Category: Current Development

Let’s Go Cashless!

Are you still carrying cash around? Believe it or not, we will surely go cashless. Yes, physical money will be replaced by electronic money sooner than later.

Quite a lot of us have an attachment to paper currencies. Probably it is the crisp feeling or the bulk. It is acceptable that when you hold cash and spend it, you get a feeling of owning something valuable that could be exchanged for desired items. That is the feeling of having money!

Don't you just love the ease and speed of electronic commerce? If you have purchased an item online, you will get my drift. Simple steps and no physical exchange of cash and your order is processed and delivered all by using a credit or debit card.

In some countries, one can almost not have to touch physical cash. The banking and finance industry are the major beneficiaries of innovative technologies that have changed the way all transactions are now implemented. Almost everyone with a bank account has an ATM card. Unless one wants to deposit a third party cheque, you really have no business in the banking hall nowadays. Good bye to the long queues.

There are many benefits for going cashless such as the security challenges and cash management cost to the banking industry. Businesses are able to receive instant payments devoid of the banking hall queues at a reduced operational cost. We should all take advantage of the speed, convenience, efficiency and security of electronic and internet banking by going cashless .

With our busy schedules, internet banking becomes the ready answer to our banking needs. We are able to carry out most of our routine banking transactions from our phones, tablets and laptops on the go!

The most common forms of electronic banking being telephone banking, internet banking, credit cards, debit cards and automatic teller machine (ATM) cards. We are now able to even top up our telephone air time.

Merchants, business concerns as well as online portals, clubs restaurants and shops readily accept payment using their POS and your ATM card. You could even walk down to the nearest ATM and withdraw cash as at when required. I can't remember the last time I used my cheque leaves.

The beauty of the debit card is that you can only spend what you have in your account and when payment is made with it, it is instantly deducted from your account. Credit cards however allow you to pay back the cost of purchase over a period of time at an interest rate. The interest rates are so high that high level of discipline is required to avoid getting into a financial mess.

The Naira denominated Mastercard and Visa cards could be used at ATMs and point of sales (POS) terminals globally, as well as access to foreign exchange from your Naira account while abroad and Naira while in Nigeria.

Mobile money is also beginning to make inroads into our choices of electronic payment systems, targeting the unbanked populace with convenient money deposit and transfer services. Pido , the mobile solution from payCom allows cash withdrawals from ATMs nationwide, Fund transfer to Pido, non-Pido accounts, bank accounts, DSTV, Airline Tickets and utility bill payments.

With all these options and ease of implementing banking transactions without going to the bank, the era of electronic money is here to stay. Once again, will you still carry cash around in 2014? I definitely believe the answer will be no.



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