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The Pitfalls of Cash

June 27, 2017 Financial No Comments Email Email

With No Cash Day (June 27) just around the corner, how many of you have given the use of cash a second thought?

According to the latest Mastercard survey on Consumer Purchasing Priorities for the second half of 2016, 60 percent of respondents perceived cash to be dirty, while more than four in 10 respondents tend to wash their hands after handling cash. Compared to other everyday items, cash was perceived by consumers to be less hygienic than public toilet handles.

As we continue to digitize our lives with the latest technology, the perks of plastic are beginning to eclipse that of paper. Although the use of cash may never cease completely, it doesn’t hurt to upgrade to safer, more convenient payment options. Here are five reasons why paying with a card is safer than doing so with cash:

  1. Traceable records

All purchases on payments cards are recorded, allowing you to monitor your expenses made via your bank or card statements. This safety feature comes in handy when you need to dispute or cease an unauthorized transaction.

  1. Do-away with cumbersome payments

Imagine taking out a large, conspicuous wallet or fumbling through wads of cash every time you make a purchase. Not only is it cumbersome but the jingling of metal and the rustling of paper makes you an attractive target for watchful thieves. Payments cards, on the other hand, offer a more discreet way to carry large sums of money, making transactions quick and unnoticeable.

  1. Cards are recoverable, cash isn’t

Due to its anonymous nature, if you lose your cash, it’s gone. Payment cards can be cancelled and replaced swiftly and remotely.

  1. Multi-layered security in your card

Whilst cash may offer you complete anonymity from data thieves, EMV chip enabled cards offer a more thorough form of payment authentication, providing an extra layer of payment security. How so? Dynamic data is created, making each chip transaction unique and virtually impossible to replicate. This unique transaction code is also useable only during that particular point of sale, preventing thieves from re-using it for other transactions.

  1. Payments cards offer fantastic protection for travellers

Here’s one for those who fly frequently! Certain payment cards offer travel insurance that covers personal accidents, lost luggage, and travel delays. Check with your issuing bank to find out what their service offering is with travel insurance so that you can travel with peace of mind knowing that both you and your money are covered.

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