Source: http://www.grmtc.com/images/interac.gif
As we enter a new era of technology and modern adaptation of technology we are increasingly dragged in by its attractiveness. Devices such as Debit cards with Interac flash and PayPal ease payment processes and help consumers access material anytime at any place. However the realistic problems such as budgeting arise because the consumers spend more and more on debit and credit purchases rather than using tangible cash which allows them to control their cash expense over a period of a week, a month or even a year.
As a University student, I understand this problem first hand because I deal with similar budgeting problems as I try to balance jobs with my education and spending. Sometimes it is tempting to go to McDonald’s and tap your debit card for a quick purchase, but it ultimately affects you in the long run because it takes away from your monthly or weekly target that you set and try to abide by. I suggest that when spending money through Interac Debit or PayPal, then one way for consumers to keep control of their cash would be to track it via mobile banking service which banks provide as apps on different operating systems. This allows the consumers not only to control their expense but also helps them budget for the following month and set limits on how much they can spend in one day.
Although it is hard to make a judgement on how technology affects different people and I can’t speak for all Canadians, But as a university student I can definitely say that technology such as this has helped me keep track of my spending and has made me much more cautious when spending a certain amount of money.