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, gas up and pay for your Uber with one small, lightweight card. Consumers and businesses all benefit from the speed and convenience of electronic and digital payments.
Security: Carrying cash makes you susceptible to robbery and cash is 100% gone and untraceable. If you carry a debit card it is replaceable and any fraudulent activity is refundable. So, transitioning to cashless payment options enhances security and reduces risk. Utilizing cards keeps your money secured.
The use of EMV chip technology assures your account information is protected and your hard earned money is safe from unauthorized use. And, if for some reason your cards are lost or stole you can always have them blocked and replaced.
Going Cashless creates a disciplined spender: Paying with cards gives you a record of all your transaction, allowing you to monitor your spending. Using a debit card can also prevent debt because you are only spending what you have 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 get.98 cents back. Now all you hear is that jingling in your pocket. If you had used a card, you wouldn’t have this very annoying problem.
Accumulate Rewards: Using cards can help you save money in different ways. For example, a cash back credit card will give you rebates on all your purchases with no caps or minimums. What about a card that gives you rebates while feasting with your friends or shopping for clothes, shoes or misc. items online. Who doesn’t like rewards? Card companies are always finding different ways to reward their customers for using their cards, so why not reap the benefits!
Discounts: Many merchants (online and offline) offer discounts ranging between 2 – 20% for using a cashless form of payment.
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 probably conveniently forget that they even borrowed it.
Do You Know How Dirty Money Is? From a hygiene point of view, money is absolutely filthy. Do you know what nasty stuff can accumulate on a dollar bill after several years in circulation?
Buy Now Pay Later: The arrival of credit cards that allow you to pay after 50-55 days without any interest payment is something that cash doesn’t offer. This is a blessing for people that run down their bank account balances.
Lastly, It’s Green: Using cashless modes of payments helps in maintaining bills and records electronically which in turn saves paper and thus saves a lot of trees.