I used to work for a company that converted coin-based parking meters to contactless card payment. And I completely agree.
Payment by card/app saves the companies a ton of money because they don’t have to handle cash — the guy going around is now just a fact checker and the automated systems handle the cash.
Previously, some cash was “lost” at each touch point (human handling the cash) in the chain; now this is replaced by higher fees, and a percentage going to fintech executives directly.
I used to work for a company that converted coin-based parking meters to contactless card payment. And I completely agree.
Payment by card/app saves the companies a ton of money because they don’t have to handle cash — the guy going around is now just a fact checker and the automated systems handle the cash.
Previously, some cash was “lost” at each touch point (human handling the cash) in the chain; now this is replaced by higher fees, and a percentage going to fintech executives directly.