Hi guys, my name is Ryan. Welcome to the Cashless Crew. Today we will be talking about five of the biggest myths about money. Some people say: You should always pay for some things with cash, rather than take out a loan or pay with a card. That way, you are always in control of what you spend and where. Really? I think, that might be true in some cases, at places that only accept cash payment and … yes, those places do still exist! But carrying around a lot of cash in your physical wallet can actually turn out to be a real pain. Misplacing your wallet is much likelier to happen than losing your phone. The average person checks his or her phone about 100 times per day. That is every couple of minutes. Now think, when was the last time you check where your wallet was? Exactly – when you are about to buy something! Hold on, hold on! I know an even better one! What do you call an old snow man? A puddle!! Okay, come on! Let’s have a drink! The rest is for you! You are so great! Thank you so much! I feel you! Using a mobile wallet is not just super handy, because you’ve always got your smartphone on you, it is also really save. With every transaction you’ll make your account information is carefully encrypted. And even if you lose your mobile phone you can deactivate your mobile payment app from anywhere remotely. If there is any reason why consumer adoption of contactless or mobile payments is slower it is because of perceived security concerns. Cash is tangible and requires change in return. Paying a with card requires PINs or signatures, but mobile or contactless payments only require a card or any other mobile device to be placed within 4 cm of a POS reader for the initiated transaction to take place. That is if the amount is under $25 or 20 Euros in most countries. Rest assured: From a security point of view, your consumer data is just as safe as with a chip card transaction. The secure chip in your smartphone is a specialized, tamper-resistant microcontroller that can transmit random one-time-use codes or your debit- or credit-card number in an encrypted manner. “You would use a mobile wallet if it wasn’t so complicated to set up!” Actually it’s easier than getting started with a playstation game. Downloading the app only takes a couple of seconds, you enter your credit card information and you’re ready to go shopping! That is just incorrect! Almost all banknotes like the Dollar or the Euro are made from cotton fibres. There are countries like Australia that make their banknotes from plastic. This is more expensive to produce, but the banknotes do last longer in heat and humidity. So don’t worry, my dear plant lovers out there! No tree had to die in a production of any Dollar or Euro banknotes. And if you want to be really environmentally friendly, why not ditch the cards and the banknotes, and rely on virtual cards or digital methods instead. That don’t harm the environment so much. No more cotton fibres, no more plastic, no more paper waste, no more problems! But is that really true? Can money buy us happiness? There are some academic studies that show that once our basic needs are met, the impact of money on our happiness diminishes. A Princeton University study even put a price tag on happiness. 75.000$ a year. The study showes that no matter how much more than $75,000 per year people make, they didn´t report any greater degree of happiness. But before we start limiting everybody’s salary to $75,000 a year, the study also pointed out that there are two different types of happiness. There’s your changeable, day-to-day mood: whether you’re stressed or feeling emotionally sound. And then there’s the deeper satisfaction you feel with the overall way your life is going. While an income above that $75,000 a year doesn’t impact your emotional well-being, it definitely improves your life satisfaction. It just doesn’t make you any happier on a monday morning at 8 o’clock when it’s raining. So it seems the ultimate currency still is… happiness, right? What do you guys think? Can we put a price tag on happiness? And is one of the myths are mentioned earlier much more than just a myth? Tell us in the comment below! Also a big thank you to Wirecard who are supporting us! If we were able to entertain you with this video please give us a thumbs up and like us! Subscribe to our channel! Don’t forget the notification bell so you don’t miss out on any other episodes! And most importantly: See you next time!