Cash and the physicality of it I believe will soon be a payment method of the past. Will it go away completely? Not in our lifetime, but the security inherit with using Electronic methods like credit cards and interac makes sense to consumer’s and people in general.
Cash can easily be stolen, and it is non traceable so it is the most sought after thing to steal from somebody. It has instant value and is coveted by criminals. Often the only payment method acceptable for all criminal activity! All kidding aside, there is no lack of evidence that people being robbed of their cash happens daily and this can sometimes lead to very violent means.
Credit Cards’ however, and debit cards too, are virtually inaccessible to criminals. The good thing about cards is that by the time the person who stole the card has a chance to utilize it in a retail environment; the bank has probably already been notified. The Credit card companies have huge support networks that can cancel a card for a customer immediately, and in the instance where there may be a little bit more time between point of purchase and cutting off the card, they can lead an investigation to save those funds as well.
The security measures already inherit in the credit card as well will slow down a thief. For examples, although it doesn’t always happen, the merchant or employee accepting the credit card as a method of payment should be looking for the signature to match another piece of identification that the customer must present.
The Credit Card companies also flag their customer’s activity. Any purchase or activity that is “out of habit” will raise a flag on the processing end. For example: I never use my credit card to purchase gas ever. One day I received a call from Visa asking about a fuel transaction, and a ton of security questions. We’d discovered my card was stolen and used right away to buy Gas, a product I have never before processed. Just by this simple inconsistency, they new to alert me and glad they did! This kind of attention to detail is standard for the card companies to implement, as they need to provide their customers with the up most sense of security.
Credit Card processing is safer not only for the consumer’s but for merchant’s as well. Again with regards to being robbed, a merchant who is accepting a majority of their business by credit card with have less loose cash available, so even if a merchant is robbed, the majority of the days’ profit’s are protected! There is far less risk of having to be caught carrying (and loosing) large amounts of cash business.