Paypal organization

Technology Change in the Monetary Industry
Name
Institutional Affiliation
Date

The evolution of money technology has taken thousands of years to reach where it is today. Traditionally, people transacted through batter trade as communities exchanged what they had with what other communities had. The rise of using common currency is argued by some to be a form of government control and a social phenomenon by others can be traced back to 7th century BC in Asia Mino (Shrier, Canale & Pentland, 2016). The use of currency in various forms has lasted for centuries without significant change. Even today, the mention of money arouses mental images of paper and coins. The concept of money is, however, experiencing a radical change.
The monetary service as experienced through PayPal can be defined as digital money. Shrier, Canale & Pentland define digital money as a concept of funds that are operated in the form of 1s and 0s (Shrier, Canale & Pentland, 2016). Any money that is banked is converted into this form and can then be used as either e-money or mobile money. E-money can be defined as an amount that is the property of an individual but stored electronically in such a way that it can be accepted by a third party for transactions. On the other hand, mobile money is any money that can be transferred through mobile phone platforms.
Generally, both forms of payments have already taken root. E-money in the form of credit cards and application payments is extensively used in the developed countries.

Developing nations are more apt in the use of mobile phone money. There are more people with mobile phone financial accounts in Kenya, Tanzania, and Madagascar than there are people with regular bank accounts (Shrier, Canale & Pentland, 2016). With these technologies in place, it seems that paperless money has reached maturation and is unlikely to change significantly.

References
Shrier, D., Canale, G., & Pentland, A. (2016). Mobile Money & Payments: Technology Trends. Massachusetts: Massachusetts Institute of Technology. Retrieved from https://www.getsmarter.com/career-advice/wp-content/uploads/2017/07/mit_mobile_and_money_payments_report.pdf