Infographic: How new technology is changing the way we make payments

Promoted by Paypal,

Some older stuff is cool. Everyone loves a vintage leather jacket, and classic movies are favorites across generations. But in some cases, old can mean outdated, and when something’s outdated, it’s simply time to upgrade.

Just because something’s always been done one way, doesn’t mean it should stay the same forever – especially if there’s a better option out there.

Payments are no exception to this rule. We’ve always used cash and credit cards, a.k.a. Old Money, but Old Money has its own set of problems – and now, there’s a way to solve them. Enter electronic payment technology, a.k.a. New Money.

Click through the handy interactive infographic below for some of the hard numbers surrounding the benefits of upgrading from Old Money:As you can see, there are a lot of reasons to adopt New Money tech. Not only is it a time-saver, but also it’s less costly. Kind of ironic, isn’t it?

Here are three specific ways electronic payments are changing the game:

1. Peer-to-peer payments are no biggie

Going out to dinner with friends is awesome … until the check comes. That can be a confusing moment for you if you’re all using cash, and your server if you’re splitting the bill with cards. Thankfully, PayPal offers peer-to-peer payment services that let you easily send money directly to your friends’ PayPal accounts. Problem solved.

2. Overseas transactions are simpler

Electronic payment services like PayPal also help with overseas payments. Wire transfers can take a lot of time and effort. Making these transfers electronically makes the process much quicker and more efficient. So now sending money overseas won’t result in these headaches.

3. Faster and more convenient checkouts

PayPal One Touch™ lets you checkout faster and easier than ever before with PayPal. Simply opt-in, and you’ll stay logged-on to any browser, on any device for up to six months. That means on eligible sites, you’ll never have to give out your personal information or remember your PayPal username and password.

So, it’s time to step into the 21st century, and upgrade to New Money.

the article first appeared in the Mashable.com