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Young People Should Get Used To Payment Processors

Following the convergence between finance and technology these days, it's hard to avoid the increasingly common prediction that payment processing systems will soon supplant banks. To be clear, this isn't a sensationalist claim that all of the world's banks will soon dissolve in the face of technology. Rather, they'll just have to adapt, as most of the major ones have already begun to do. In the meantime however, various tech companies are providing apps and online programs that young people in particular increasingly prefer to banking services. If that sounds like a stretch, just consider some of the following points.

Perhaps most strikingly, Square's Cash App - best known for supporting peer-to-peer payments now supports direct deposit for receiving paychecks without a bank. This essentially matches one of the most important services a bank offers, as huge numbers of people opt for direct deposit with their regular paychecks. This can also be handy given that a lot of people who work side jobs or freelance gigs - something increasingly common among young people - secure their payments through processors. Thus, income from a "day job" with direct deposit and income from side gigs can at least theoretically go to the same place.

Multiple payment processors now support their own debit cards as well. This is something that would have sounded incredibly strange just a few years ago. Now though, services like the Cash App, Venmo, and PayPal are offering their own debit cards, such that you can use the balance in your payment processor when conducting in-person transactions, as opposed to only while online. Clearly this too mimics one of the most vital and widely used practices facilitated by ordinary banks. It also solves what can at times be a frustrating problem for people who use payment processors, which is that it can be easy to have a balance sitting unused for far too long.

And then there's the factor of everyday entertainment to consider, which is actually quite significant when you factor in how often we make small purchases to keep ourselves entertained. For instance, chances are when you pay for a new mobile app or game you now do so with a touch of your finger, tapping into Apple Pay or some similar service to permit the transfer of funds. Online casinos have also gotten more approachable from a depositing perspective thanks to the rise of dedicated payment services like PayPal and a few others. Basically there are various day-to-day ways in which we entertain and keep ourselves busy that are just more convenient to pay for via processors than by inputting credit card information and going through a bank account.

Finally, there's also cryptocurrency to consider. Some might think of this as existing in a wholly different category, and that's perfectly fair. There's a legitimate argument to be made that cryptocurrency isn't, in fact, currency. Nevertheless it’s still acceptable as legal tender at some places, and it’s designed specifically to be more secure and more convenient than traditional payment methods. The idea is to make money move as fast as information, and to make paying for goods and services a seamless experience. So on the off chance that cryptocurrency really takes off as something practical and useful, it will also pay to be used to payment processors.