Throughout the world, people are happy that they no longer have to carry cash around when they go shopping. This is because they have access to cashless facilities. However, quite a few people have complained they are finding it difficult to save money because of the ease they have in using their finances.
Where have we come from?
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Why are people indulging in such behavior? What are the compelling reasons that are prohibiting people to indulge in actions like these? Let us consider the following factors which we believe could be valid reasons:
- The ease of shopping combined with making payments without difficulties.
- Various offers being made by retailers in an attempt to lure shoppers.
- The convenience of having goods delivered to shoppers addresses.
- The ability to stay away from cash and credit or debit card transactions.
“The way to turn our economy around is not by making rich people poorer, it’s by making poor people richer.” Marco Rubio
Cashless methods of shopping are here to stay and are not likely to witness a decline anytime soon. With major cell phone manufacturers developing new apps for the convenience of their customers, this trend is simply expected to expand further. Governments of different countries are as well supporting these methods because it reduces the demand for cash.
Who Gains?
The developers of the apps and their partners are benefiting from the small charges they are levying on their customers. Governments also have an advantage because they are not required to print a high number of currency bills. Therefore, these parties would consider it great to have cashless economies because of the distinct benefits it provides them. However, it has left people with some concerns because they are unable or are finding it difficult to save the highly essential resources which they are spending on nonessential products.
