The technological evolution is nothing short of incredible. We’ve found and created opportunities that will help us live in a much safer and secure world and one of the changes we’ve seen happening is going cashless. The convenience of not having to stop by the ATM to take out cash and carry it around is undeniable. Time and time again, we’ve seen the impact of living in a cashless society. Whether it’s shopping at your favorite place, or stopping by a petrol pump, carrying extra cash around is the least of our worries now.
However, with that said, adopting a digitally-accelerated lifestyle has us questioning the safety and security of using cards and mobile payments for transactions. Going cashless can be a bit tricky for some too. So, is it really worth going cashless in today’s time? Let’s weigh out the pros and cons to understand this better!
Going Cashless – The Pros
One of the biggest benefits of going cashless is the reassurance we have of not needing any tangible money to pay. With just a single tap or click we can access our bank accounts! All you need is your smartphone or credit/debit card to make payments and you’re good to go! A few other benefits of going cashless are listed below:
- Computerized Paper Trails
We all love exciting action thrillers, don’t we? One thing you may have noticed in movies that involve drugs and landlords is the way how drug dealers only accept cash. You will never see someone make online payments in exchange for drugs. Why is that? Because digital transactions are easily traceable. The trail of money is easy to track when a transaction has happened at the exact date and time. That’s not the case with cash. There are zero records of any transaction taking place at all. There’s no trail of money to track, which is why the probability of tax evasion, money laundering, illegal gambling, and monetary fraud happening is high.
Cashless transactions make it easy to identify the paper trail and source of money, so you’re reassured about the safety of every payment you make. Every transaction is recorded and stored with automatic paper trails.
- Reduced Risks
When you carry cash, you put yourself in a vulnerable position and come off as an easy target for criminals. If your money gets stolen, it’s impossible to track and identify who took your money because there’s no paper trail involved. However, going cashless reduces that risk. Not only are digital payments safe and secure, but it’s also easy to block a credit card remotely when it’s stolen, eliminating any chance of the criminals getting access to your money.
- Straight Forward International Payments
Travelers benefit the most from cashless transactions. Losing cash on your trip is one of the most frustrating things that can happen when you’re traveling. Each country has its own preferred modes of payment which support safe and secure international payments. You don’t have to carry a ton of cash to exchange currencies. You just need a credit card or mobile wallet to make payments.
- Simplified Cash Management
Managing and sorting cash is difficult when you have stacks of cash. It’s inconvenient. But thankfully we’re living in a time where we have access to resources that can manage, handle, and protect our money for us. Cash management has become so much easier but requires money, effort, and time too. You need to fish for the right resources that you can trust with your money. Sorting out your money and categorizing your spending isn’t easy whether it’s as simple as paying for an internet plan or paying rent.
With cashless transactions, you can manage, sort, and handle it all from a single app. Your credit score, funding, investments, all of it, can easily be managed by finding a trustworthy app that can link all your bank accounts together and do the dirty work for you. You can easily download some of the best cash management apps with a fiber internet connection! Hargray offers the best speeds, so getting in touch with Hargray customer service will surely help you!
- Limited Spending
If you are someone who struggles with saving money, go cashless and see how it works for you! You can track your spending more carefully because every digital transaction is recorded and stored. You can create a budget and make sure you stick to it when you understand your purchasing patterns. Cashless transactions help you learn where all your money is going so you can control and limit your budget effectively. There are a ton of tools that will help you understand your habits and spending patterns to provide a better understanding of what your next financial step should be. Cashless transactions ensure controlled spending and smarter investments.
- More Discounts
Your credit/debit cards and mobile wallets can help you make the most of multiple services with discounts. From healthcare, restaurants and cafes to travel services, retail stores and lifestyle services, you can make the most of special promos and discounts on digital payments. It also lets you save up a lot of money!
Going Cashless – The cons
There are pros and cons to every concept. It all comes down to your perspective. Everyone is concerned about the safety and security of their finances, data, and information, living in this digital day and age. We’ve listed down a few more reasons why going cashless isn’t the perfect choice.
Everyone uses the internet for various purposes, however, this opens up a huge window of opportunity for hackers to find information on you and hack your data. Your bank accounts can be hacked, limiting your privacy and draining your savings.
- Privacy Concerns
Cashless transactions sacrifice privacy. Cash payments cannot be tracked due to the lack of a paper trail. Digital transactions can easily be tracked with all your card and security details floating around, which makes you an easy target for hackers and cybercriminals.
- Technical Issues
Digital payments rely heavily on access to stable tech equipment and servers. That means you must be ready to face any technical errors, glitches, and mistakes that can occur during the transaction. Worst case scenario is that you cannot access your bank accounts and have no money to pay for anything.
To Wrap It Up
Going cashless offers convenience, ease, and support; however, it also poses a security risk and puts you in a vulnerable spot in this digital landscape. The use of cash is slowly being eliminated, but it’s impossible to get rid of it for good.