The world is going cash-free. Here’s why you should too.
Let’s be pragmatic, handing over a wad of paper bills and coins to a reluctant cashier is not only unsanitary, it also slows down the transaction process. The best solution to this problem is to go Cash-free. Every aspect of our daily lives is going through drastic shifts thanks to the digital revolution of the modern era. The finance industry is one of the fields affected most by digitalisation, and inevitably, the way people use their wallets and cards are undergoing significant changes. While it’s not quite time to consign your bank notes to the scrapheap, it is worth taking a look at how your own spending behaviour has changed, and how you can embrace the ‘new normal’ of spending.
Mobile payments via digital wallets are becoming more prevalent as consumers have become increasingly comfortable with the technology, and as more merchants offered terminals that accept mobile payments from devices at the point of sale. With COVID-19, of course, contactless payments are even more appreciated.
The QR code, Phone Number, PayID and other gateways are finding favour among many consumers. In 2020, a survey by research firm Capterra found that 55 per cent of Australians were comfortable with the idea of a completely cashless society and it looks like this number will increase with time.
The rise of digital mobile wallets
As the significant take-up of digital wallet (or e-Wallet) apps have shown, people are experiencing the benefits of a spending solution that is faster, safer, and more efficient. Online apps such as Venmo and Cash App in the US, and beem_it in Australia, have made possible a new type of commercial transaction powered by the latest mobile payment technology.
So let’s look at the reasons people are turning to such apps.
1. Contact-free.
Germs are known to proliferate on bank notes, which means that going cash free is an important way to shield yourself from potential viruses. As the industry moves forward, there is also the growing demand for convenience that goes along with it and thereby customers can now choose to make payments with their wirelessly-connected devices.
2. Safer.
Mobile payments reduce or eliminate the need for consumers to carry payment methods like cash and credit cards, meaning that these payment methods are less likely to be lost or stolen. Digital wallets also provide extra layers of authentication such as passcode or faceID, assisting businesses in ensuring payments aren’t fraudulent.
3. No small change.
No one wants a useless accumulation of pennies and cents lying around. So when merchants charge odd amounts for a product, you won’t walk away with a pile of coppers or silvers jangling in your pocket.
While such apps come with many advantages, there are also detractors out there. And their arguments are worth mentioning for balance.
A frequently mentioned criticism of going cashless is that it makes money less tangible, and more easy to spend. But while this may have been the case early on in the move towards a cashless economy, technology is changing too. Apps are making it easier than before to keep track of your finances, and set your own spending goals.
Looking to set a limit on your overall transactions, or dedicate a predefined amount towards one type of payment? Using the latest apps which are well designed to target users of all cadres, payment plan has become a reality.
Take a look at our website to find out more: https://www.cashwo.com.au/
Get Cashwo today
Contactless digital wallets are the future of payments in Australia and across the globe. Get started with Cashwo today. Download the app on Google Play Store or Apple App Store.
