Increasing numbers of consumers are now choosing to use a card or contactless device to make payments, rather than using physical money. In fact, statistics show that 80% of people prefer spending with a card over cash.
Many people believe that cash will be unnecessary in a few years’ time and that all transactions will become digital.
However, despite most people being comfortable with digital or contactless payments, some people still rely on cash. People on low incomes, the elderly, and vulnerable people are the most likely to still use physical money over cards.
For these groups, it’s becoming harder to withdraw cash as many banks are closing branches and free ATM services. Another barrier is that, since the start of the pandemic, more businesses have chosen to refuse cash payments.
So, is switching a to cashless society a good idea? Here are some of the pros and cons:
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