I'm sure you've all seen these commercials (if you haven't, press play above). They have been getting on my nerves for a long time now. They paint credit cards out to be a faster method of payment (as opposed to cash). Is this really the case?
Hypothetical Payment Scenario: Cash: The cashier rings up the last of my items, bringing the total to $19.32. I reach into my pocket and pull out my wallet. I hand her a $20 bill. She opens the register and counts out $0.68 to return to me while the receipt prints out. When she has the correct amount of change, she takes the receipt from the printer and hands the receipt and change to me at the same time while telling me to "have a nice day" (total elapsed time for this transaction is around 30 seconds).
Hypothetical Payment Scenario: Credit Card: The cashier rings up the last of my items, bringing my total to $19.32. I reach into my pocket and pull out my wallet. I hand her my Visa card. She swipes my card and waits while the system processes my information via an internal modem. After my information has been accepted, the register prints out a credit card slip for me to sign. This is handed to me, along with a pen to write with. I sign the slip and hand it back to her. She keys in a final entry into her register, and it prints my receipt. She hands me the receipt while telling me to "have a nice day" (total elapsed time for this transaction is a little over a minute).
Conclusion: Both forms of payment take very little time out of my day, but it is important to note that VISA IS NOT FASTER. This goes for all credit cards. They will never be faster than cash so long as they rely on a convoluted system with information to process and slips for customers to sign. Furthermore, if they were to do away with said system, they would experience a huge loss of security for their clients; and for what? To save us 30 seconds or so per transaction? I like my credit card just fine, and I use it fairly often; but I've never once thought of it as being more convenient than cash (trendy commercials be damned).