Are we moving towards a cashless society?

This year, the cashless trend has accelerated and led many to ponder: Are we on our way to a truly cashless America? The COVD-19 pandemic had made a cashless economy seem even more like a logical evolution for societies around the world. Digital payment methods are favored over cash as they reduce contact exposure for employees and patrons. Many financial industry analysts are predicting that contactless payments through mobile e-wallets may be upon us sooner than previously forecast as consumers and retailers become more accustomed to life without cash.  Could we be living in a truly cashless country sooner than we think?

While some people have raised concerns about the potential dangers of a cashless society, various sectors of the economy have been reaping the benefits of being cash-free for decades. For example, cashless tolling on many major highways have helped with traffic flow and congestion in many major metro areas throughout the US. Other areas of modern life that could benefit from the cashless trend include:

Cashless schools

At an institution like a school, keeping track of payments can be a hassle. Whether it’s public or private school, transactions are happening every day for things like:

·       Field trip fees

·       Before- and-after-school program fees

·       School meal payments

·       Transportation fees

·       School spirit wear

·       AP & SAT Test fees

·       Athletic fees,

·       Registration fees, and much more

Many schools throughout the country have opted to go cashless to make tracking easier and more efficient, and remove the hassle of manually tracking all the transaction activity. The meaning of a cashless policy for a school is often that time is saved and accounting mistakes are avoided.

Cashless stores and cashless restaurants

Maybe you’ve experienced a cashless dining experience at an automated food ordering kiosk at an airport, or maybe your favorite local coffee chops and cafes went cashless this year during the pandemic. If you haven’t yet experienced what checking out is like at a cashless store or cashless restaurant, here are just a few benefits that customers and business owners at these locations are enjoying:

·     A cashless store means improved speed & efficiency at check-out. Card payments process much faster than cash, so lines move quicker, and “traffic jams” at check-out can be avoided.

·     Security & fraud prevention at cashless stores. The costs of securing and monitoring physical currency can add up. Cameras, surveillance systems, employee training, registers, and safes are all things you might need to properly keep an eye on the cash stored at a business and keep the employees handling that cash safe. Going cashless eliminates all or most of the need for these hassles.

·     Health and safety. By shortening check-out lines and eliminating risk of germ transmission on paper currency, cashless stores and restaurants can create safer, more socially distant checkout experiences.

The role of Cash-2-Card in cashless societies

How can ReverseATM Cash-2-Card self-service kiosks help cashless society in USA? The kiosks can be installed anywhere - retail locations, stores, stadiums, event centers and public plazas – to accommodate anyone who has cash that needs to be exchanged. As a provider of customizable cashless solutions for all types of businesses and organizations, Cash-2-Card ReverseATM Technology can help businesses enjoy the benefits of being cash-free with ease without discriminating against any cash-paying customers. Customers who wish to pay cash simply insert their cash into the kiosk, and get card they can use at that business, much like a ReverseATM machine.

Got questions about the benefits of going cashless with Cash-2-Card ReverseATM Technology? We’d love to tell you more. Check out our FAQs page, and click Contact Us to set up a call.