Here, I will outline the key reasons for going cashless.
Over the years, the idea of a cashless society has become less far-fetched. In fact, due to its efficiency and transfer speed, many people are transitioning to this system. It may sound intimidating when you consider the security of your funds. But different money institutions have adapted to the needs of their customers.
Now that we are in the midst of a pandemic, paying with banknotes may not be a wise move. Going out to pay bills and buy goods is a huge risk.
According to studies, the coronavirus can linger on surfaces for up to three days. This includes places like grocery stores, remittance centers, banks, ATMs, and even your banknotes. Most businesses are adopting a cashless approach to reduce the risk of infection. This way, you are not only protecting yourself but also business employees.
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Table of Contents
5 Reasons Why You Should Go Cashless Now
If you’re considering going cashless, we’ve listed five benefits and how to get started.
1. Easier to track your expenses
Keeping track of your everyday expenses can be a tedious job. When you use a financial app or website for your transactions, it records everything, including fees and charges. You can usually see a transaction history on your account.
You’ll see the date of the transaction, the amount involved, and where you spent it. No need to rely on your memory for where your money went. Additionally, you can now budget wisely, thanks to the ability to keep track of everything.
2. It is convenient to transfer and receive funds
A good and reliable money transfer app can help you with this aspect. Whether you need to transfer money to another local account or internationally, you can do this in just a few clicks. Some apps will automatically convert the money you’re sending into different currencies. No need to visit your local remittance center.
There are several money transfer apps available, so be sure to research the specific features you need. Some apps don’t require you to own a debit or credit card. All you need is a working email. Not only can you transfer money to private individuals, but you may also use the funds in your account to pay for different services and goods.
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3. There’s a lower risk for your money to get stolen
Let’s get real. Carrying a few thousand bills can get you a little paranoid. Once it gets stolen, there is a high chance that you won’t be able to retrieve it. If you don’t like carrying a bulky wallet, then having a cashless option will put you at ease.
Most fintech companies are transparent when it comes to where your money goes, thanks to the paper trail. In the unfortunate event that your card is stolen, please contact your bank immediately to report the incident. Any transactions made using your card will be blocked. No funds will be deducted from your account.
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4. Spending perks and discounts
Financial institutions may charge a fee for online transactions. However, there are a few incentives to going cashless. One example is in the form of rebates or cashback. When you use your debit or credit card to purchase an item, you can get back a percentage of the money you spent.
You can also earn points that you can use for your next transactions. Some fintech companies partner with other businesses, allowing you to receive free deliveries, discounted items, and freebies with every online transaction.
5. No need to line up to pay for bills
If you are a busy person, you’ll love this feature. Doing transactions online is more convenient and simpler, compared to going to a payment facility in person. Lining up alone could take a few hours. Contactless payment is a new method that most people enjoy.
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Reasons Why You Should Go Cashless Now: FAQs
Is cashless safe?
Generally, cashless transactions are considered safe. Most systems use robust security measures to protect your information. However, it’s always wise to choose reputable payment providers and practice good cyber hygiene.
What if I don’t have a smartphone?
Many cashless options are available beyond smartphones. Contactless debit and credit cards, as well as prepaid cards, are widely accepted.
Will I be able to use cash everywhere?
While cashless options are on the rise, cash remains a legal tender and is widely accepted. However, some stores, especially those focused on tech or convenience, may be entirely cashless.
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Where Do I Start If I Want To Go Cashless?
There are several pros and cons to adapting to a cashless society. Now that we are adapting to the new normal, going cashless is the best option. It can get a little confusing when it comes to the terms associated with going cashless. However, once you get the hang of it, you’re going to be tech-savvy in no time.
At the very least, you must own a smartphone and have internet access to get started. If you own a debit or credit card, it may be wise to download your bank’s app from the app store. Most banks have this feature now.
However, if you don’t own a card, apps like PayPal and TransferWise will only require you to have a working email to send and receive money. Some apps will only require you to sign up using your phone number.
You see, going cashless is not as complicated as it sounds. It’s better to adapt and become familiar with going cashless, so you have more than one option when making transactions.
Infographic created by Clover Network, a contactless card reader provider.
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About the Author:
Amaya Paucek is a professional with an MBA and practical experience in SEO and digital marketing. She is based in Philippines and specializes in helping businesses achieve their goals using her digital marketing skills. She is a keen observer of the ever-evolving digital landscape and looks forward to making a mark in the digital space.
Christian Schmitz is a professional journalist and editor at SecureBlitz.com. He has a keen eye for the ever-changing cybersecurity industry and is passionate about spreading awareness of the industry's latest trends. Before joining SecureBlitz, Christian worked as a journalist for a local community newspaper in Nuremberg. Through his years of experience, Christian has developed a sharp eye for detail, an acute understanding of the cybersecurity industry, and an unwavering commitment to delivering accurate and up-to-date information.
