Plastic money is a great idea due to its numerous advantages over paper money. The initial and most significant benefit is convenience and ease of access. The safety aspect is another. While carrying a bag of cash would be awkward, using a credit card does not pose a problem. A bag of money is apparent from a distance, which may also alert thieves, whereas a credit card isn’t even visible or evident to the other person.
More Practical Than Paper Money
Paper money is hard to get all the time, but plastic money is easy to get because it doesn’t have to be carried around. Money is needed for things like food, travel, shopping, etc., that you do every day. However, with a credit card, you don’t really need cash to do these things because everything is done digitally. In the days before there was such a thing as plastic money, humans had to be there in person to buy things, pay bills, etc. But those days are over because we can now handle such costs neither matter where we happen to be.
Utilizes a Global Framework
Plastic money implies that individuals who travel abroad don’t have to worry about carrying around a lot of cash. This takes away the need to change money. Cards are accepted all over the world, allowing you to use plastic money anywhere.
Simple Tracking
Paper money is now almost impossible to track down, but plastic money is easy to find. All transactions with plastic money are handled by banks and other electronic means. This way, you’ll have an easy-to-find record of all transactions. Fraud is less likely to happen because every transaction has been watched. Even when a hacker steals as well as tries to steal, the system can use its advanced tools to find out where they are.
Digital receipt apps’ global economy impact
Even though they can be a pain, receipts are necessary for a smooth transaction between a seller and a buyer. In one form or another, they have been around since people started trading goods. They are still very important in business today.
The good old paper receipt does have a lot of problems, though. The first problem is that paper receipts hurt the environment. In the process of making receipts, millions of barrels of petroleum and billions of water gallons are used, along with millions of trees.
Whenever it comes to shopping, one of the most important things that customers care about is how easy it is. Some stores are known for giving out too many printed receipts. Think about the US pharmacy chain CVS. Unless you buy a boatload of things, their receipts are a lot longer than those from other stores. After being criticized for wasting paper, CVS agreed in 2013 to cut the length of its invoices by 25%. Since 2016, members of CVS’s ExtraCare loyalty program can choose to get an electronic receipt instead of a paper one.
Read more: Role of plastic money and digital receipts financial fraud and corruption
