Will Paying Cash for Goods Become Extinct?

 

Over the past few years, there has been a huge shift in the way people spend their money. In the past, the most convenient way was to have cash or perhaps write a cheque. However, cheques were phased out almost entirely in favor or paying by card, and it looks like cash could soon be heading the same way. With the latest development on tap and pay and apps like Google Pay and Apple Pay, it has never been easier to buy something without cash.

Convenience

One of the best things about contactless payments is the convenience of the process. If you are using cash, you might have to go and withdraw the money first, and then after the transaction, you have lots of change filling your pockets or bag. Using a contactless card means all you need to do is tap it on the card device and the process is complete. You may have also now uploaded your cards to mobile phone apps that can replicate the contactless process if they are equipped with an NFC chip. It means you don’t even need to take your card with you, all you need is your mobile phone.

Online Shopping

With the increase in the use of online shopping for many people, there has become a much easier way to get your goods. You can now simply order your products online and have them sent to your door within a day or two. It also means that using cash is not an option, if you always use your card or shop online, you might never use cash for days at a time. Some companies are also now allowing people to browse online and pay for their goods before picking them up in store. It makes it more convenient for shoppers who want their goods right away, but it also eliminates the need for cash. Some coffee shops are also using the same idea.

Safety

Unfortunately, where there is cash, there can sometimes be theft. Although such crimes are not common, there is always the threat of it, especially if you are carrying a lot of money. However, using a digital form of payment is much safer and also traceable if something goes wrong. For example, if you wanted to buy an expensive item, then paying by cash would be a risky move. Not only would you need to carry that amount of cash with you to the store, but if something went wrong, your receipt might not be enough to solve it. It can also be a safer way to shop at home, setting up your computer to be safe online means there is less chance of fraud. However, if you’re using your computer in public, then make sure to shield your screen from prying eyes – as Secure Data Recovery mention, hackers will try and use the oldest method in the book, watching you put in your details over your shoulder.

While cash may still be around for a while, there are signs that its days might be numbered. A recent survey by Lloyds Bank found that many people don’t envisage using cash at all in the next five years. With technology moving on the way it is, this seems like it could be a possibility.

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