Society is moving more towards a digital payment future, so is It time to give up cash altogether?
With the rise of card machines, contactless payments, mobile pay, cryptocurrency and more, it seems like cash is less relevant than ever. In fact, statistics from The Guardian earlier this year reveal that only one in six payments made in the UK now involves cash or coins. It feels like the switch to a cashless society is inevitable, but are there benefits to it, and what can you do to rely less on cash?
What are the benefits of going cashless?
While the obvious benefit of going cashless is, well, not having to carry cash, there are plenty of other benefits too. It can help you build up your credit score by paying on cards and then quickly paying off your spending, and it’s also secure. With mobile payments and credit and debit transactions, your bank has a tight hold on your money to make sure it stays safely with you. Dropped debit cards can be cancelled immediately, but dropped cash is lost forever.
And, of course, there’s the hygiene factor. It’s no coincidence that throughout the COVID-19 pandemic, people were encouraged to pay by card where possible. After all, nobody cleans their cash, and it can contain harmful bacteria if passed on from the wrong person. Nobody touches your cards except you, which is a good reason to ditch the cash and coins.
What can you do to go cashless?
If you’re keen to use less cash in your day to day life, there are certain easy changes you can make to your habits. Here are our top five tips.
Get store cards for your favourite shops
Store cards are a kind of credit card that works for a specific chain of shops, offering rewards and incentives for regular buyers. So if you find yourself returning to the same shop a lot, it might be worth considering. However, they’re only a good idea for people who spend a lot in a particular store – like your local supermarket, for example – as interest rates can be high, so you need to be disciplined.
Get a digital wallet
Nowadays, you don’t even need to take your card shopping with you, never mind cash. You can link your bank account to your mobile phone and create a digital wallet. This means you can pay for your shopping using only your phone, whether it’s through a contactless chip, a QR code, or by ‘checking in’ to the store.
Book and pay online
Whether you’re booking a holiday or doing window shopping, going online means you don’t have to use any cash. This is especially convenient when it comes to travel, as you can pay all your hotel expenses in advance and don’t have to worry about travelling with cash on your person. Even better, there is less need to exchange currencies when you can simply pay online.
Fast withdrawal casinos
If you’re a fan of playing the slots in your downtime, then switching to online fast withdrawal casinos can cut down on cash use. Casinos were traditionally very cash and coin focused, but with so many fast payment casinos available online at comparison sites like Fruity Slots, you can now play without cash from the comfort of your own home.
A prepaid card is one that is loaded with money in advance. As such, you can only spend the money you put on it. This is another popular way to handle spending when you travel, but it can also be useful when giving children an allowance or keeping a budget without resorting to using cash.