Cashless Buying Poses Financial Risk For Those Without Self-Control

casheless transactionsFinancial planner Victor Godinho said goodbye to his wallet four years ago and hasn’t looked back.

The 23-year-old adviser at the VTAG Financial Group Inc. in Toronto was one of the early adopters of the “cashless” lifestyle, a move to ditch pocket change and bills in favour of plastic cards and mobile phone payments.

“I simply decided that change and cash were too frustrating to deal with,” he said.

New risks

It’s a trend that’s becoming increasingly popular with consumers, and setting off alarm bells for some advisers who say it amplifies the risk for Canadians to unknowingly blow past their monthly budgets.  Read More…

This article has 6 Comments

  1. Jasen

    But what happens if you lose your phone? Wouldnt that like be a major problem? Or do they have fingerprint tech linked to it?

  2. Cory Beem

    I've used this and it works quite well. I wouldnt say i would have it automatically refilling orders for me at a Starbucks but i do find it more handy than whipping out my credit card to make simple purchases.

  3. Otis

    @rogers, well then you are old or just way too conservative to understand the value of this. It is inevitable and our future will be all digital all the time. The goal is then to handle the logistics and security.

  4. Rylan P.

    The article is correct that it opens a whole new can of worms and spontaneous shopping. If you thought Canadians were far too much in debt you just wait until this and things like Apple Pay is in full swing.

  5. Roger

    I don't get it. With people losing wallets why would you make it easier for people to get into more trouble. You will never catch me using my phone like this. Just baffling!

  6. London Foreman

    I am still amazed that cashless (via mobile)hasn't caught on as fast considering how here in Ontario at least we have touchpass while the US still doesnt have pinless credit cards. I am still holding out hope. I use my smartphone a lot.

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