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Cash continues to be a must-have payment method

There has been much speculation in the press recently about the likelihood of cash becoming obsolete at the hands of advancing contactless payment technology. From mobile phones to over-priced watches, new, flashy methods of transferring money seem to be popping up all over the place, causing many cash critics to question whether cash will continue to have a place in our lives in the next few years.

Visa have announced plans for the Olympics to be entirely cashless, while others have estimated that our society will be relying entirely on contactless technology by 2016.

While the introduction of such snazzy new payment methods may have the world's technology lovers overly eager to abandon their wallets, we at Cash-is-Cool urge you to take a closer look at the importance of cash in modern society. Many a man has tried to live a cashless existence - take for example this article published in the Guardian - and found it to be surprisingly complicated and inconvenient.

Indeed, the aforementioned article was written as a reaction to claims that our society would have made the move away from cash as early as 2012. Looking around at all the cash-based transactions, it's easy to see how inaccurate that estimate was!

Truthfully I fail to see how cash will ever really outlive its usefulness. From simple transactions at your local corner shop to a child's piggy bank savings, cash plays a continuing role throughout our daily lives.

In any case, how many small businesses and shops do you know that will be willing to fork out for this overly-priced contactless technology when it has yet to make any sort of significant impact on our society?? Exactly.

It seems far more likely that this contactless technology will replace debit and credit card use rather than cash!

So fear not money-lovers, cash will forever play a vital part in our payment plans and to those eager to embrace the advancing technology.... I wouldn't abandon the wallet just yet! 

Friday, 2nd December 2011

Tags:   guardian  /  cash  /  visa  /  contacless payment  /  credit card  /  debit card
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