Money, money, money…

Money, money, money…

Lawrence Wong, Commercial Manager

For as long as people have traded with one another in a civilisation, there has existed a form of currency to enable that exchange. From stones to copper coins to golden bars to paper print, currency/cash has enabled us to purchase a good or a service without the need to barter a good or service of our own in exchange. We may not think about it often but without cash our quality of life would grind to a halt, as we would only be able to purchase from others that would be interested in what we can offer in exchange at that very moment in time.

Imagine if you were a car mechanic and you wanted to buy some apples. Without cash, your only options would be to find somebody kind enough to gift you the apples or to find somebody that was in need of a car mechanic with apples to spare. With cash, you could focus on being a car mechanic while the apple vendor can focus on selling apples, and when one of you needs what the other offers you simply exchange your cash for it. Easy peasy!

For all its benefits though, cash is far from perfect. It’s prone to being lost, stolen, or counterfeited. It’s risky to carry large amounts of it, and cumbersome to count. Quite often you find yourself in the situation where you’re required to provide exact denominations such as individual dollars for a parking machine, while the nearest ATM dispenses only $20 notes at minimum. Not to mention cash moves hands quickly and often, making it a high transmission risk for pathogens.

The development of cash from a physical entity to digital has enabled transactions like never before. The risk and hassle of carrying cash is gone and has been replaced with a small piece of plastic — the credit/eftpos card. While this has removed some of the annoyance of cash, it still poses its own problems — you still have to physically go to a point and pay for a service or good, as you would with cash and there is still a chance of this being stolen. 

Technology however helps us once again as mobile phones are now a secondary wallet. Being able to load up your banking details into the phone & apps has revolutionized how we pay for everything — even areas previously untouched by the digital revolution. Parking is no exception to this, and instead of queuing up at a pay machine you can now go straight to your car, drive out and payment will be taken automatically from your nominated card — saving you hassle and precious time.

And this is exactly what inugo does! With our cashless solution, there is no need for you to carry exact change, no need to queue up at a pay station, and no need to be exposed to transmission risks. All you need is your credit card, your cellphone, and to install the inugo app — allowing you to drive in and out of parking facilities with no worries.

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