Making Money through Technology at home

Technology For Business

21st century technology has been inserted covertly into every part of our lives, it is growing more covert and more devious by the day. We no longer or rarely move from one place to another for purchases, or to play a song or to watch a movie or experience another form of entertainment. Since technology is everywhere in our lives, it also helps us make money. How else do we begin talking about this other than showing examples. 

Focus On Skills

With technology, learning new skills or honing already learned and developed skills, perhaps discovering how the skills we already have in other areas can be used for monetization. The acquisition of skills has become extremely efficient and is surrounded by a pressure-less ease. Learn to code in a new programming language, Learn a new spoken language, copywriting, the blockchain and create your own crypto currency. Best of all, a lot of this is offered freely. The variety and magnitude of knowledge available at little to no money is astonishing. Limitless opportunities and so little time.

Your Own Technology-Based Business

Another way of making money using technology is creating your own startup. The age of e-commerce is at its peak and may keep rising in this new Covid-19 influenced world, most people who avoided spending money online before, are now Ebay and Amazon addicts. Selling online gives the seller a freedom that brick and mortar retail stores will never have. The Internet is the storefront and technology takes care of the rest. The benefits are attractive, the greatest being the low startup cost. It is an exciting feeling being able to open a webstore and begin selling worldwide immediately. Having a mobile office is the new norm, managing your store while at the beach or in bed, the kitchen, or anywhere with an Internet connection, a perfect money making process using technology. Using digital products like eBooks and games or music allows you to sell without the need to ship any goods, digital products never run out-of-stock. Read more informative articles: Fungi-based Computers

Social Media

The hottest and most used technology for marketing currently, is social media. Billions of people are using social media daily, this unlimited market is ever growing and evolving. The online marketing of today is mainly fueled by Influencers, people with a massive following on top platforms that relate to their interests. Hard work and good fun at the same time, as an influencer, being a concierge of entertainment can lead to a lucrative lifestyle. Some have managed to remain in constant luxury, private jets, lavish villas in tropical locations while marketing services and products to keep that lifestyle going.

Is it Possible?

Technology can be amazing, the limits are dependent on the will to persist or laziness. For the strong and devoted, the experience can be legendary. Whatever the focus, ensure the principles of business success are allies: Ask empowering questions that map the way forward. How scalable is this venture and will it be worth pursuing long-term? If not, What is the exit strategy once the short-term goal is reached? How can technology be used in the most efficient way for the business?

Create a method that works, stay flexible and be open to new technology that could increase business potential. 

The Wire Transfer Strikes Back

Instant Payments

Next month, November 2020, Brazil’s central bank (the Brazilian equivalent of the Federal Reserve) will unveil its new instant payment system, called PIX. It will feature the ability to send and receive money instantaneously, even if sent from another institution, available every day, at any time, and costing only 0.01 BRL per 10 transactions (that is, it is essentially free).

Instant payments?

Instant payments are exactly what you think they are: everything is processed in mere seconds. You no need to wait minutes or hours to receive a payment to your bank account. And the bureaucracy is also slimmer: you only need one of the recipient’s PIX keys in order to make the transfer.

And Brazil was not the first. Japan pioneered instant payments in 1973 with the Zengin system, and the EU has been implementing it since 2017, with the RT1 and TIPS systems, and some other countries have also implemented similar systems this last decade, such as Mexico and Australia.

So, why does the US not have it already?

It has some similar technologies, but they are not widely implemented.

Since 2017, The Clearing House, one of the largest developers of payment systems in the US, has been implementing the RTP network in order to allow instant transactions. However, it still has not reached complete coverage status, especially in the Midwest.

Apps like Zelle and, most famously, Venmo, provide digital wallets in USD currency which allow users to transfer directly from one another instantaneously. Thanks to recent advances in informational and banking technology, the future of money transfers is looking rather bright.

Even though we are in the information age, and that the 4.0 Industry brings many apps to fill the gaps that traditional industry practice has created, the smartphone age with feature rich apps may not be the entities that will fully implement instant payments and make them widespread. The initiative is coming from the Federal Reserve itself.

Meet FedNow

While Venmo is a great app and has many uses, it also has its flaws. It allows a person to be anonymous, similarly to PayPal, making it easier to fall into scams. Also, it is not intended for B2B use, as it has a $5000 weekly limit for transactions.

Banks, however, are linked to a person’s or company’s identity. The stakes are higher, meaning it is safer to use. Banks also invest much of their earnings into increasing the security of transactions, accounts, credit cards and debit cards.

However, traditional wire transfer methods made them very slow. But now the Federal Reserve is improving it by developing a system called FedNow.

FedNow is an instant payment system designed to be adopted by banks in the entire country. While larger banks already use RTF, this would also give smaller banks access to real-time payments, at any time, at any day. While there are no information about processing fees or other kinds of fees yet, this system is in active development and is expected to launch in 2023 or 2024.