For many years, the idea of a cashless society was a science fiction idea. But now it has become increasingly apparent that cashless is the way of the future. This raises an important question, what does a cashless society look like? Here are some examples of the technologies that will play a more prominent role in our future.
Credit and debit cards have quickly become the norm within the banking sector. They allow people to access their accounts remotely. With the tap of a card, they can transfer the money they owe to merchants, allowing them to pay for goods and services easily. Plus, through the use of an ATM, this card can be used to withdraw physical cash.
These cards are immensely popular. According to the Federal Reserve, the majority of adults in the United States have a credit card.
Mobile App Wallet
Another way that people can pay for things without cash is through the use of mobile apps. These can allow people to create a digital wallet. In this case, they will be able to pay for their goods just through a tap of their phone. This takes shopping convenience to the next level. Plus, they will be retaining impressive security features to prevent fraudulent activity.
Sometimes, a business can receive payment just by displaying a QR code. In this case, the customer will need to scan the code with their phone. This will take them to a website where they will be able to enter their preferred payment details. This can be a credit or debit card. Though it’s also possible to pay through PayPal or even transact in cryptocurrency.
Gift Cards Or Vouchers
Gift cards and vouchers are also commonly used as a store of value. These often operated in the same way as credit cards. They can be interchanged in the business for an item of equal value. If there is a difference between the cost of the item requested and the value of the gift card, a credit card can be used to make up for the shortfall.
Sometimes, you don’t even need to head into a store to purchase an item. You can view it and buy it online, all with a few clicks of a mouse. You might even be able to store your credit card information, so you don’t need to enter it with each transaction.
Buy Now Pay Later
Buy Now Pay Later options are becoming increasingly popular. In this case, you won’t need to pay for an item at once. Often, it will be broken down into four or more payments, these will be automatically subtracted from your account fortnightly. This can help customers break down the cost of expensive items.
Is Cash Going Away?
As we’ve seen, we are fairly close to a cashless society already. A high percentage of Americans don’t use cash at all in a standard week. But that doesn’t mean that cash is going away any time soon. Though it’s rare to see it being used, it still has value and it’s unlikely that the government will scrap it anytime soon. Often, if a merchant doesn’t have credit card facilities, people will still need to pay in cash. Please note that this is only some basic information on a cashless society, for more information, please call us at 310.826.7000.