Cash is King! Why is it so much better than digital payments for local economies though?
Picture this: a crisp €50 / $50/ £50 banknote snug in your pocket, ready to weave a story of connection and continuity. Imagine strolling into a quaint restaurant, where the aroma of freshly cooked meals fills the air. You relish a delightful dinner and, with a sense of satisfaction, hand over that €50 / £50 /$50 note. That very bill embarks on a journey, touching lives – from the restaurant owner who uses it to settle laundry expenses, to the diligent laundry owner who pays the friendly barber, and finally, to the barber who exchanges it for essentials at a local store.
This £50/ €50/ $50 bill through countless transactions, retains its value, steadfast in its purpose, leaving banks on the sidelines, unable to dip into the hard-earned rewards of these transactions.
Now, envision a different scenario: you opt for a digital payment. That simple tap of a card, though seemingly convenient, carries a hidden cost. Each digital transaction siphons off a portion of the payment – about an average of 3.5% in transaction fees, monthly POs charges, dispute handling and bank charges chipping away at the original amount. Before you know it, after a chain of 30 transactions, what started as €50 dwindles to a mere €17, with the lion's share – a staggering €33 (two thirds!!) – vanishing into the vaults of banks and tech companies.
Moreover, the delayed payments to retailers by card companies further strangle the flow of transactions, adding a significant drag on local economies.
Consider the plight of small businesses, the backbone of communities big and small. They're not just shops, restaurants, markets; they're dreams, families, stories waiting to unfold. Every swipe, every tap of a card, imposes a financial burden on them, with fees that accumulate to monumental amounts over short periods of time, eating into their ability to thrive, to provide for families, to weave the fabric of communities.
So, I urge you, champion local heroes both at home and abroad. Opt for cash. Let's keep our economies vibrant, our connections strong, and our communities thriving. Every note you spend is a vote for a world rich in human connections, a stand against the invisible drain of digital fees. It's not just about transactions; it's about transformation. Let's make it count!
#cash
#digitalpayments
#tourismandtravel
#retail
#technology
#jobs
