The idea of cashless payment is not one that has been introduced after the pandemic took over the world. In fact, it is as old as the barter system where people exchanged valuable goods to trade. However, it can be said that the pandemic has accelerated the progress of cashless payments. Methods of cashless payment such as cards, eWallet, and mobile phones enable easy transaction without the hassle of visiting branches. Here is how cashless payment reaps societal benefits.
REDUCED BUSINESS COSTS AND RISKS
It is no surprise that it takes a lot of finance to set up a business. It is also not a surprise that business owners are prone to making mistakes. The owners have a lot to do to keep the business running: sorting through the bills, paying the staff, allotting the cash for overheads and all it takes is one error and all the hours the owners put into sorting the cash go to waste. To add to the misery, it also affects the efficiency of the business. Paying through cards, eWallet, mobile phones will reduce the risks and will also make the business operations more efficient.
HASSLE-FREE FOREIGN CURRENCY
One of the hassles of travelling abroad is getting foreign currency. However, through apps, the currency can be exchanged as per the exchange rate. This saves time and makes the process smoother.
FASTER CUSTOMER SERVICE
Today, the youth is extremely tech-savvy. They prefer efficiency and convenience. One of the best ways to impress your customers is to make the transaction experience pleasant and hassle-free.
DECREASED CRIME AND THEFT
It is no shock that there are crime and theft in every part of the world. No country is safe from that. But the places whereby cash transactions are common they are more likely to fall prey to the misfortune of getting robbed. It can be done by employees or robbers. But, if the business operates on cashless payment methods the risk is reduced as the money directly reaches the account without falling into anyone’s hands.
It can be concluded that cashless payment methods have been in existence for a long time, and they are not a consequence of the pandemic. Nonetheless, the current situation has accelerated the rate with which it is being incorporated in everything. The possibility of a completely cashless society is still distant but with the ongoing pandemic, people are readily realizing the benefits of cashless payment methods.