Why Digital Payments are Replacing Cash – Dan Schatt
Digital payments are not the future; they are here now (and here to stay). According to mobile banking experts like Dan Schatt, over 90% of global transactions will be completed digitally by 2023. This is because digital payments are more efficient, secure, and convenient than cash transactions.
Here are just a few reasons why digital payments are replacing cash:
With digital payments, you can pay anyone, anywhere in the world, without having to carry any cash. You can also pay for things online without entering your credit card information.
Digital payments are much more secure than cash transactions. You don’t have to worry about thieves stealing your money or your credit card information with digital payments.
Digital payments are much more efficient than cash transactions. For example, if you pay someone in cash, they have to count the money and then find a way to deposit it. With digital payments, your bank handles all of this for you while you relax at home or on vacation.
Digital transactions are also much more accurate than cash transactions. There is no way to track where it goes or how much is being spent with paper money. With digital payments, you can track your spending and see where your money is going.
5) Fraud Prevention
Digital payments also provide better fraud prevention than cash transactions. Credit card companies have teams of experts who constantly monitor fraudulent activity. If someone tries to use your credit card without your permission, the credit card company will catch it, and you will not be responsible for the charges.
Many credit cards offer rewards programs that give you cashback or other incentives for using your card. Unfortunately, these rewards programs are not available with cash transactions.
7) Tax Deductions
If you use a credit card for business expenses, you may be able to deduct those expenses from your taxes. This is not possible with cash transactions.
8) Electronic Records
When you make a digital payment, the transaction is recorded electronically. This means that you can access a record of all your payments at any time. This can help track your spending or prove that you made a payment.
9) Convenience for Businesses
Businesses also benefit from digital payments. They can reduce costs associated with handling and transporting cash and improve their security.
Making digital payments instead of using cash is also good for the environment. It takes less energy to process digital payments than to process cash. By being more environmentally conscious, we can help reduce our impact on the planet.
Digital payments are also helping to globalize the world economy. With digital payments, businesses and consumers can transact with each other regardless of their location. This helps to promote trade and cooperation between different countries.
12) Access to Funds
When you use a credit card, the funds are immediately available. This is not the case with cash, which can take time to deposit and may not be available immediately.