Cash vs Card
Gallowolf, CC BY-SA 3.0, via Wikimedia Commons
Which do you prefer?
Anthropologists state that for the longest time, humans have been using cash and coins to pay for things. There isn’t an exact date when humans created and started using this form of currency, but it’s safe to say it was about 5,000 or 6,000 years ago. There are a variety of coins and dollars used around the world. For example, In India, the official currency is the Indian Rupee. In Switzerland, it’s the Swiss Franc. More familiar, in America the official currency used is the United States Dollar.
More recently, people around the world have started to use cards. These can range from credit cards, debit, prepaid cards, and more. Ever since the creation and widespread use of these cards, the use of cash and coins has greatly declined.
“81% of shoppers prefer to pay with cards over cash,” according to Capital One’s Cash vs Credit Statistics.
But when did cash usage start to decrease? Well, ever since the credit/debit card was created in the 1950s, people started to use cash less. When COVID-19 hit, cash usage experienced a major decline. With people stuck in their homes due to the pandemic, nobody had a choice but to start using their cards online, leaving cash to be rendered useless.
It’s not very often that you see people using physical money to pay for things, and it’s become more convenient to use a card when paying for items, which might be for the better.
Pros and Cons of Using Cash
Like many things, there are pros and cons when it comes to using them. Cash is slowly becoming outdated due to card payment becoming more dominant. Although, there are still pros when it comes to using cash.
Image originally uploaded by w:User:J.J., Public domain, via Wikimedia Commons
Cash keeps your spending private.
Cash can prevent you from overspending.
As cybercrime becomes more evident today, having cash ensures that you won’t lose a lot of your money from your bank account when criminals decide to hack accounts.
It’s good to keep cash in case of emergencies, for example your credit/debit card stops working.
Sometimes people don’t accept cards as payment, for instance, some food vendors only take cash. Having cash will come in handy when you’re hungry.
But in 2024, only using cash can limit the amount of things you can do. For example, if you need to borrow cash very soon, or immediately, if you don’t have access to a card of any kind it could prevent you from getting that money. Or at least getting the money as soon as possible.
Pros and Cons of Using Card
Pros of paying with a card include:
It’s easier to carry money this way, instead of carrying a large sum of money which could take up room.
People consider it safer to have a card to store money instead of holding it. With cards, you can deactivate your account so the person who stole your card can’t use it.
With some cards, you can earn money back through rewards.
Accessibility to online shopping.
It’s easier to track your or someone else’s spending.
Even though people are starting to use cards more, making it seem like it’s the perfect change for the world, some issues come with it. With cards, you are more vulnerable to scams and theft. As everything shifts to the online world, some people have the skills to get access to your bank account and steal your money. Yes, there are ways to prevent this. But it doesn’t always work.
Overall, both cash and cards can be very useful. However, as the world changes, we learn and adapt to move on, even in how we choose to pay for things. Cards allow people to do a lot more, while many restrictions come with paying with cash.
Image originally uploaded by w:User:J.J., Public domain, via Wikimedia Commons