Here, I will show you essential reasons for going cashless.
Over the years, the idea of having a cashless society is not far-fetched. In fact, due to its efficiency and transfer speed, a lot of people are transitioning to this system. It may sound scary when you think about the security of your funds. But, different money institutions have adapted to the needs of their customers.
Now that we are in the middle of a pandemic, paying using banknotes may not be a smart move. Going out to pay bills and buy goods is a huge risk.
According to studies, coronavirus lingers to surfaces up to three days. This includes places like grocery stores, remittance centers, banks, ATMs, and even your banknotes. Most businesses are practicing going cashless to lower the risk of infection. This way, you are not only protecting yourself but also business employees.
5 Reasons Why You Should Go Cashless Now
If you are thinking about going cashless, We’ve listed five pros of it and how to get you 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 when you made the transaction, how much was involved, and where you spent it. No need to rely on your memory where your money went. Plus, you get to budget wisely now that you can 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 go to your local remittances center. There are a few money transfer apps out there, so make sure to make research on what specific features you might 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.
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 went through the paper trail. In the unfortunate chance that your card gets stolen, you can call your bank right away and report the incident. Any transactions made using your card will be blocked. No funds will be deducted from your account.
4. Spending perks and discounts
Financial institutions will charge a fee for you to make transactions online. 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 in purchasing 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 up with other businesses so you can get free deliveries, discounted items, and freebies whenever you make a transaction online.
5. No need to line up to pay for bills
If you are a busy person, then you’re going to love this feature. Doing transactions online is more convenient and simple, 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.
Where Do I Start If I Want To Go Cashless?
There are a few pros and cons of 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 access to the internet for you 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 any 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 know your way around going cashless so that you can have more than one option when making transactions.
Infographic created by Clover Network, a contactless card reader provider
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