Cashless Payments Only Becoming More Common

[Rocket]

I’ve gone completely digital payment. Wave the watch, beep it’s paid. The key is: IF one pays off their credit cards on time .... instead reap a 2-3% rewards kickback..

Meanwhile goodbye bulky wallet, hello slim phone case with pocket for cards, drivers license and, okay, an emergency twenty. Haven’t had coins in my pockets in years. ... What’s not to like about that?

Well, few things not to like.

1. People loose their phones all the time, as unlike a wallet that stays in your pocket, people walk around with their phones in their hands and set them down on tables.I find 3-4 phones a week. Way too risky.

2. Many people don't want lots of strangers having access to everything they do and buy. May not creep you out, but if does me.

3. Research proves that on average, people using plastic [or swipes) spend something like 13% more on average. It just doesn't hurt as much to swipe as it does to hand over cash. Heck, you get stuff and still get to keep the card. Magic! So CC / phone users end up poorer, even if they do pay their balances in full every month.

4. Swiping is often a LOT slower. Eating at a restaurant? Get the bill, drop cash and leave. Saves 2-10 minutes. It's the other way around for gas of course. I use it always for that, and I don't need to keep gas receipts to write the whole years work vehicle fueling off on our taxes.


Float is nice though. I use the 8 weeks of float for my business every month. Like a permanent $15 - $25k interest free cash advance. Real big when starting out. And the 1/4 million in air miles a year doesn't hurt either.