5 Benefits of Cashless Payment

If you have used a smartphone app or online payment processor to buy dinner or pay your rent, you have made a cashless payment. As technology continues to evolve, it is likely that physical money will have less and less relevance in society. What are some of the benefits of making payments without the use of paper money or physical coins?

Keep Track of Your Transactions

Most cashless payment services will give you a receipt that you can either print or store on a mobile device. This allows you to keep track of your money in real time as well as have proof of purchase should you ever need it.

The Money May Be Available Instantly

In some cases, the money becomes available for use in the recipient’s account as soon as the transfer is made. This means that a business owner can use funds to expand his or her business or that your friend can pay his or her rent on time. If you were to make a payment with cash or check, the money would then need to be deposited into a bank account where it could be placed on hold for several hours or days.

Use Your Phone to Make Payments Securely and Easily

Instead of having to go to the bank to get money or go back home because you forgot your wallet, you can make payments with a tap of your phone. Most smartphone providers allow you to link multiple credit or debit cards to your mobile device, which means that you can make payments from whatever source is most convenient for you.

Don’t Worry About Losing Your Money

If you dropped a $20 bill on the ground, that money could be lost forever. Even if you were to find it again, you would have a hard time proving that it was yours. When you make a cashless payment, you know exactly how much you have to make the payment with and a way to prove that the money does belong to you if a dispute arises.

You Never Have to Worry About Carrying Change

There is nothing worse than having a bunch of change in your pocket or underneath the couch cushions. Today, cashless payment providers allow you to pay street artists or pay tolls ahead of time. Therefore, you don’t even need those quarters when walking to work or driving on the nation’s many paid toll roads.

Over the next few years, cashless payments are going to become even more common and convenient than they are now. This may revolutionize the way that businesses charge for goods and the way that people spend money. It may also change the way we think about money and the value of a dollar.

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