A Cashless World: A Brief Story of Going Light

Has the coronavirus pandemic affected how you pay in physical stores? According to the recent survey in 22 European countries, more than half of respondents (56.5%) stated that their payment behaviors have differed during the pandemic when this question was asked to them. A pretty intriguing result, right? Nowadays, due to the current catastrophic pandemia, the term “dirty money” evolved into something else more than money obtained unlawfully or immorally, but a well-cut piece of paper and metal transmitting all the germs and viruses from one hand to another. Nobody wants to touch banknotes or coins with the feeling of fear of contracting COVID-19! At this very point, these days are the Renaissance for contactless payments in which you do not need to upend the bottle of sterilizer into your hands after. 

What is Contactless Transaction? 

Fundamentally, it is a payment method of purchasing products or services using smartphones, credit cards and debit cards, key fobs, or smart cards via radio RFID (Frequency-Identification-Technology) and NFC (Near-Field-Communication). All you need is a simple tap of a card or other device near a point-of-sale terminal with contactless payment technology. No subsequent contact with POS terminals, cashier desks, or queues. Fast, secure, and smooth transactions!

To be frank, the transition to a cashless society has gained momentum long before the pandemic. The ancestors, Cheques, were the apple of the eye in the 90’s banking systems. Back then, they were widely used by both businesses and individuals although it was proven that they had been the perfect base for forgery of administrative documents scores of times. In the 2000s the penetration of the internet changed our aspect of payment as well as every detail in our lives. Urging technologies on internet banking and wireless devices invited contactless purchases, and the irresistible comfort of going light was widely adopted among generation Y and Z whereas conservatives are still not much keener to increase the usage of cashless instruments today.  

Are Contactless Payments Safer?

Going cashless is one of those Win-Win situations for everyone. Carrying cash is the riskiest path you may take for sure. Cash may be stolen, so may debit cards, yet at least the thief must know the PIN to access the account. Conversely, business owners and bank managements are distinctly into cashless transactions made by clients as inimitable data that can be converted into sales and more functional money transfers. 

Moreover, it is almost impossible to track paper money used in grey and black markets, so it plays a tremendous role in facilitating crime. Thus, the most ardent admirers of a cashless society are governments. It is likely to decrease crime by tracking suspicious transactions; to prevent black markets; and improving taxation regulations. 

Despite the significant number of advantages, it is not only pink roses and sunshine. You are traceable and this brings us to a point where, somehow, almost all subjects are linked nowadays, privacy and the right of anonymity. From an obtuse angle, we are handling all our personal and financial information voluntarily to a system that might sell it to third parties or leak it to malicious hands after a cyber attack. Physical money payments eliminate these possibilities. 

Is a Cashless Society Possible?

This question has already been answered by Finland, Sweden, China, South Korea, the United Kingdom, and Australia. All these countries have a massive percentage of debit/credit cards, mobile banking, and digital wallet usage to create a cashless society in which you will feel clean in every single aspect. To all appearances, cashless payments are broadening day by day around the globe. 

Our exclusive and smooth digital wallet, Jeton Wallet is a great path to go cashless! Create a Jeton account today and live the privileges of being on a platform providing tailor-made solutions to fulfill your needs and expectations! 

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