Beyond Money: Different Payment Methods

Elaborate a mental list of the different ways to make a payment that exist today. You'll probably think of different types of currencies (dollar, pound, euro...), methods (cash, card, mobile, smartwatch...). That's common in our society, but there are many more.

A few weeks ago we explained the origin of money up to the present day, concluding with the potential of virtual currencies. These currencies, like the famous Bitcoin or Ethereum, are based on blockchain technology. In this article, we're going to reflect further and delve deeper into the topic of money. Currently, there are three different ways to pay: with money, with time, and with data. For some, it may come as a reality check, but the truth is we should analyze if our actions align with their real value in order to take appropriate measures regarding what we "spend" unconsciously. Let's analyze it:

• With money: it's the traditional form of payment. It includes buying bread with coins, purchasing a washing machine on Amazon with a card, or paying for a Netflix subscription, for example.
• With time: we all pay with time, although it may not seem like it at first. When we're browsing social media, listening to music on Spotify, or watching TV, we're indirectly paying with time. The time you spend watching ads is paid for by the advertising brands. If you value your time, we recommend cleaning up profiles that don't interest you or limiting the daily time you spend on each social network.
• With data: just by accepting certain types of cookies, you're already paying with data. Examples are varied: using Google apps like Gmail, Drive, or subscribing to a newsletter to receive something "free" in return.

The line between expensive and cheap, between what is paid and what is received, is not as clear as it seems. Additionally, it's common that when paying with data, time is also spent. Innovation in business models means these details go unnoticed by most of their users. Once we're aware of this reality, we begin to focus on the value of things from another perspective. What once gave you satisfaction thinking it was free, now, knowing what we know, you'd probably prefer to pay with money a much higher amount of its value before your data is played with. What kind of money is worth more? Spending hours consuming content on Twitter, Instagram, or TikTok may seem free, but considering your valuable time and the data they take, it's actually very expensive. Also, have you calculated the time it takes to go to an ATM to withdraw cash, or the time spent waiting in line to pay in person? Money in some of its forms, time, and data are very valuable intangible assets. We recommend analyzing the value of each one for you. Did you like this article? Stay tuned for the next one, this time we'll delve deeply into the topic of intangible assets. Is the elimination of cash advisable? If you don't want to miss it, you can follow us on our social networks to stay up to date with all the news from Inversa Academy, and much more! LinkedInTwitterFacebook