Is Cash No Longer King? – A Guide to Non-Cash Payment Methods

We have all heard the phrase „cash is king", but with more modern methods such as debit/credit cards and smartphone/contactless payments being favoured over traditional bank notes. But is the cash crown slipping? This infographic describes non-cash payment methods, which have become increasingly prevalent in recent years. Regarding the non-cash payment methods, the infographic provides some statistics. According to the infographic, hidden payments are soon projected to account for 10% of non-cash transactions. Besides, USA is the leading region fro non-cash payments. When it comes to contactless payments, it is estimated that more than 1 billion contactless transactions have been made in the past year. Moreover, it is projected that all Visa point of sale terminals in Europe will accept contactless payments by 2020. Luckily, the infographic explains the non-cash payment methods. You can read the differences between debit and credit cards as well as their pros and cons. The illustrated comparison includes direct debit, standing orders, checks and contactless payments. Source: http://www.paper2paper.ie/