As technology becomes more and more advanced, it slowly changes our way of doing things. We replace Television with Netflix, taxi with Uber, brick and mortar retail stores with eCommerce sites, and soon enough, we’re going to replace cash with cashless payments.
Cashless payments are made digitally using RFID or NFC, meaning that you don’t need to carry your cash to make purchases. Examples of cashless payments are credit cards, debit cards, transit cards, Google Wallet, Apple Pay, Android Pay, and Amazon Go.
China is one step ahead of the world with its facial recognition payment method, meaning that people over there bring nothing but their face to buy something.
Although it currently receives resistance from some states, it’s inevitable that cashless payment is the future of transactions.
To understand better what a cashless payment is, how it works, as well as the advantages and disadvantages of this method, check out this well-crafted infographic about cashless payment by Milkwhale.
Infographic Source: https://milkwhale.com/portfolio/the-future-of-transaction/