Reasons to stop using cash and ditch paper money
More and more people leave their cash in the bank and use their credit or debit cards for everything. In other words, paper currency forms are out and digital payments are entered. But are cashless transactions feasible and practical? The answer is definitely yes. Here are some reasons why not using cash is a great idea.
Convenience – You can shop, dine out, fuel up, and pay for your Uber with a small, lightweight card. Consumers and businesses 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 that your hard-earned money is safe from unauthorized use. And, if for any reason your cards are lost or stolen, you can always lock and replace them.
Going cashless creates a disciplined spender: Paying with cards gives you a record of all your transactions, allowing you to control your spending. Using a debit card can also avoid debt because you only spend what you have in your bank account.
You always have the exact change: how many times have you paid cash for an item that costs $ 5.02 with $ 6 and you get 98 cents back. Now all you hear is that jingle in your pocket. If you had used a card, you would not have this annoying problem.
Accumulated Rewards: Using cards can help you save money in a number of ways. For example, a cash back credit card will give you refunds on all your purchases with no limits or minimums. How about a card that offers you discounts while you delight with your friends or buy clothes, shoes or miscellaneous? articles online. 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 to 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 probably conveniently forget that they even borrowed it.
Do you know how dirty money is? From a hygiene point of view, money is absolutely dirty. Do you know what nasty things can accumulate on a dollar bill after several years in circulation?
Buy now, pay later: The advent of credit cards that allow you to pay after 50-55 days without any interest payments is something that cash doesn’t offer. This is a boon for people who deplete their bank account balances.
Lastly, it’s eco-friendly – using cashless payment modes helps keep invoices and records electronically, which in turn saves paper and thus saves a lot of trees.
