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3 Reasons Why Cash Payment Still Important

cash payment
Money illustration (Pexels.com)

EasyPay buddy, have you ever noticed that the existence of cash is almost disappear? According to some financial consultant forecasts, cash will actually not be used by 2020. With the increasing popularity of electronic wallets for online payments, the question arises whether the benefits of cash are starting to disappear?

Indeed there is nothing wrong with online payments and electronic wallets. All bill payments from electricity to daily needs will be more practical, safe, and certainly easy to track. While cash is very vulnerable to loss, theft, and very difficult to trace. However, getting rid of cash payments actually has several risks that will have an impact on the individual’s financial future.

Although this payment is easy and classic, but in fact cash is still very much needed for all levels of society. Following this, four reasons why you should still use cash as your payment.

Accepted (Almost) Anywhere 

Unlike Visa and Master Card, cash payments are accepted in almost all stalls, shops, and merchants. Most traders in Indonesia will be happy to receive your payment in cash.

Plus, if you are ‘snacking’ in street stalls. Stalls like this certainly do not have EDC machines that can offer you non-cash payments. These stalls do not want to bother paying taxes at EDC machine providers. Until now the payment of cash is still a payment favored by several layers of society in Indonesia.

There Are No Minimum Payment Limits

What will you do when you are walking somewhere and suddenly you need to buy just one item? Looking for a supermarket that can accept debit and credit cards?

EasyPay buddy, the use of electronic wallets, debit cards and credit cards is very convenient but unfortunately all of these payment methods have a ‘limit’ of the minimum payment that you must meet. If you do not meet this limit, you must increase the number of items so you can swipe your card or scan a QR for payment to the merchant. This actually adds to the costs that you don’t really need. At the end of the month when you recalculate your expenses, try checking how much you spend on things that are “less useful”.

No Transaction Fees

You can try, how many e-commerce or banks that charge you with transaction fees even if you only buy credit. Similarly, when you withdraw money from an ATM machine at a different bank. Attracting cash using a credit card is also subject to substantial transaction fees and even interest per day

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