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HomeECONOMYFrom notes and coins to paying completely digitally

From notes and coins to paying completely digitally

The development of technology has progressed rapidly in recent decades and this applies on almost all levels. One area that has developed enormously is how to pay for goods and services. From having used banknotes, debit cards and slow bank transfers to pay for goods and services, we are now moving more and more to paying entirely digitally. This is largely because the traditional way of paying is insecure and there is a risk of the money being lost along the way – which cannot happen if you pay completely digitally.

Swish safely

A way to pay digitally that has quickly become popular at, for example, online casinos is to swisha a payment directly to the casino – and thus be able to play immediately without delay. Swish is a Swedish invention that started in 2012 and is a payment method where you download an app and connect it to your bank account and use your mobile number to make transfers or pay. The service is completely free for private individuals and almost 8,000,000 Swedes use it. The money is transferred to the account you want or to the company you want to make a payment in no time – completely safe, fast and smooth. Security is high as you always have to identify yourself through BankID.

As the service is linked to your bank account, it is important to make changes in your swish app if you change banks or the account linked to it. It is also important if you change your mobile number to update it immediately to be able to send and receive money. However, there is a function to protect you from swishing incorrectly – so if you key in a mobile number that is not connected to swish, a warning will appear and you will not be able to make the transfer.

There are also other payment services that you can use at online casinos, such as Simpler and E-wallets.

E-wallets – how do they work?

Another way to pay digitally is to get an e-wallet, which is becoming more and more common and some believe it will become the new way to pay. However, whether the e-wallets will replace cash and cards remains to be seen. Digital wallets are made to be used through your mobile phone and thus make payments more accessible and easy to handle. They use your mobile’s Bluetooth, Wi-Fi or magnetic signals, and it is also required that the place to which you are paying can also read these signals in order for the payment to be completed.

General information about e-wallets

E-wallets are apps that help you hold money, make transactions and track payments on, for example, your mobile phone or tablet. In addition to being able to store all your financial information and transactions in your e-wallet, you can even store ID cards and driver’s licenses on some of the e-wallets. Many e-wallets are included as accessories in a bank’s mobile app – and are then linked directly to your bank account. A major advantage of e-wallets is that they help people in economically underdeveloped parts of the world to be able to use financial services that they may not have been able to use before.

Worth considering

If you are going to play at a casino using Swish or your e-wallet, it is good to make a budget for your gambling and stick to it. Contact Hello Consumer if you need help getting your finances in order and making a budget. More about You can read about the developments that await here.

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