Cash is being used for transactions from thousands of years. In the current condition also countries are adopting plastic money but cash is still in use. We can see how dramatically cashless payments are becoming so popular.
Different countries have different regulations, records, transactions, and systems of cash and plastic money usage. Just like the popularity of plastic money the popularity of apps supporting cashless transactions is also increasing at a rapid speed. The most common reasons for the popularity of this unique way are time-saving, convenient, reliable, and on record.
Countries are also giving priority to cashless societies. In COVID-19 effects also this cashless plastic money and the assistance of the app were extremely very helpful.
Below are some advantages and disadvantages of the use of plastic at the place of cash:
Safe method: Plastic payments or online transactions are password protected. The records of every transaction are maintained very well. This is the reason why this mode of transaction/ payments is lovable by different countries.
Time-saving: You need to have internet access or a card accepting machine for your further payments and transactions. It takes very little time to finish a transaction. The system generated format gives instructions step by step so the transaction becomes easier for the beginners also. Users can enjoy the fun of online payments, shopping, and more with plastic money/cards.
Easy international payments: International payments were heavy tasks in the early days. The agents were charging a big commission to send money to different countries. But now with plastic cards, you don’t have to pay extra for international transactions. There is no need to rely on an agent for international transactions. You can do it on your own by using these cards. Less time duration of international transactions makes it the most preferable option for everyone.
Low risk of robbery: Holding cash is quite difficult and risky. You can hold too much cash in your pocket while traveling. But plastic money allows you to safely do so in your traveling. At your residence also you always fear the robbers that they can steal your money from the safe. To reduce this risk from your mind these plastic cards have been introduced.
Technology and Internet-based performance: Along with hundreds of positive aspects plastic cards have some negative aspects too. This is the reason why cash is still among us. Its dependency on technology and internet services sometimes makes it hard to select a single mode of payment. In long power cuts, poor internet due to weather or other conditions affects the functioning of plastic money.
No accessibility in deprived areas: We have come so far but still many places are deprived. The people of those areas don’t have bank accounts. Without bank account plastic money allotment and usage is impossible. So the citizens of various countries are unable to avail of the advantages of plastic money.
If we compare cash with plastic then we would find that for business, investors, and modern age people plastic money is very important and useful. But for the deprived areas and daily expenses, cash is more user’s friendly. Both modes of transactions are equally useful and important but for different purposes and sectors.
Countries and crypto debit card usage:
At this age, various countries are dealing in cryptocurrency and cryptocurrency is a rare type of money. This is non-physical electronic money which is considered an asset. The use of crypto debit cards is also being liked by people for the transaction of crypto investment. This card allows us to pay any special or preferred type of cryptocurrency. These cards also hold the option to pay using fiat currencies too.
The cryptocurrency is not a legal tender in different countries, but many exchanges are working legally. The registration formalities from the authorities are important. Crypto cards are being used legally in some countries. The list of countries where crypto debit cards are legal is wide but Asia, Russia, EU, US, UK are more focused on the legal use of crypto debit cards. Some specific debit cards such as
- Wirex (London based crypto debit card)
- Revolut (Based in London)
- Monolith (Based in England)
- Coinbase (US-based)
- Patient (Singapore based)
and more are so popular and legal in many terms of transactions.
The area of transactions, investments, and trading in cryptocurrency is under work. Different suggestions, regulations are pending to roll out. In the future, we hope for the maximum legal utilization of cryptocurrencies and crypto debit cards. Once risk factors are reduced and exchanges come along with strong systematic changes the hopes will get more strength. In the year 2021, several pending regulations are expected to be in action for the cryptocurrency transactions. And hopefully, there will be some advancements in the crypto sector as well.