As we move towards a cashless society, it’s worth remembering the many benefits of using banknotes. While digital payments are certainly convenient, they often come with hidden costs that can add up over time. Here are a few reasons why paying with cash is still the best option.
First and foremost, using cash is a great way to support local businesses. When you pay with a banknote, that money stays within the community and can be used by others for a wide variety of purposes. For example, imagine you have a €50 banknote in your pocket that you use to pay for dinner at a local restaurant. The owner of the restaurant can then use that same note to pay for laundry services, and so on. After multiple transactions, the banknote will still retain its original €50 value, benefitting everyone who has used it as payment.
On the other hand, when you pay digitally via card, those payments often come with fees. For each transaction, the bank charges the seller a fee of about 3%, which might not sound like much initially but can add up quickly. After thirty transactions, that initial €50 payment will have whittled down to just €5, with the remaining €45 lining the pockets of the bank.
Lastly, paying with cash offers a sense of control and budgeting. When you pay with a banknote, you know exactly how much you have to spend. On the other hand, it can be easy to overspend when using a card, with temptation to exceed your budget when you see the figures flash up on the digital screen.
Overall, think twice before abandoning cash altogether. While digital payments are undoubtedly convenient, the many benefits of banknotes make them still a great option for everyday transactions. Remember, cash is king!