“Money makes the world go round”. This is a phrase often heard in movies and pop culture, but it’s true! Money allows multiple services to exist, and solves trading problems by having a universal currency. In fact, it is so important that it has become one of the most essential things in life. However, just like many things, it goes through an evolution process. From bartering to coins then paper bills, it evolves alongside human progress. In this age of digital technology, of course money will evolve to a form that is more convenient. Enter cashless payments.
Cashless payments are literally what the name says. These are payments made without using paper bills. Examples of this come in the form of debit cards and credit cards. While these two are not exactly new, many services nowadays use cards instead of bills! For the techie version, cashless payments make use of digital information to process transactions. Internet banking, mobile banking, and mobile wallet apps are great examples of this. In fact, you could say that we have been using these mediums for some time now! Online shopping makes use of this method, and even online donations.
Why should I use Cashless Payments?
In this time of quarantine, the need of a better way to pay for services is more apparent. As such, here are the reasons why I think you should use cashless payments!
- Cashless payments are almost instantaneous. This means that there is no longer a need for you to line up to pay!
- It eliminates the need to carry around a wallet full of cash. This allows you to travel light, while being capable of paying huge prices!
- You can use cashless payments to pay for foreign currency. This skips the process of buying foreign currency altogether, giving you a headstart to enjoy the sights!
- By being able to monitor your money online, it promotes transparency. It can give you a better idea of how you can budget your savings.
Where can I use Cashless Payments?
You can use cashless payments for almost, well, everywhere!
Bills, Taxes, and Insurances
Thanks to its almost instantaneous transaction, you won’t have to worry about being late. This also gives you a breather, as you can avoid the physical effort of going to the nearest bank. These bills include water utility, electrical utility, internet, and telecoms.
You can also go one further and use cashless payments for taxes and insurances! Fortunately, the latter companies have a cashless claim service. Health insurance companies make use of this service the most. By utilizing this service, there will be no longer a need for you to pay in cash to the hospital during an emergency.
Credit Card Payments
There might come a time where you won’t be able to physically pay for your credit card. This can get pretty dangerous, as the longer you put it off, the worse the outcome is. Thankfully, cashless payments also work for credit card payments!
Transportation Fees
Multiple transportation services nowadays use cashless payments. Some bus and train companies make use of cards instead!
Online Shopping
While this one is a no-brainer, this is also one of the biggest assets of cashless payments. Online Shopping allows you to buy things that may not be present to your local mall! It also allows you to find what you are looking for specifically, then easily buy it without having to go to that location. It’s a win-win!
Physical Shopping
If online shopping is not something you can trust, you can use cashless payments for physical shopping instead! Many shops accept debit or credit cards as a mode of payment. Cafes, Groceries, Restaurants, Department Stores, and Supermarkets are examples of these shops.