Cashless Means to Payment and Transaction Fees Related to it

With the rise in cryptocurrency, card payments and other form of payment, a lot of people have said that fiat or paper money will be obsolete, well I can’t say if this is true or not but a lot of government have began to put cashless policies into place so they can encourage the use of cashless transactions.

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A lot of people believe in the power of cash at hand in doing any form of commerce or transaction, although it hasn’t been long since the transaction began with paper money but it has been a long time that humans have been transacting physically. The word Cash is King is just what a lot of countries work with as daily, people transact billions of dollars in cash. Although, a lot of financial improvement have occurred in the last decade, cash has not been displaced.

Technology has caused a lot of changes in the world of money which has improved the way we do transactions and the way money is perceived and handled. In the past people could misplace lots of cash but with the recent move towards cashless policy, people can lose their cards and request for another while still maintaining their previous funds also, people can also now transact easily without physically being present at the place of transaction.

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From debit card, credit cards, cryptocurrency and other form of cashless policy has been a good one for consumers but one thing that a lot of consumers have complained about is merchant fee. A lot of fees now apply to cashless transactions and these transactional fees will not be with cash. The truth is although cashless policy is good, it is also posing high fee on consumers thereby making transactions expensive.

Cashless method of payment is a good means of payment, but cash also has its good and benefits. What is your thought on both cash and cashless means of payment.