments, and purchase almost anything online using money directly from your bank account gives a sense of what the future has in store for us. 

The primary aim behind the integration of apps and online systems to do transactions is to have a cashless economy. When more and more people start using P2P payment apps to do most of their transactions, the need for hard cash diminishes. Nevertheless, for a cashless economy to succeed and thrive, the governments must ensure that everyone has basic how-to knowledge of online transactions. 

Also Read:- Top Business Startup Ideas

The Inclusion of Cryptocurrency

Another important aspect to consider in the digitalization of money is the separation of money from nations. This is where cryptocurrencies like Bitcoin come in. The whole idea behind cryptocurrencies is that currency should be denationalized. Cryptocurrencies can be bought online and can be used to make a number of payments. Although not widely used, cryptocurrencies could potentially be the future of money as we know it. Since the addition of Bitcoin support on Cash App it has seen a massive jump in its market share over other P2P competitors.

It is both digital and independent of any ties. P2P apps such as CashApp also allows purchase and transfers of Bitcoin, making them the go-to app when it comes to a world run on cryptocurrencies. 

Also Read:- Which is the best cryptocurrency for mining 2020- Beginners Guide

The Features P2P Apps Offer

One of the best features that P2P apps offer is security. Although a little skepticism is required while accessing online platforms for money transactions, technology has developed to offer end-to-end encryption and security for its users. Moreover, the fact that all your data is stored in the clouds assures its safety and security. 

P2P payment apps are also highly convenient and easy to follow. These apps are designed with user’s ease and comfortability in mind and have an interactive and configurable user interface, which further instills a sense of trust among users. 

CashApp, Venmo, and other payment apps have also proven to be widely beneficial for its users to manage their finances, especially in these trying times of a pandemic. Thanks to P2P apps, despite the social distancing norms and lockdowns, online businesses have been able to hold their own with the help of online transactions and money exchange. 

There is a long stretch of time before money becomes wholly digital or takes any abstract form. However, the surge in technology and P2P apps could very well serve as a stepping stone for such digitalization to occur. 

Author Biography.

Shahid Ibrahim
Shahid Ibrahim

Content Writer

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