Today, many people are opting to leave their cash in banks and use their debit or credit cards to buy and pay for anything. Simply put, paper currency is out, digital payment is in. But the main question now is, are these cashless transactions practical and feasible? The answer is a big YES, and there are several reasons why it is an excellent idea to go cashless.
You can dine out, shop, gas up, or pay for your cab ride with just a single small and lightweight card. Businesses and consumers can benefit from the convenience and speed of digital and electronic payments.
Having a stash of cash with you can make you prone to robbery. Cash, as you know, is 100% untraceable and gone. Debit cards can be replaced, and fraudulent activities are refundable. Opting for cashless payment options can reduce risk and enhance security. Using cards can keep your money safe and secure. In addition, the use of modern EMV chip technology gives you the assurance that your account details are protected, and your money will never be touched by unauthorized use. If your cards end up stolen or lost, you can have them replaced and blocked.
Get Exact Change
Many of you probably paid $6 in cash for something that costs $5.02 and got a change of $0.98. You walk around hearing the coins jingling in your pocket. When you use a card, there is no need for you to experience this annoying problem.
Become a Disciplined Spender
When you pay with cards, you can get a record of all the transactions you make, giving you a chance to monitor your spending habit. The use of a debit card also prevents debt since you will only spend what your bank account contains.
Many offline and online merchants offer discounts which range from 2 to 20 percent when the consumer uses a cashless form of payment.
The use of cards will also help you in saving money in various ways. For instance, cash back credit cards can give you rebates on the purchases you make with no minimums or caps. What about cards that give you rebates while you feast with your family or shop for shoes, clothes, and other items online? Who doesn’t love rewards? Card companies find different ways to give back to their customers who use their cards so make sure you reap all these benefits.
Borrowing Money is Made Difficult
When there is little or no cash in your wallet, it can be very hard to lend money to people who might only conveniently forget about borrowing it in the first place.
The last but not the least, the use of cashless modes of payments can help maintain records and bills electronically. This can then save paper, which thus saves lots of trees in the process.
Going cashless today can offer extreme convenience to your life. You can avoid any frivolous spending and budgeting is also made easy. As the economy goes digital, now is the time to say goodbye to cash.