We live in a digital era where cashless payments are already becoming the norm. The need to carry cash is steadily deteriorating. A variety of methods of making payments without using cash have risen. You can tap the screen to pay, and you're good to go. Easy as that, right?
With the constant shift of modern trends, this guide will help you explore the possibilities of a cashless lifestyle.
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What is a Cashless Society?
A cashless society is an economic state or concept where all financial operations are made through electronic systems instead of physical money such as coins and bills.
Cashless societies already exist during the nascent stage. One of the most popular exchange methods is the barter system during this time. Below are the cashless payments used in the modern world.
Types of Cashless Payments
Here are various ways users can make payments without using hard cash.
Banking Cards
Debit and credit cards are widely used payment methods. Using banking cards comes with various benefits. Your payments are secured and are more convenient. You can also link banking cards to your mobile wallets and digital payment apps. It is used to pay for online purchases, PoS machines, and online transactions.
USSD
If you didn't know, USSD stands for Unstructured Supplementary Service Data. This cashless payment option is used by those who do not have a smartphone. Users can make financial transactions without an internet connection.
Just dial *99#, and it will let you interact with an interactive voice menu via your mobile screen. Your mobile number should be the same as the one linked in your bank account to use this service.
Mobile Wallet Apps
These applications are gaining popularity because of their faster and more convenient payment methods. Mobile Wallet Applications allow users to send, receive, and store money. To do this, you need to link your bank account. You can also send money by entering your phone number or scanning a QR code.
Additionally, you can directly pay merchants through mobile wallet apps. Easily pay your bills and many more from the mobile wallet app.
QR Codes
Quick Response codes are two-dimensional codes with black squares arranged on a square grid. QR codes can be read through imaging devices such as smartphone cameras. Users have to scan the QR code of the merchant to make payment.
Contactless Payments
This is another convenient and secure payment method because users can tap the card near a point-of-sale terminal. Users can use a debit card, credit card, or a smart card that is NFC or RFID-based. Contactless payments are easy to use, and it does not require signatures or pins.
Users can pay through NFC-enabled phones at places such as:
- Fuel Stations
- Toll Booths
- Parking Garages
Advantages of Living a Cashless Lifestyle
Transitioning into a cashless lifestyle might be scary for some but check out some of the benefits of going cashless.
Convenient Business Transactions
Business cards have been present for a long time, allowing you to share your details with others easily. In the 21st century, business cards have gone digital.
Through Tapt, your contact information is transferred and shared instantly into a smartphone through integrated NFC (near field communication) or QR code technology. Additionally, Tapt digital business cards have a sleek finish and are made of plastic.
Pay Anytime, Anywhere
For those who love online shopping or having their food delivered, you do not need to go out as you can make payments anytime and anywhere. It is hassle-free and makes your life more convenient.
Transaction Speed
Paying through cash can be time-consuming for some. Going cashless can leverage faster transactions and increased efficiency. You do not need to wait in a long queue, wait for your change, or prepare for cash when paying. It also makes it easier to send and receive money. Cashless transactions result in lower waiting times, fewer errors, and increased customer satisfaction.
Managed and Organized Spending
You can easily monitor all your financial transactions through cashless payments. There is no need for you to record your transactions manually because you can check them into your cashless application's history.
Through this, you can easily manage your expenses and analyze your transactions. You'll know when you need to cut out unnecessary expenses and save money.
Seamless International Payments
Making payments abroad can be complicated. Thanks to cashless payments, international transactions have become easier in accordance with the currency exchange rate. Plus, transaction fees are lower or none at all.
Alluring Cashless Promos
Cashless applications offer a lot of promotions to users. You can also get promos provided by shopping merchants and the like. These promo helps save you money, and payments are way cheaper.
How to Go Cashless?
Think you are ready to shift into a cashless life? It's good to have at least a bank account with your debit card linked or a credit card for payments. Or you can also make use of your payment applications or cryptocurrency. You can easily set up direct deposit checks and schedule electronic bill payments through this.
Additionally, you can customize your spending based on which stores and businesses offer your chosen mode of payment and skip the ones that only accept cash. But you should keep in mind that cash is still needed from time to time.
It's always good to carry cash on hand if you encounter technical difficulties in accessing your bank accounts. This way, you'll spare yourself from headaches in a cash-only situation.
Conclusion
In the era of cutting-edge technologies, faster and more secure cashless transactions will rise. It's important to acquaint yourself with the basics of a cashless lifestyle, and we hope that the above tips mentioned become helpful to you.