Digital wallets and a cashless society.

Posted by: mustang6000

3rd Jul 2018 09:06pm

With the increasing popularity and growth of digital wallets and contactless card payments is there a need to carry cash around anymore?
Personally, I do not trust digital wallets, no matter how much encryption and security we are promised, too many security breaches for my liking. Plus, what happens if your smartphone crashes or you lose it? A nightmare in the making in my opinion.
How many people still carry cash for small incidental purchases, or does every thing go on the debit/credit card?
I would be interested in your thoughts.

Kria

8th Jul 2018 02:24pm

I like a mix. I always have a small amount of money on me, use my bank card for most purchases, and add to digital wallets when they're useful. I only add small amounts, it's better to spend what you're sure you'll use with those.

I don't think that having money on hand will be completely obsolete any time soon. Bank to bank transactions still take a while, and some people don't have easy access to the internet. People in rural areas and those that have a low income face the worst of that particular issue. Some shops also charge for using a card. So, there are plenty of situations where physical transactions are still useful, depending on your circumstances. It's not that much different from the jump to cards, they didn't make cash in hand obsolete either, they just made a new way to exchange money with different pros and cons.

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