With statistics predicting a 30% drop in cash volumes over the next 10 years, it’s evident that payments through electronic transactions, such as debit card, contactless and mobile are heavily increasing.
Last year alone saw a 22% increase in electronic spending
And as the UK clearly moves towards a cashless society, we wanted to highlight the benefits of financial digitalisation.
Convenience
No more jingling pockets, numerous £5 notes or queueing for an ATM machine, the ease of financial transactions is one of the biggest motivators to move to digital spending.
With one card, you can make any payment (nearly) anywhere. Digital payments have also paved the way for online shopping, which allows consumers to be able to purchase items (usually more discounted) compared to a shop or high street retailer.
Lower Risk
If stolen or lost, blocking a card is simple. Remotely using an app or a smartphone, technology allows consumers to log in to their bank and block their card instantly, reducing the risk of more money being stolen. Whereas with cash, it is nearby impossible to get back.
With nimbl, we have incorporated a ‘soft lock’ feature, which goes one step further than blocking the card. This allows users to temporarily lock their card, preventing it from being used – extremely handy if you have misplaced your card down the back of the sofa.
When found, it can be unlocked and used instantly – snazzy!
Helping to budget
With spending alerts and a full transaction spending history, undoubtedly digital spending is an easier way of keeping track of spending habits and consequently staying within budget.
With a constant reminder of your available balance and where your money has disappeared to, digital spending helps restrain spending.
Plus, with the addition of a visible savings account, it also promotes saving contributions to increase, helping to find the balance between spending and saving.
Our bit…
At nimbl, we want to promote digital spending as much as possible, with numerous advantages it is clear that moving cashless is the way forward to more informed spending and forming better money habits.
That’s why we allow one free ATM withdrawal per month and surplus are £0.49 per withdrawal.
But we don’t do this because we are mean, but we want to help your children learn that digital spending helps to improve money management, whilst also proving parents with complete transparency of what their children are spending – if they withdraw cash every day, there is no traceability and good money habits lessen.