As the name suggests, cashless payment is fundamentally a no-touch strategy of dealing with cash. Payments are made via digital methods such as online transfer, debit card, credit card, or even a digital wallet.
Cashless payment methods call for security and less risk of losing your ‘cash.’ As it is a safe strategy, is it strategic? Let’s have a look at a few myths that exist regarding Cashless Payments:
Myth 1: Cashless Payments Means Fewer Chances of Stolen Cash
We all have been preyed to stolen cash. We have all lost money from our wallets at some point or the other. Whether it was stolen or we misplaced it, we have been through the experience. A myth exists that cashless payments would mean you lose less cash.
Since you’ll keep less money in your wallet, the chances of your money being stolen are slim to none.
Well, the problem here is that online fraud is also quite common. Your credit card contains sensitive information that can be detrimental if it falls prey to online fraud. As much as it might have the potential to be tracked down, a risk still exists. Stolen identity is worse than stolen cash.
Myth 2: Convenience
Sure, it is convenient to add a few things to my cart online and place an order from under my blanket in the comfort of my home. It is a rather tempting thought, but it also costs me more than going to the shop and buying what I want.
In return for this convenience, online payment methods usually involve third-party processors who charge extra fees. These fees are highly subjective and may have you paying more than you should or need to. Most of the time, so many technical errors occur online since this technology may naturally falter.
It is a myth that cashless payments provide more convenience when a product costs more. Plus, dressing up and going out is a healthy activity! It will keep you active, positive, and a good day can potentially have you coming back home in a good mood!
Myth 3: Everyone Has Shifted to Cashless Mode
Thinking cashless payments fit the box for everyone because, hey, everyone has a bank account and an internet connection? Not really.
It is important to remember that societies going completely cashless can pose a problem for many reasons for people who don’t have bank accounts. It can also cause issues for low-income people who don’t know the intricacies of opening a bank account, let alone managing it.
Banks charge service fees which can be stressful for low-income people who work hard to save every penny they earn. Cashless payments do not fit the box for everyone; it provides only for those who think it holds for them.
Myth 4: We Can Buy Anything!
Sometimes, using your debit or credit card to buy something that costs a dollar or five can be difficult. It isn’t easy because it can consume time and energy to pay via your card for something that costs $5 at a Super Mart. Some of these places charge extra if you pay by card, whereas some stores do not set on a card unless your bill totals a specific amount.
In terms of this, not carrying cash can be a struggle. For example, you don’t have some money on you and want to buy a water bottle. The shop you are standing in does not accept cashless payments unless you buy products totaling up to specific dollars.
Now you’ll have to buy three more things to get that one bottle of water. Consequently, you are spending more money!
Cashless payments are intelligent and accessible. But they are not the correct mode to click on every time. These myths are altering the way people look at money and how it exists, and in the long term, it can prove to be problematic for everyone, starting with us.
Plus, there’s a different form of satisfaction you get when you open your wallet, and you see cash, you touch it, and you appreciate it.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.