Ever dread going to the ATM because of the long queue, and wonder if someone might be eyeing your newly withdrawn wad of cash? Ever worried that you would misplace your credit card, and someone would go on a shopping spree online at your expense? You probably had thought to yourself: “If only I didn’t need cash… or cards.”
For consumers, there are many reasons to leave cash and cards at home – we’re highlighting the top four.
The ultimate reason for going cashless or cardless is convenience. No more having to make sure you have enough cash or that you brought your cards. We may wish to leave our wallets when we go out, but no one would choose to leave their phone behind. And all you need these days is really just your phone – you can pay for groceries, go watch a movie, grab a meal, pay for highway toll and parking – you name it – with just a smartphone in hand.
Carrying fewer items could aid physical safety – if a credit card or mobile wallet is compromised, it can be blocked remotely – but your cash once gone is almost impossible to be retrieved. Digital payment is still a safer option and as biometric security is gaining widespread acceptance, there’s no reason to take unnecessary risks with cash.
Online transactions are automatically recorded and easily accessible for reference to help you manage your expenses, budgeting or even income tax filing. There are various apps and tools that can help you analyse your spending patterns and provide insight so you can manage your money better.
With merchants and shopping platforms clamouring to entice online shoppers with discounts, promotions, cashback incentives and reward points redeemable for more products and services, you end up benefiting the most.
Check out our affiliate NexTech at mignextech.co for more information about our cashless/cardless point of sale system or biometric security technology.
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