How many times has it happened that you need to send money to someone as soon as possible or, even better, you need to receive money from someone but you're really in a hurry? If that person is close to you and has time to meet for a coffee, then great. The cash will quickly be in your hands. However, if you're far apart, the first thing that comes to mind is sending money through a bank. For money to transfer from one bank account to another, it takes, on average, about 24 hours. And then there are the queues at the counter, the crowds, the waiting...
We live in a digital age where we're used to having everything available at a click, in just a few seconds. Everything we can do from the comfort of our home, without going anywhere, is becoming more popular due to its convenience and speed. Numerous websites today also offer online bill payment. Online shops offering online shopping with delivery are also increasingly popular. There are also mobile banking apps that allow us to pay all bills in a few clicks, from the sofa or armchair in our living room. However, no matter how much online payments and digital money become more prevalent, cash (gotovina), whether in paper form or as coins, is still in circulation. People in the Balkans particularly like the feel of cash in their hands, so we still have many cafes, shops, or other service and retail establishments that do not accept card or mobile payments. Now let's return to sending/receiving money and imagine a real-life situation. For example: Jovan needs to go to a cafe that doesn't accept card or mobile payments, and he currently has no cash on him. He can't postpone it because he's taking his new girlfriend Milica out for a drink, and she'll get angry if he cancels. Jovan, of course, has a mobile phone and internet access, but he also uses the Lova mobile app.
What is the Lova mobile app?
The Lova app is a type of digital wallet on your phone. This means you can pay for goods and services by simply scanning a QR code. You don't have to carry a wallet or credit card; instead, you simply make payments with your mobile phone. However, this service won't help our Jovan from the previous story.
Sending Money via the Lova App
With the Lova app you have the option to send money to anyone who has this app installed. So, Jovan calls Milan, his best friend, who uses Lova, for help and asks him to transfer 100 KM to his Lova wallet (just in case, let's make it 100 KM, because Milica might get hungry, and he'll have to pay for dinner too).
Withdrawing Money via the Lova App
In just a few clicks, Milan sends 100 KM to Jovan from his KM wallet within the Lova app. Jovan receives a notification that the money is in his Lova app and chooses to withdraw it via one of the closest cash withdrawal points. The app itself shows you the nearest available cash withdrawal points on a map, so, depending on Jovan's exact location, the money Milan sent him can be in his hands in approximately half an hour from the moment of sending.
Conclusion
Sending and receiving money will always be necessary, whether it's digital money or cash. Technology is advancing, and certainly, year after year, increasing importance is being given to digital money. However, cash is still very much in use, especially in our region. The Lova app allows for the use of both types of money, thus representing a blend of traditional and modern money management.
