While many adults still think cash is a normal perpetual phenomenon, many young people consider cash to be obsolete. You can read their opinions about cash on Suomiarvostelut. There are a variety of changes in the banking sector. Most of these changes are catalyzed by technology.
The use of various forms of payment has reduced the circulation of physical cash. As it is, some people think that we could eventually live in a cashless society. Already, people fuel their car and pay using credit cards. Some do groceries and pay through cards. For a long time now, the different payment forms provided have been a better alternative than cash. Even Revolut reviews show that digital banking systems and transfer options are more credible than transactions in cash. Aside from these, the following are the reasons why cash is becoming more obsolete:
- The rise of Electronic Payment Methods: The use of credit and debit cards, peer-to-peer networking, online payment systems, smartphone apps, etc. has made it easy to make financial transactions without cash. As a substitute, many have turned these online payment methods to perform business activities. More so, the COVID-19 pandemic necessitated the use of digital transaction platforms over cash. This has changed the payment behaviors of many people.
- Lack of Security: Unlike having your money secured in a bank, you can easily lose cash. You could be walking on the street, take out your phone, and have a note flying out with it. This makes carrying cash around unsafe as you may lose more money than you can even account for.
- Cash Doesn’t Offer Consumer Protection: If someone possibly hacks your bank account and withdraws your money, your bank can cover your loss. You can even get insurance for your losses. Some banks even offer special purchase protections for their customers. Especially if you’ve made payments through credit cards. All these are to protect your finances.
- Ability to Track Expenses: Making transactions through online payments enables you to track your expenses. Paying for goods and services through cash disallows you to adequately track your expenses because sometimes, there are no receipts. However, digital payment platforms let you keep a detailed account of your expenditure and revenues. You also don’t need to count wads of cash before you make transactions for costly properties. For example, a car.
- There are no Perks and Bonuses for using Cash: Cash doesn’t offer the financial benefits some banks offer. Beyond the security online payment platforms offer, you can enjoy free charges over some transactions and you can even get a discount because you’re using an online payment service for a product.
- Rein in Overspending: Paying through digital means lets you censor your expenses. You are allowed to check your account easily to limit your financial transaction. Through, you get to control yourself and stick to your budget to achieve financial goals.
However, cash is still the medium of primary exchange between the poor. Many still depend on cash, and this has made it an integral part of society.