If you follow us via our social media channels, you will be aware that we are keen reporters of anything cashless that appears in the media. This week alone we’ve shared two news stories about a cashless future that we’ve come across.
So, it’s not just us here at MonitorIT that are talking about all things cashless; a fully cashless future will be happening and probably sooner than you think.
But don’t worry; if you haven’t yet gone cashless on your campus or within your organisation yet, it’s not too late, we are here to help.
Is technology replacing cash?
The technology already exists to transform the way we receive and spend money, enabling both consumers and businesses to reduce their dependence on cash and, for businesses, meet changing consumer demands, whilst at the same time make life easier, more secure and less expensive for them.
Are notes and coins past their sell by date?
The media has reported that although the UK leads the world in financial services, when it comes to moving beyond cash, we are far less advanced than many other countries such as Sweden, where 4 out of 5 purchases are made electronically. It’s time we caught up.
Notes and coins verses electronic payments?
The media has also reported that cashless payments have overtaken the use of notes and coins for the first time, confirming that cash is on its way out.
The message is clear a cashless society is here. So why is going cashless so much better for your organisation?
A cashless solution solves the problems caused by using cash to pay for many different services including print, copy and scanning, point of sale, vending, PC and internet access, ID card printing and laundry services, room and PC reservations and much more, all by using just one account and one identity. Just see below the many ways a cashless payment solution would benefit your institution:
- Improves convenience and security by allowing individuals to use their ID card, smartphone or other identifier to pay for goods and services.
- Cuts admin time and costs by giving users a simple and efficient cashless solution that doesn’t require staff to monitor
- Reduces waste producing environmental savings for the organisation
- Improves transaction management by tracking each transaction to a specific user or department
- Can be used with existing card systems (e.g. library systems) protecting existing investments and extending the use of current systems.
- Eliminates cash handling which in turn eliminates security issues that arise from having cash transactions taking place on the organisation’s premises
- Allows users to manage their budgets effectively by only topping up their card with the amount they can afford
So, as you can see there are many ways that going cashless can improve efficiency, security costs and reduce waste, for both your organisation and your customers, staff or students.
On balance the future for cash is not too rosy and now is the time to start considering the way forward to a more cashless society. If you want to know how technology can help you reduce your reliance on cash then please contact us on 01494 565066 or email us at firstname.lastname@example.org
If you’ve missed any of the articles we’ve been sharing why not take a look at a few using the links below:-
- Cashless payments overtake the use of notes and coins
- Mobile payments: the brave new cashless future
- A cashless Europe?
- The cashless world - A realistic scenario?
- Life in a cashless society
- Unbanked and cashless? Then, go mobile
- The future is cashless for school meals