Mobile apps are giving Cash a run for its money.
Since we’ve entered the 21st century it seems as if cash is becoming obsolete. Think about it. How often do you pay for something in cash or receive cash as a form of payment? Hold that thought. We will get back to that in second. How many of you guys use Cashapp? Did you know Cashapp was founded in 2013? That was when Robin Thicke had the smash hit ‘Blurred Lines’ and ‘Orange is the New Black’ was first on Netflix. Cashapp wasn’t that popular then, but now in 2019 it seems as if everyone is using it!
Mobile payments are becoming increasingly popular. It used to be, you would earn cash from doing side jobs such as babysitting, mowing lawns etc. If you owed someone money, you would give them cash or write a check. Nowadays, all you need is app on your phone and voilà you have money in your app that you can download to your bank account. It is hands on and easy because unlike before, you can take your bank account with you.
Mobile payment methods
Mobile payment methods aren’t the first type of payment systems that have given traditional payment methods a run for their money. The introduction of debit and credit cards in the 1990s and electronic and digital deposits in the early 2000s have caused checks to almost dissipate.
Electronic and Digital payment systems
With any payment method you choose there is always risk. With cash, if you lose it, it cannot be replaced. Checks can bounce (fees) and can be hard to track down if misplaced. Credit Cards and Debit Cards can be stolen. Mobile and Digital payments can be hacked (security breach).
Remember this: Your bank account is the driving factor for both mobile and digital payment methods make sure your bank account and payment method are FDIC insured.
Cash is still King
In my opinion, I don’t think cash will ever be obsolete. There is something about cash that offers an allusion of wealth and richness. Cash is an accessory and everyone likes the way money looks: rappers and popstars flaunt cash on IG and in music videos, cash heist plots in movies are still extremely popular in Hollywood, and cash is also your most liquid asset.
Did you Know: Some experts believe by 2030 Sweden will be a Cashless society.
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