Cash VS. Mobile Payments - Is Paper Money Going Away?

GURUS Cloud Connect

 

As mobile payments platforms from Apple, Google, Samsung, and other innovators are changing the way we handle our money, common questions begin to arise:

  • Why are mobile payments taking off internationally? 
  • Cash vs. Apple pay?
  • Should I carry cash if I am traveling the world? 
  • How much cash is it safe to travel with?

In this short video, our speakers, featuring Mark Paley, VP of Sales at Cardknox, discuss these common questions and share their thoughts on the future of payment processes. Are we eliminating cash and turning to credit cards (EMV), crypto, or mobile payments?

Request More Info From an Expert
Video Transcript

Athen: Honestly, every time that I go into a store now and you tell me “hey cash only,” I'm like, “Great I don't have any on me.” I have a card I have my phone, but yeah it's a big turn-off nowadays.

Mark Paley:  I'll give you just a quick story. I was in London before traveling to Europe and I knew I was gonna have to stop to get some pounds and then get some euros, and I really decided that for 24 hours let me try this - let me see if I can pull it off with just card only and no cash. And I blew my mind that I could actually do such a thing.

Suite Life TV Electronic Payments

But I literally went 24 hours in a foreign country with not a drop of cash, not a drop, not a pence or a pound or anything - nothing - and it works because we are so easily able to get around without any cash.

On that point, I'll just say as some of our clients have told us that it's incredible, I was shocked when I heard this, but cash is actually the most expensive form a payment, even with credit card fees, because cash is something that is easily stolen and therefore services like Lockbox services have to be employed.

Therefore, it is not as cheap as people think and it definitely is something that is continuously being discouraged.