Young people like digital payment solutions

Unfortunately, someone’s wallet can be stolen or disappear at any time, and in many cases the cash in it has to be said goodbye. This is also true for children and young people, who may leave their wallet somewhere on the way from school to practice or to a special lesson, not to mention if the cash falls out of their pocket. In addition, cash costs money: printing and delivering cash is both an expensive pastime. Fortunately, cash is becoming less and less cool among young people, thanks to the bank card and digital developments of banks and fintech companies – announced K&H, which dedicates a separate chapter to this question in its series of financial education quizzes for primary and secondary school students.

Why are cards and smartphones better?

It is worth taking a closer look at why paying with a bank card or smartphone app is a better choice. If the bank card is lost, it can be blocked immediately, so no one can abuse it. This cannot be done with cash. You have to take care of your smartphone, but it can still happen. If the security settings on the device are correct, the bank account and the money on it will still be protected.

And, of course, it’s much easier to pay with a card or smartphone. You don’t have to fiddle with small things and you don’t have to carry large amounts of money. There is an example of how, in the case of a purchase of a smaller amount, they are not necessarily able to return, say, a 20,000. This is not the case with the card or smartphone solution.

And from September, another new feature was added to the range of digital payments: the qvikes payment created by the Magyar Nemzeti Bank and banks enables so-called QR-code payments. qvik is not a card payment, but actually a bank transfer, where the QR code contains the name and account number of the beneficiary and the amount to be transferred. All in all, therefore, digital payments are more convenient, safer and faster than cash purchases.