In an era of digital transformation, cashless transactions have become increasingly prevalent, offering numerous advantages over traditional cash payments. Many establishments across Gaborone have already made the move to go cash-free. This shift to cashless transactions and increased card usage has transformed the way we manage our finances, providing numerous benefits that not only improve our daily lives but also help shape the economy's future.
Carrying cash increases the risk of loss or theft; if your cash is lost or stolen, it is highly unlikely that you would recover it. In contrast, card transactions offer a higher level of security. If your card is lost or stolen, you can quickly report it to your bank, freeze the account, and minimise potentially fraudulent activity, if fraudulent transactions are performed on your card there are processes in place that allow for you to be refunded. Cash payments lack the inherent tracking and record-keeping capabilities offered by card transactions. This can make it challenging to keep an accurate record of expenses, potentially leading to difficulties in financial management and tracking spending patterns.
Cashless transactions through card usage are undoubtedly the safest and convenient to consumers. With cards, your funds are stored electronically, and transactions can only be performed after you authenticate them with PIN codes and in some instances biometric authentication. This reduces the risk of theft or loss. Additionally, banks offer robust fraud protection measures, ensuring secure transactions and providing recourse in case of unauthorised activity. Cashless transactions offer unparalleled convenience and accessibility. With card payments, you can make purchases seamlessly at various locations, both in-store and online. With a simple swipe or tap, you can make purchases, pay bills, and transfer money seamlessly, reducing the need to carry large amounts of cash. The card industry continues to innovate, offering secure contactless and mobile payment options. Tap-and-go technology and mobile wallet apps make transactions faster and more convenient than ever.
Cashless transactions provide a digital trail of one’s spending habits. Every time you use your card, a record is created, which can be easily tracked and managed through bank statements, mobile apps and online banking. Managing your finances has never been easier. This transparency enables you to track your expenses accurately; it makes budgeting simple and it facilitates efficient financial management.
Card issuers like Stanbic Bank Botswana provide rewards programs, cashback offers, and various benefits to cardholders. By using cards for transactions, you enjoy discounts on your purchases at select merchants, access to lounges and other exclusive offers. These perks add value to your transactions and can result in significant savings over time.
Cashless transactions contribute significantly to the digitisation of the economy. As more people opt for card payments, the need for physical cash diminishes, reducing the costs associated with printing, transporting, and securing paper currency. This shift toward a cashless society fosters a more efficient and streamlined economic ecosystem. Digital payments also promote transparency and reduce the risk of fraudulent activities, as every transaction is recorded electronically.
That is why financial institutions continue to call for more card usage. Through the ‘Swipe2Win’ campaign, every card swipe becomes a chance to unlock remarkable prizes and rewards. All customers need to do is to swipe or tap using a Debit or Credit card at any Point-of-Sale (PoS) machine to stand a chance to win.
Stanbic Bank remains dedicated to enhancing the lives of Batswana by making shopping and transactions more exciting, convenient, and seamless. This is, after all, the future of payments!
By Wabo Moswate, Stanbic Bank Botswana Head of Product, Personal and Private Banking