Remember the days when writing a check or making a withdrawal was the only way to access your money? With all of those long lines at the bank, it's no wonder stashing cash beneath the mattress was such a popular option.
Luckily, things got a lot easier when debit cards were introduced. And, even more so, when online banking came into existence.
But, there's another big improvement that's about to take the banking industry by storm. That is, instant payments.
What are "instant payments," exactly? To answer this question, imagine the following scenario: You're out to dinner with friends and the waiter has forgotten to split the bill. There's an awkward moment of silence as everyone considers who'll front the cost and have the other parties repay them. Well, with instant payments, this scenario wouldn't even be that big of a deal. All parties at the table could simply pull out their smartphones and transfer money directly to the person covering the bill.