The Advantages and Disadvantages of Cashless Payments

We live in a world where everything is getting digitized. Money, shopping, communication, and many other things. Two decades ago people were having wallets and pockets full of money ready to be spent. Today, we just have credit cards. Today it is quite rare to see people waiting in queues in front of the bank to take some money. They simply do not do it if they have their credit cards. But is cashless payment a good thing or not? In the following paragraphs, we will present the advantages and disadvantages of cashless payments.

THE ADVANTAGES OF CASHLESS PAYMENTS

There are many advantages of cashless payments. To start with,if you use your cards instead of real money you will be saved from waiting in queues. Firstly, you do not have to go to the bank to take your money. Secondly, if you are in a store, you do not have to waste time counting the money, waiting for your change, etc. In addition, having a card with you instead of real money enables you to never be left without money. Remember the old days when you are at the cashier and you realize that you do not have enough money in your wallet to pay for everything? You do not have to worry about it when you have your card. Finally, your money is protected. The cards usually have codes, and if you lose your wallet or your card, you will not be left without money because the thief needs your code.

THE DISADVANTAGES OF CASHLESS PAYMENTS  

However, there are many disadvantages of cashless payments as well. Even though it is great to never be left without money, by using a credit card you do not actually know how much money you have left on the card. If you go shopping and you pay only with your card, you may lose track of how much money you have spent, and how much money you are left with. In this way you can actually be left without any money at all. It sounds terrifying! However, this can be prevented. You have mobile apps that allow you to track your spending and your account easily. You can always log into the account and check how much money you have on the account. In this way you can not lose track of your spending. However, cashless payment has another disadvantage. If the card gets hacked you may lose all of your money. The cards are protected by codes, however, if someone learns your code and steals your card, they can easily steal all your money. Fortunately, the moment you notice that your card is missing, you can go to the bank, or simply call the bank to block your card. In addition, many banks require a signature every time you withdraw money, which makes it more difficult for thieves to steal it from you.

In our opinion, there are more advantages than disadvantages when it comes to cashless payment. You do not wait in queues, you do not wait for change, you always have all of your money with you.