Pros & Cons of Going Cashless | Cheese Debit Card
Are we living in a cashless society? We’re getting close, especially after the changes that the pandemic has brought about. Forbes recently reported that debit cards are the most preferred method of payment in the United States.
As advancements in cryptocurrency and other financial technologies are made, such as the ability to pay using a card connected to your phone or merely tap the card against the reader, we’re sure to continue to see a decline in the use of physical cash.
But, what does a totally cashless society look like? Pretty similar to the one we’re living in today, just with a few changes here and there. Let’s talk about the pros and cons of going cashless.
Is a Cashless Society Possible?
A cashless society is precisely what it sounds to be; it’s a society where transactions aren’t completed using physical cash. Instead, people complete transactions using digital information in the form of debit cards and cryptocurrency.
Cashless societies are actually a lot more common than you might think. We actually live in a partially cashless society now! 80% of consumers in the United States prefer making card payments over using cash, and only 10% of the population uses only physical money to pay for items.
While both physical cash and digital money are tied to financial institutions, the entire system of a cashless society depends on other available technology such as payment apps and cashless point of sale systems.
Benefits of Going Cashless
If you’ve ever tried to dig through your purse or wallet to pay with exact change only to realize you can just swipe or tap your card, you’ll likely understand the benefits of going cashless. In short, it’s easier than carrying and paying with cash.
However, other benefits of going cashless include:
- Safety: Carrying physical cash is a safety issue. There can be lower crime rates in cashless societies because there is no physical money for anybody to steal (not even in banks).
- Tracking Spending Habits: When you’re only paying with digital cash that means you’re able to digitally track every single transaction you make. This makes accounting for every penny earned and spent that much easier.
- Reducing Financial Crimes: Because there is a paper trail with digital transactions, cashless societies could see a reduction in financial crimes such as tax evasion and fraud.
- Saving Time: If you’ve ever used a money transfer app, you’ll know just how beneficial it is to digitally transfer money from one person to another. In a cashless society, this is even easier.
Things to Consider When Going Cashless
Want to go cashless? There are a few things you’ll need to consider as there are a few drawbacks to this kind of society and way of life.
First, you’ll need to ensure you’re banking with the right bank. We’ve developed a guide on How to Choose a Bank Based on Your Needs, and it covers the basics, including figuring out whether you should bank with an online bank or traditional bank and what kind of account is best for you.
You’ll also need to think about online safety. While digital paper trails help avoid fraud and the mismanagement of money, they can also make accounts more vulnerable to safety breaches. This means that you’ll need to ensure you’re banking with an institution that provides top-tier security.
It’s also essential to ensure that everybody has access to digital banking tools. Previously, lower-income individuals and non-residents had a hard time setting up a bank account and accessing financial tools. At Cheese, we’re working to eradicate those issues; you don’t even need an SSN to create an account with us.
Go Cashless with a Cheese Debit Card
To go cashless, you’ll undoubtedly need a great debit card. Why not opt for the Cheese Debit Card? It comes with zero banking fees, savings bonuses, cashback, and it’s FDIC-insured. Not only do we make banking easy, but we also offer unique ways to earn more for your money while enjoying other perks such as our Double Cheese reward and so much more.
Going cashless is easy when you consider the following perks that Cheese offers you:
❌ No Monthly Fee 🧀️ $5 cash bonus
❌ No ATM Fee 🧀️ Up to 10% cashback with every purchase/transaction
❌ No Overdraft Fee 🧀️ Potential Double Cheese Cashback
❌ No Insufficient Fund Fee 🧀️ Up to 3% Saving Bonus
❌ No Minimum Balance Requirement 🧀️ Early Paycheck
❌ No Int. Incoming Wire Transfer Fee 🔐 FDIC Insured
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