Will We Ever Be a Cashless Society?

With over 80% of our payments being non-cash transactions, it appears that we are moving towards a cash-free society.  You can often here people say things like “I never carry any cash” or “I use my debit and/or credit card for everything.”  More and more people have gone cashless, even with smaller purchases.

The biggest question we want to tackle is “why do we like plastic?”  The number one reason why is that using the plastic is quick and convenient.  Using a debit or credit card has become more and more friendly.  Rewards have also become a common feature with credit card which encourages consumers to spend more in order to get more rewards.

Paying for bills can also be completed online from any computer or smart device – which makes things quick and simple.  The automatic record keeping that comes along with using your credit or debit card is instant proof of purchase on your bank or credit card statement, which can be an added perk for some people.  Cash often requires you to hang onto a receipt.

Technology and digital developments are accelerating the move away from cash.  The innovation around mobile wallets and wearable technology is transforming the traditional view and relationship between cash and shopping.

Although we are headed towards a cash-free world, there are still some obstacles to overcome.  Older generations are less confident when it comes to using modern technology, so they often prefer to use cash.  On the flip side, most millennials say that they never carry cash and use their cards for every purchase.  Security can also be seen as an issue.  Many people simply do not trust technology.  Cyber fraud is also a huge red flag for many people to purchase online.  With the increase of online purchases, we can only suspect that security will only get better and better.

In all, we really don’t know if we will ever see the day of a cash-free world, but we do know that it cannot be ruled out.  Like many things, only time can tell!  Contact Apex Payment Solutions today to see how we can help set your business up to accept credit card payments - we can serve as your total merchant service provider whether you are a brick and mortar business or an e-commerce.