If digital payment systems failed, how would we cope?
Technology is advancing every single day and the things you thought were impossible 20 years ago is on the verge of being very possible now. The main issue is that everyone is so solely dependent on technology these days that if something goes wrong they have no idea how to cope! Think about it… if digital payment systems failed, how would we cope?
Just imagine that it’s a Friday late evening, work has finished for the week and the only thing that stands between you and your dinner is the empty fridge. You rush to the supermarket to pick up some ingredients and swipe your card at the till. Disaster strikes as the cashier tells you that there is a system failure and you can’t pay by card!
You’re probably sat there in dismissal. “Can they really fail?”
Yes, it’s true, card payment systems failing can happen as easy as signal on your phone dying. But, don’t panic, the world hasn’t ended yet… you can still use cash?
Though the card payment systems failed that doesn’t mean the ATM systems have failed… get yourself to the nearest ATM and withdraw as much cash as you need, go back and pay for your dinner!
Can tech fail?
In the past few months credit and debit card payment systems have crashed so many times in Europe, leaving shoppers and retailers in a bit of a pickle at the cash register. Customers have reported arriving at tills to have their cards decline. Retailers were left unable to take card payments resulting in a constant cash exchange or decline of a sale. As you can imagine, Retailers losing millions by a few hours of system outage isn’t ideal…
Technology failed and many people were left feeling like they had no alternative… the more we rely on technological advancements, the more we are going to struggle when something goes wrong.
Don’t you think this is ironic considering the recent headlines about ‘cashless societies’?
Cash to the rescue!
Let’s be honest, cash is the only alternative to digital payment system outages. Cash is universal. It can be used anywhere, by anyone, regardless of age, gender or financial situations.
Don’t get us wrong, technology is convenient but this convenience is one of the reasons behind someone overspending. The downfall with credit cards is the ease that someone can recklessly overspend by ‘tapping’ the contactless card out of money.
Cash still has its uses for smaller transactions and it will always be the fastest and most direct form of payment. It’s got technology’s back!
Find out more about how cash helps to manage expenses in this blog.