A Common Currency: How will a cashless society change our holiday experience?

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Published on Wednesday, 22 April 2020 14:21

Last Updated on 24 April 2020

Monica Costa

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Back in the day, the usual process to follow through while going abroad was to pop out to your bank or local travel agent before your trip to exchange a certain amount of money into the currency of the country you were travelling to or to take out traveller checks. However, with the introduction of smartphone paying apps and wireless payment cards, common currency is quickly becoming the norm.

Backed by banks who now offer plenty of great exchange rates while you simply travel abroad and use your card or wireless payment platform as standard, how is this affecting the holiday experience? In today’s post, we’re going to detail everything you need to know!

It’s More Affordable

In the UK alone, using a cash infrastructure costs around £5 billion a year, and these costs are being reflected in consumer prices around the world. However, by moving over to a card and smartphone-based system, this will put these costs down to an absolute fraction, meaning prices will be lower, and everything can become more affordable.

Easily Track Missing Money

It’s no secret that cash is untraceable, and if you’re on holiday and you misplace your cash, or it gets stolen, it’s quite possible that you’ve lost your money forever. However, this simply doesn’t happen with cards and smartphone payment apps. While there are ways that people can still steal your money, it’s possible to track where the money has gone, and your bank will work hard to get it back.

Of course, the process for tracking money or claiming on your insurance will depending on which bank or financial services provider you’re working with, and whether you’re insured for money by your holiday provider. You can find out more on this, and a ton of other travel-related information, by visiting inspire4travel.

It’s Easier to Spend Money

While there are many positives to going on holiday cashless, that doesn’t mean it doesn’t come without problems; the most common of which you probably already know as noting how easy it is to spend money when using a cashless platform. Clicking, swiping, and tapping doesn’t feel like you’re spending money at all, and you may end up spending way more than you originally thought.

Spend How You Spend

Since bank accounts and payment platforms can now be linked interchangeably, it doesn’t matter if you want to pay using your phone, debit or credit cards, or even your tablets, however you want to pay and use your financial accounts, modern technology has allowed you to do so. This means you no longer need to carry cash or even a wallet or purse around with you, freeing you up while you’re abroad and making sure you don’t have worry about losing your belongings.

Summary

As you can see, going cashless while on holiday comes with advantages and disadvantages, but by educating yourself in what they are, you can make sure you’re making the best decisions for you and ensure that you give yourself the best experience possible.