The move from cash dependent to cashless is moving faster than ever. Since the early 2000s, companies all over the world have adopted a type of cashless system, from tap and pay and Paypal, to quick tap and bitcoin, the evolution in payment technology is quickly climbing the corporate ladder.
What makes a system Cashless
Simply put, the cashless solution involves any payment or transaction without the use of physical cash. This includes systems that we are all familiar with: online banking, registration, hotel and car bookings, flights, the list goes on and on. So what exactly is new? Now, businesses and organizations have started to implement technologies in which the same sort of action as online shopping is now being done in store and through mobile apps or chip enabled cards. Picture this: You arrive at your favourite clothes store looking for that perfect outfit. Upon finding it, trying it on, and awaiting the payment part of the process, all you do is simply tap your smart phone or card to a tablet in the store and bam: clothes bought, points earned, rewards redeemed and all because your smart phone or tap card is directly linked to your bank account.
How does it all work
Three words. Near Field Communication. This technology allows a two way communication between two devices up to 10cm apart. So far, most smartphones are NFC enabled although Apple was hesitant to adopt. Regardless, Apple’s iphone six is now NFC enabled which has opened a gateway to everything being done via a mobile phone. Calling, texting, photos and videos, music, banking, business, pleasure, and now day to day payments.
- Paying is effortless
- Loyalty programs are working better than ever
- It’s secure
- Convenient and versatile
Contrary to popular belief, the cashless payment system is not new or foreign. We have been using debit and credit cards as the primary paying method for decades. Now is the time for businesses, organizations, events, and consumers to grab cashless opportunities
“A cashless future is an inevitability.” It is time to get rid of the wallet and start living in a seamlessly integrated future where everything can be done from one convenient place.