While credit cards and online payments are a large part of how consumers pay for goods and services nowadays, cash is here to stay. Banks and credit unions should invest in coin counting machines for members while businesses will find it useful to upgrade their money counters. Cash is an important part of how the American economy thrives, and eliminating it in favor of electronic purchases is not in the cards for the foreseeable future.
ATM Marketplace pointed out that electronic banknotes, credit cards and other forms of electronic payments all play their own parts in the commerce realm. While cash still costs governments across the world money, there are quite a few challenges many societies would face if they eliminated cash. Electronic alternatives are widely used, but not the only payment form. Businesses need to continue offering a wide range of payment options to better serve their customers and ensure they're able to purchase the items they want or need.
The financial industry is in a time of transition as it shifts from traditional banking to digital banking. But it's important to remember that customers are still managing their accounts and expenses digitally as well as in-person. A customer-centric focus will help banks and credit unions encourage members be financially responsible whichever way they chose.
October 4, 2013