When you’re at the checkout line, you usually have to choose to pay your groceries by either entering your PIN code or counting your banknotes. If cards seem more convenient at first sight, they can often lead to other issues – some more serious than others.
Firstly, electronic transactions are completely dependent on a store’s internet connection, which means that in case of breakdown, you will have to go home empty handed. In these situations, Money in physical form such as banknotes and coins. More is the only solution: it’s therefore good to always have some in your wallet. Secondly, card transactions can be slow, particularly at peak times, as they require a bank authorisation before the transaction is processed. In addition, merchants might ask to check your identity for security reasons, especially when you are traveling abroad, making you waste a few more seconds. Conversely, when paying with notes and coins, the transaction is made instantly and the cash is validated directly at the point of sale. Moreover, you will never feel the embarrassment that a denial for insufficient funds or wrong PIN may cause.
In brief, cash may seem old-fashioned compared to all these booming new technologies in the payments market, but one has to remember that it remains the most reliable and secure mean of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More – at all times and under any circumstances.
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