Plastic Cards Are Conquering
When it comes finance—especially personal finance, there is no bigger question than which is better—payment by card or cash? You would certainly require cash sometimes but however; the electronic payment industry is dominating.
Euromonitor International recently conducted a research regarding the payment methods used worldwide and according to the study, cards are leading compared to cash payments. Just in the year 2016, card spending is rising from $21.4 trillion globally and cash spending up from $21.8 trillion.
A shift from Cash payments to Card Payments
A stagnant growth of cash payments while electronic payments and cards rise up above
How does this switch help consumers?
Michelle Evans, digital consumer manager at Euromonitor states that there is a possible benefit when consumers keep an eye on their debts and interest costs and fees. With debit cards, it is much easier to monitor budgets because it doesn’t require the same monthly payments as credit cards.
Debit Cards are like Cash
Debit card payments are similar to cash, they are easy to monitor and they don’t have interest for it.
In conclusion, it is always safer carrying cards rather than cash. Image being in an event where your wallet is stolen, did you know that it is much easier to get your money back rather than recovering a large sum of cash?
Image Credit: techtimes