With the cash that we have been using for a long time, many people may not feel that there are any disadvantages. But as time passes, we see more and more disadvantages to cash. Let’s have a look.
This problem is considered a classic problem that many people may encounter and is considered a weakness of the banknote-mediated financial system because it is not always possible to verify payments. In this respect, cash payments are a huge problem in business or everyday life.
Another problem that we all encounter often is whether we are the ones who break or damage banknotes or wet the banknotes, wasting time drying them or even when we unknowingly receive torn or damaged banknotes that make us unable to use them for further payment.
Checking your spending history or calculating your expenses is a very important factor in today’s life. When we use cash, we have to remember how much we spend and what we use it for. Before recognizing or remembering, we may not want to think about the expenses incurred until finally raising the question, “Where did all the money go?”
Whether it’s coins or banknotes, no one wants to throw them away or keep them somewhere else. But sometimes, some situations are too difficult to keep in the wallet, causing some people to put it in the car, or throw it in a pocket or somewhere else. It will be a problem where the money has gone and we do not know the source of the money until it becomes lost or turned into an increase in expenditure.
Many people may not know how we have hidden costs. Each time we use our cash, we have to go to an ATM or bank. People who are near ATMs or banks may not feel it. But if we are farther away, we will have to pay more to travel to an ATMs or banks. Or the shipping costs from The Note Printing Works to ATMs make the country a huge cost to manage.
cashless payment not only makes us more comfortable with spending but also saves us from the problems mentioned above. However, whether we use cash or e-payment, we should spend it to fit with our income or financial goals.