More and more people are leaving their cash in the bank and using their credit or debit cards for everything. In other words, paper forms of currency are out and digital payments are in. But are cashless transactions feasible and practical? The answer is definitely yes. Here are a few reasons why going cashless is a great idea.
Convenience: You can shop, dine out, fuel up, and pay for your Uber with one small, lightweight card. Consumers and businesses alike benefit from the speed and convenience of electronic and digital payments.
Security: Carrying cash makes you susceptible to theft and the cash is 100% gone and untraceable. If you carry a debit card, it is replaceable and any fraudulent activity is refundable. Therefore, the transition to cashless payment options improves security and reduces risk. Using cards keeps your money safe.
Using EMV chip technology ensures that your account information is protected and your hard-earned money is safe from unauthorized use. And, if for any reason your cards are lost or stolen, you can always block and replace them.
Going Cashless creates disciplined spending: Paying with cards gives you a record of all your transactions, putting you in control of your spending. Using a debit card can also help you avoid debt because you’re only spending what’s in your bank account.
You always have exact change: How many times have you paid cash for an item that costs $5.02 with $6 and got 0.98 cents back? Now all you hear is that jingle in your pocket. If you had used a card, you wouldn’t have this annoying problem.
Rack up rewards: Using cards can help you save money in a number of ways. For example, a cash back credit card will give you cash back on all your purchases with no limits or minimums. How about a card that offers you discounts while you feast with your friends or shop for clothes, shoes, or miscellaneous items? online articles. Who doesn’t like rewards? Card companies always find different ways to reward their customers for using their cards, so why not take advantage of the benefits?
Discounts: Many merchants (online and offline) offer discounts ranging from 2-20% for using a cashless payment method.
Makes it difficult to borrow money: With little or no cash in your pocket, it is very difficult to lend money to those people who are likely to conveniently forget that they even borrowed it.
Do you know what dirty money looks like? From a hygiene point of view, money is absolutely disgusting. Do you know what nasty stuff can accumulate on a dollar bill after several years in circulation?
Buy now and pay later: The arrival of credit cards that allow you to pay in 50-55 days without paying interest is something that cash does not offer. This is a boon for people who deplete their bank account balances.
Lastly, it’s green: Using cashless modes of payment helps keep bills and records electronically, which in turn saves paper and therefore saves a lot of trees.
