5 Reasons Money is Out or Not
As Apple Pay, Samsung Pay and other digital pay apps become widely accepted. A lot of institutions are opting in on the digital payment mode. With that said, here are five reasons cash will stay king.
1) Money is public, distributed by a central bank instead of by a private concern. Which means you’re not controlled by a bank when you pay cash. There are no fees to pay using cash.
2) Cash is accepted almost everywhere. You aren’t struck searching for a store that will accept digital payments. Stores that don’t take cash are rare and do so because they chose to.
3) The process is in place and there is no special equipment or processing agreements needed to accept cash.
4) You don’t need to have a bank account. Consumers don’t need a bank account to pay in cash, meaning payments can be accepted in more places.
5) Cash is more private, you are not tracked when using it. You don’t have to be secretive about what you are buying, so that marketers don’t get your buying habits to advertise to you.
5 Reasons Cash might be on it’s way out
Do you still have a wallet in your pocket full of cash. Let’s look at five reason you may not be doing that in the future.
1) Cost. research at Tufts University in September 2013 discovered that the use of cash costs about $200 billion a year in the US. This includes not only carrying the money around, but thing like ATM fees. Also the cost of replacing thousands among thousands of worn out bills every year.
2) People tend to spend more when using digital payments and that is good for the economy. This is also good for merchants, which motivates them to prefer digital payments.
3) Digital payments are cleaner and don’t pass germs and dirt around. The only thing that digital payments are subject to are computer viruses.
4) Digital payments are faster. With the right authenticating system and RFID technology in place you wouldn’t even have to take anything out of your pocket. Like going thru your wallet or waiting for change.
5) Governments are always looking for a way to stop corruption. Counterfeiting and money laundering would become a thing of the past.
So what is your opinion Digital or cash. What works best for you?