Why using a card is better than using cash

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Posted by Chidinma on Wednesday October 8, 2014 at 16:44:53:

Gone are the days when you have to carry bulk cash around to make payments; our world have so evolved that people can now carryout any form of transaction with their debit or credit card; whether it is or online payments, ATM transactions, payment of bills, all can be done with just a swipe of your card.

Some of the reasons why using a card is better than using cash:

- Security Reasons: without being told, you should know that it is safer to use your credit card instead of going about with cash; you may loose the money or you may be attacked by armed robbers. In the case of credit cards some people may argue that it can be stolen or prone to hacking, even if loose it anybody who finds it cannot have access to your money unless the person has your PIN, and you can also call the bank to block the card

- Card Payment Is More Convenient : it is more convenient to make a transaction with your credit card then with cash especially if it involves a large amount of money; also card removes the stress of spending hours in the banking hall to withdraw cash as you can visit an ATM near you and make the same transaction faster.

- Restrictions: there are some places and services you are restricted from making cash payment. for instance most e-commerce sites does not accept cash payment and with the move to introduce a full cashless society by CBN, more restrictions will be placed on cash transactions.

- Eliminates the need for currency change: When using cash to pay for something, chances are that you may make an over-payment and will need to receive a balance or change for your money. With the scarcity of smaller currency denominations, card payments help you avoid having to wait for your balance/change and makes the transaction faster.






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