The future of society is cashless

At mytalu, we have a strong focus on building a digital-first payment solution. We believe that the role of physical cash will reduce significantly over the next five years, and the world will make great strides towards a cashless society.

But what do we mean by a cashless society?

Well, a cashless society can be defined as an economic state whereby all financial transactions are completed digitally. There’s no role played by physical banknotes and coins. A cashless society lends itself towards products, such as multi-currency wallets, cards, POS devices, e-payment gateways etc. In effect, payments are made through exchange of digital information rather than physical currency in hand.

Why are digital payments becoming the preferred payment method instead of cash?

There’s plenty of reasons!

First up – Transaction Speed. Digital payments are practically instantaneous. You can send money domestically and cross borders with a few taps of the screen. Compare that with cash transactions, the time delays are much higher, plus you need to manage the logistics of making sure the cash gets from point A to point B, including any currency conversions that need to happen along the way.

Second – Safety! If you are carrying large amounts of cash in your pockets/wallets, there is always that risk that some might fall out or, worse, be stolen. With digital payments, and the digital security that comes with them, your money is much safer, and the risk of theft is greatly reduced. Companies now use multifactor authentication to protect funds held in your account so that only you can access them, using security measures such as PIN numbers, Face ID, Biometrics, and Security questions and answers.

Third – and perhaps most importantly, the cost is much cheaper. When you want to send cash long distances and across international borders, there are lots of middlemen involved in the process, each taking their cut to handle, transfer, and secure the cash. With digital payments, you can be sure that the money you are sending is taking the most direct route possible to get from you to the end recipient.

A move towards a cashless society also has great benefits at a global level. It means Fintechs, like mytalu, can play a pivotal role in financial inclusion. Digital payments allow companies to find new and unique ways to better serve their customers, in addition to ensuring the betterment of society as a whole.

It is an exciting time to be part of this space and we believe the digital-first approach that mytalu has to payments, is vital towards our bigger mission to #BuildBetter.