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The Benefits of a Cashless Society

Is the quote “Cash is King” facing a serious threat? Well, we believe it is!

 

More and more countries are adopting the idea of cashless payments. E-wallets are on the rise globally and looking at the current trend, cash as we know it might be gone in a few years.

 

According to Digipay.guru, Sweden is a prime example of how countries move to cashless societies as physical cash only makes up 15% of its total retail sales. Stores have even started to adopt ‘No Cash’ signs all around. Can you imagine?

 

A cashless society is the future; we all know that. Let’s try to better understand how the impact of this trend can benefit us in our daily lives



What is Cashless Society?

A cashless society is defined as an economic concept where all transactions are done digitally instead of using physical banknotes and coins. Slowly we have been moving to a cashless payment system using debit cards, credit cards, e-wallet apps, point of sales (POS), QR Payment and more. The advancements in technology as well financial technology have been speeding up this process significantly over the last few years and that is probably why we see this evolution very clearly today. Things move faster than ever before!





Benefits of a Cashless Society

Reduce bank risks and costs

Cashless payments assist in reducing business risks and costs, such as theft, taking in counterfeit money or human errors. It also reduces security costs, costs to withdraw cash from the bank and much more.

 

Instant Transactions

Many businesses are switching to go cashless as they leverage on faster transaction speed, whether locally executed or internationally, making organisations more efficient. Simple transactions will become less time consuming for customers as well as for merchants. It’s a win-win for everyone.

 

No cash management

Businesses no longer need to store money and can move away from depositing or withdrawing cash. Moving a large amount of money around will very soon become a thing of the past. Safety first!

 

No middlemen

Transaction costs are very often (too) high for smaller businesses, especially looking at international transactions. Changing currencies and paying high fees to exchange agents is another burden for a lot of small companies or starting entrepreneurs. Taking out these middlemen will increase profitability for a lot of business owners.



We believe a cashless society would be great. No more coins in your pocket, no more dirty paper notes, everything happens through your smartphone! Looking at the pace technology is evolving at, we are probably not that far away.



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