We all know how contagious the COVID-19 virus is, and it is no wonder that contactless forms of payment are on the rise as a result of its rise to the front page of world news.
If you're somebody who much prefers to use cash to buy things, it might be a good time to try out contactless methods of payment, to protect yourself, and others from the spread of coronavirus.
Contactless Chip Debit & Credit Cards
We probably all have a debit or credit card, but a lot of us won't utilise contactless payment, simply because paying for single items with cash makes more sense. Having loose change hanging around in your wallet or purse inclines you to spend it, and that is exactly what happens with low cost transactions.
Contactless payments only reach up to a certain amount, and this varies widely from country to country. For example, the UK has a limit of £45.00, while the USA has a limit of $100. Even after conversions for the two currencies, Americans appear to be getting double the budget for the same payment technology per purchase.
Contactless payments are still a risky option, as there is still the possibility of people using chip terminals and scanning people's cards through their pockets. Their is also the small chance of theft occurring, and a contactless card can be used by anyone without any real security check or pin reader.
Banking Apps On Mobile Phones
If you're afraid of the security risk of contactless card payments, perhaps set up mobile banking for your account? It is much more convenient than having to count cash, and you can put in the extra security steps to keep your account protected. This method of payment avoids any contact as your phone uses the card reader built into the app to scan the contactless terminal, so there's no real worry about the possibility of catching COVID-19.
Users of mobile banking apps can set up a one time pass code to their phone number, or even better, enable fingerprint scanning, therefore there is no way somebody else would be able to access your account. Without them having your actual credit or debit card, you're going to have a layer of protection by utilising mobile banking for your future purchases.
Pros and Cons Of Cash Versus Contactless:
Pros of cash:
It is widely accepted, less developed countries rely on it as contactless and card payments are less common in their communities
Your spending is naturally limited, this prevents problems such as gambling online
You don't need to know how to use a card or an app, in order to use cash as a form of payment, you just hand your money over
Pros of contactless:
You don't need to know your pin, just tap and go
You can literally keep your card in your wallet due to the strength of the magnetic chip
More hygiene benefits, no physical handling of money between buyer and seller
One thing we know for certain, is that although contactless and card payments will become vastly popular, cash transactions won't ever be completely phased out, as too many countries rely on it. We do recommend you explore the contactless way to spend anyway, as it will protect you and others for all of your shopping activities.
Thank you for reading 'Put Your Notes Away... Contactless Payments Are On The Rise'. Have a beautiful day.
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