The omnipresent value of money has taken many forms throughout history. Will “cash is king” be dethroned by the pixels of digital currency in this tech savvy world? What would be your pick?
Cash
• Types
Paper printed currencies
• Benefits
Managing tangible cash gives a form of control and improved fiscal conduct as compared to the digital mode. This is because handling money physically can affect our psychological well-being that influence how we spend or save our money. Cash transaction also open doors for negotiations deals in the marketplace.
• Risks
Carrying cash (especially when overseas) gives a mixed sense of security as the natural appeal of money can also attract unwanted attention. Knowing you have instant money in hand for emergencies leaves you wrangled with the possibility of theft and robbery as stolen money is impossible to track. So, stashing away emergency cash in hotel room’s safe or lugagge is commonly practiced as a precaution.
• Value
Indisputable appeal
Mobile Payment
• Types
Mobile, banking and payment apps through smartphone
• Benefits
It is all about convenience. Transactions could happen in an instant through several taps on digital wallet without the hassle of finding a cash machine and fiddling with tangible notes for payments. Most mobile apps also exclusively reward their users with cashbacks, promotional services and products with usage of digital payment.
• Risks
Unlimited access to credit via payment apps could result in poor spending choices. It has been proven that digital money and its transparent transaction make us feel less affected with our expenses and puts us in risk of unauthorised transactions. As many payment apps require authentications, a majority of us tend to reuse password across multiple services. This will inevitably increase the risk of hackers and data leak.
• Value
Ever expanding with technology
Text by Jessy Wong • Illustration by Adobe Stock
