Cash is king – or so we were once told. Today, with the abundance of alternative payment methods, it appears that cash no longer enjoys such a regal status. How many of us are more inclined to making payments with a credit card or even a quick scan of our smartphones? To some, it seems as if paying for goods and services with traditional bank notes is a throwback to a bygone era.
This infographic by Irish-based online till roll provider Paper2Paper (www.paper2paper.ie) gives a statistical breakdown of how non-cash payment methods continue to increase in usage, in stark contrast to the decline of notes and coins, with particular emphasis on the growth of contactless payments.
There is also a summary of the most common non-cash forms of payment, such as debit/credit cards, cheques, standing orders and direct debits. Each one is explained in a couple of simple sentences, along with the benefits and drawbacks of each.
However, the death of cash is quite a long way off. It is still the go-to option of most people for everyday transactions such as a drink or a bar of chocolate, or for instant, tangible reimbursement for a babysitter or driving lesson. Also, the use of cash encourages us to be more measured in our spending and help us stick to a budget, so there is very much still a market for time-honoured bank notes and coins, even with non-cash payments continuing to grow in usage.