While the saying, “Money makes the world go round”, will still be there – the way we collect and spend money is changing, leading some to speculate if we are moving to a truly cashless society?
The industry has changed rapidly in its adoption of eCommerce and ePayment solutions since 2020, which is significantly contributing to the acceptance of cashless payment methods.
The technology has been around for a while, with numerous innovations and improvements that have not only made it more secure and also contactless. Applications like Snapscan, Zapper, E-wallets and NFC technology indicates you won’t even need to hand over a credit card or interact with a credit card machine at all, reducing the chances of having cards getting stolen or skimmed.
Safer for your business – electronic transactions means less cash handling, which reduces the chances of theft. It’s more convenient – skip going to the bank to make cash deposits, and it reduces accounting errors associated with handling cash.
There is a multitude of deciding factors that will affect the adoption of these payment methods- Some of the most influential right now include:
- Legislation and Regulations: Once we come out of lockdown, the government will continue to prevent and contain the spread of the virus through various new legislation and regulations that may require the way you operate to change.
- Public Perception: If the Public see safety and value in cashless and contactless payments, then businesses will need to adapt to the changing needs of their customers.
Will we see banknotes and coins go out of circulation anytime soon? Probably not. However, like cellphones which replaced many landlines so too will cashless transactions see preference over physical currency.