For people who travel quite a bit every year using cash is pretty much a no-go. Dealing with currency conversions is a hassle, and it just feels awkward to deal with foreign currency. Moreover, a lot of travel accommodation services are no longer accepting cash payments. At the same time, several countries will refuse to deal with card payments.
The Tug-of-war between Cash and Cashless
Payment methods will never please everyone in the world. In the western world, card payments are becoming the norm, and cash is slowly making its way out. That is, except for several locations which still do not accept card payments. Bakeries, butchers, newsstands, and other entrepreneurs will not always accept that plastic payment method in your wallet.
Things are very different in countries such as Africa, where paying with a card is almost impossible. The majority of local shops and retailers will prefer cash, as they do not have to go through a month-long bank clearing process to get their money. Plus, the payment infrastructure is very different in all regions of the world, as are the habits and customers when making a payment.
All of this creates an interesting scenario on a global scale. While many people would like to get rid of cash due to its discomfort, they do not want to put all of their trust in a bank or other financial institution either. One could even argue the world of merchants doesn’t want either cash or card payments at this point.
Mobile payments seem to offer a solution, but under the hood, they are no different from card payments. In fact, they are the same payment method in a different form factor. Retailers will still need to invest in new terminals to accept mobile payments, and wait days, if not weeks, for funds to clear in their bank account. There is no immediate transfer of value.
Some people would argue this is positive news for Bitcoin, and it certainly could be. Unfortunately, education on cryptocurrency is severely lacking, and most retailers do not even consider it as a payment option right now. Then again, if there is no desire for cash, card payments, or even mobile, what will be future payment method everyone will use?
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