Future of Cash Payments

“I don’t carry cash” is starting to become a normal statement many people make in today’s society when trying to purchase or split a bill. The use or practice of carrying cash to make payments is something that is becoming less and less common compared to processing payments digitally. However, with the idea that carrying cash or making payments using this means becoming obsolete, does this also support the overall idea that cash alone may become obsolete soon?

For many, there are various pros of going cashless, chances of theft go down due to not having to carry multiple bills around and having difficulty carrying them, especially when multiple bills can become bulky. Many readers may have questions regarding credit or debit card theft, however, due to systems like Apple Pay or Google Pay, smartphones and services like PayPal allow for digital carrying of debit and credit cards without having the physical card. This solution helps avoid credit or debit card theft. These solutions also make processing payments easier and even contactless. Many businesses adopted POS (point-of-sale) systems where contactless payments are built into the equipment making accepting digital and cash payments possible. Processing payments using debit and credit cards also provide more complete transactions along with a complete record of them, whereas using cash would require keeping physically paper receipts and having to calculate transactions manually. Debit and credit cards also hold many benefits such as cash-back, airline miles, and many other perks.

Outside of debit and credit cards, several cash alternatives may contribute to the obsoletion of cash. Peer-to-peer or money-sharing apps help users send money sometimes instantly to others for purchases or payments. This option often is very helpful to freelancers, small businesses, and/or sole entrepreneurs. Some cons of not using cash include some privacy and security issues when processing payments debit and credit card payments. Many banks and financial institutions have been victims of data breaches and personal accounts getting hacked by scammers taking thousands of dollars from bank accounts. Many businesses have debit or credit card limits for spending, causing many to possibly overspend at some locations to make a small purchase.

For many countries outside of the United States, cash is, or already has, become obsolete in value or printing. Countries like Finland are number one in becoming cashless by 2029, cash usage has declined in both urban and rural spaces. South Korean financial institutions are no longer accepting cash deposits or withdrawals. Officials in the United States are in decisions of whether cash is of value while many support the argument that cash does provide equality to digital payments. For many senior consumers, cash still serves a purpose in helping them make purchases as many may not be as technologically savvy to digital payment services. 

Passfeed provides several business management services with benefits for both business owners and consumers alike. Be sure to explore the online payments system offered by Passfeed to all freelancers, small businesses, and sole entrepreneurs.

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