Digital Financial Management is Safer Than Cash

Imagine a world in which kids are never bullied for their lunch money again. All right, to be fair, digital payments aren’t quite going to solve that problem, because a bully can just steal a kid’s card… but once you go beyond that to where the kid’s digital financial management is all done via his phone, which will only open for that kid… Well, hopefully he or she will get a chance to call for help before this increasingly exhausting shakedown finishes!

The fact is, of course, that particularly outside of the schoolyard, digital payments are safer. Cash is easy to lose, and far easier to steal than bits of code.

Losing your smart wallet is less dangerous than losing your physical one

Sure, in the past you might have been worried about using your phone for banking or to pay for things, because of the fear of losing your log-ins, but today, with modern phones that can be opened with the recognition of your uniquely wondrous face, this is simply no longer an issue (before that, even the older phones were fingerprint protected).

Losing your wallet used to be a panic-inducing moment, and you could generally kiss the cash inside it goodbye, but losing your smart wallet will be… well, still upsetting, but a good deal safer.

Replacing physical cards can be a time-consuming and annoying process – as can being stuck without money – but in the digital world you can just sign into another compatible device and bank up a storm.

Most modern ATMs even allow “card-less withdrawals” for when you really need cash.

It’s a lot harder to rip you off, because you’ve got the receipts

Every transaction you make, anywhere, will be recorded digitally once we reach a cashless society, so you’ll never have to worry again about not having a receipt.

And if you’ve found yourself in a fight with a retailer over a return, you’re going to have a full record of what was paid, and when.

And your credit card provider can help

What you might not know about most credit card providers is that they can offer that little bit of help if something goes wrong. Say you’re travelling and get charged more than stated for your car hire; or your cancelled direct debit continues to be debited; or even if you do lose your wallet; your credit card provider might notice unfamiliar or irregular purchases and put a hold on your card, which has the potential to save you hundreds of dollars.




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