The debate between cash and digital money has been catching more fire ever since people started to list their pros and cons. When people send money to Ghana, they always think that which channel will benefit them the most.
Many people also say that with time, cash will be replaced with e-money, however here is a summary on the realistic approach of payments.
Future of Cash-Payments
It is true that digital payments have reduced the need of doing hand to hand cash transfers, but it doesn’t mean that the road is ended for cash. In many areas such as Latin America, 21% of the online transfers are completed by using cash.
At multiple places, people prefer to pay through cash because of its feasibility to carry. It includes small consumers, areas where internet is not available etc.
Moreover, when people use credit/debit cards it also has a chance of disturbing the company’s payments. Recently, the national bank of China announced that cash payments will not be rejected.
Some of the cities in the US have also posed a ban on cashless transactions. Thereby, in one way or another cash is always going to revolve around the globe.
Importance of Digital Payments
When the facility to use food delivery and online taxi app was introduced in South-Asia, more than 115 million people used it. Another example of a mobile wallet payment is UberPay.
We can link our uber accounts with credit/debit card which enables to directly deduce the amounts from the cards. Moreover, almost 64% of the entrepreneurs announced that in the upcoming 5 years, their all transactions will be exclusive to digital channels.
E-Money in Africa
In the Sub-Sahara region, different observations and time-taking researches are done to see what option is more feasible for the people.
On average, the ratio of people having a smartphone (60%) is greater than people having accounts in commercial banks (56%) The modern innovations help these people in turning their mobiles to small financial gadgets which can be used to do e-banking.
Thereby, most of the people send money online in African regions, including Ghana, because it is more beneficial and facilitating for the receivers. They can get the amounts in their mobile-wallet which is then directly used for doing cashless transactions.
Creating a Balance
For creating a balance between cash and digital methods, its important to understand one fact that being innovative does not mean to go cashless. It depends on your consumer needs and behaviour. Each audience will come up with a distinguished set of needs, and their preferred method should be used for regulating payments.
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