Cashless Isn’t Convenient For Everyone

Thanks to debit cards, cryptocurrencies, Apple and Samsung Pay, etc, it’s easier than ever to make purchases without ever having to have cash. In fact, most people don’t even like the idea of carrying cash. It’s not safer than say, using a debit card, and it doesn’t come with skymiles for cash back either.

The cashless lifestyle however, is ultimately reserved for the wealthy. Not everyone has the luxury of a bank account, or a fancy credit card. Furthermore, not everyone has a smartphone to utilize contactless payment options, and even fewer people can tell you what a cryptocurrency is. This is something that’s pretty easy to forget for the rich and successful.

It’s also worth pointing out that a cashless lifestyle isn’t convenient for everyone. A waiter would much rather be tipped in cash, and most independent store owners prefer cash payments. Their margins are already paper thin, and accepting credit/debit card means digging into their profits from each sale. This doesn’t generally seem like a big deal, but consider a store that pays ~3% in credit card fees on one million in sales with a 10% profit margin (pre-fee). Yikes.

So what can you do? Nothing really, but you can be aware and you can definitely be considerate. For example, try paying smaller, mom and pop establishments in cash. You help their bottom line, and you don’t risk putting your credit card info out there in a less reputable establishment either.