Impacts of ICT in Banking and Money.

Thanks to the internet and the use of ICT money now has many forms, you can have digital money and real cash money along with the use of your debit or credit card. Banking however gained many advantages with the use of ICT, security was a lot easier, money could be kept safe and withdrawn by the use of cash machines which are almost 100% secure. 

The banks use ICT for a variety of different processes now:

• ETF (Electronic Fund Transfer)
• ATM'S
• Cheque Clearing
• Internet Banking
• Telephone Banking
• EFTPOS (Electronic Payment for Goods)

All of these things are new because of ICT, they were created because of ICT. You can transfer money through the internet, down the phone and you can have your cheques clear on an automated system, all of these things play a great part in the banking industry. 

Although money is easier to handle in cash, you may want to pay a big amount that is just unsafe to carry around, this is why ETF or EFTPOS is useful; carrying a card with all your funds on them with one security pin allows you to simply pass money back and forth and withdraw as much as needed.

Most bills are also paid via the internet or telephone banking nowadays.