Cash is too classic!
Recently there has been a lot of articles suggesting that because technology is advancing, there’s a possibility of living in a society without cash. However, there’s also been great contradiction because cash is a classic dinosaur. At least 2 billion people in the world don’t have a bank account! And in turn, at least 702 million people live in conditions of extreme poverty, according to data collected by the International Monetary Fund and the World Bank in the “Global Monitoring Report”.
Therefore, living in a society without cash isn’t ideal for many people!
There are tonnes of security and privacy concerns that surround the idea of having a ‘society without cash’. Storing digital money and financial data will always hold a threat. Unfortunately organised criminals love working out ways to hack into systems of huge corporations. Cash however, doesn’t present this problem! Cash is an anonymous payment method meaning no data has to be stored or shared.
Another concern you face is if a system fails. Just recently one, small card processor managed to cause issues for Visa payments across the whole of Europe! Imagine a society where everything is digital (including money)… you can’t guarantee 100% performance at all times. It’s essential that you have a back up at all times which is why cash is perfect for these kind of issues. Cash is a trusted solution, especially for situations where natural disasters occur; i.e. floods, earthquakes, anything that can destroy buildings and infrastructures.
Budgeting is a huge advantage that cash holds over the digital medium.
With digital payments it’s easy to lose track of the amount of money you have spent. With just the swipe of a card, *bibbity bobbity boop* and it’s gone. But with cash, you are always aware of how much you are spending because you can physically see it disappearing in front of your eyes. One of the most common saving techniques is to take out a specific amount of cash on a weekly basis to use for expenses i.e. groceries. You are aware of how much is being spent giving you the advantage and it’s stops you from overspending on unnecessary products.
One thing you have to remember is that not everybody is on the technology agenda! It’s quite common that some people over the age of 60 aren’t as technology advanced as the younger generations that have grown up with TV’s and Mobile Phones. Therefore they are more prone to using cash as a payment method.
Cash is a comfortable back up.
It’s used for the simpler things in life like car parks, taxi’s, buses, a small purchase at the local shop. It’s easy and it’s quick. Therefore, there will always be room for coins and bank notes.
Cash is tangible and gives value and confidence. It is safe and reliable. The use of cards and mobile payments gives flexibility but a society without cash isn’t ideal for everyone. Cash payments and digital payments are both an option for everyone and should remain so.