Benefits of Using Cashless Payment Solutions
Cashless shopping—it’s not just a buzzword anymore. Amid the COVID-19 pandemic, the popularity of cashless payment solutions started soaring steadily. This payment method entails paying for goods and services without using cash. There are many factors that contributed to this trend, including the shift to work-from-home setups and the increase in demand for online shopping.
People are also choosing to go cashless because it minimizes the risk of being exposed to the pandemic by eliminating the need to handle paper bills and coins. There are more reasons to switch to cashless payment, including the following:
Faster, More Convenient Transactions
Imagine paying for the food you ordered, but the person who delivered it did not bring enough change to break your bill. Inconvenient, right? Instead of enjoying your meal straight away while it’s hot, you have to spend more time trying to find some change to pay for it. Meanwhile, you only need about a couple of seconds to make a cashless payment using a debit or credit card.
Easier Budget Tracking
When you pay using cash, you only get a receipt, which you have to keep track of manually if you’re monitoring your spending. On the other hand, using cashless payments gives you access to a detailed record of your transactions. This makes it easier to stay on top of your expenses.
Convenient Way to Improve Your Credit Score
Cashless payments made using your credit card can help you build a better credit score. As long as you make sure to pay off your balance on time, you are right on track to improving your credit.
A lot of businesses are offering rewards to customers who make cashless payments. For example, Starbucks lets you earn points, which you can redeem for rewards when you pay using a credit or debit card, Starbucks® Rewards Visa® Card, or through their app.
Join the Shift to a Cashless Society
OnPath Federal Credit Union helps you take advantage of contactless payments by giving you access to various Visa® credit and debit cards. To get started, apply online today.