The Business Update with Vivian Benishek
Wednesday, July 1, 2020
“We don’t accept cash.” - Digital Payments in the COVID-19 Era
Money is an ever-changing tool. It has no emotions, morals, or opinions. Yet it has the power to captivate and manipulate us. And it has been this way since day one. Money can help us easily climb our way to the top, but it can also bury us deep into a hole of financial chaos, where there seems to be no way out. It can fill us to the brim with greed or can turn our hearts soft with empathy about those who have less. Whether you save, spend, or splurge it, money doesn’t care about your feelings. We control its destiny. Now, amidst the coronavirus, our world is striving to make all forms of payments contactless and digital. Many retailers are discouraging the use of cash as a means to avoid the risk of spreading coronavirus.
According to The Guardian, “one in 10 people have had cash refused during the pandemic.” Banks are even jumping on this trend. In England, the push for a cashless economy is happening quickly. Natalie Ceeney of the Access to Cash reported that “during lockdown, cash withdrawals from ATMs were down about 60%.” This astounding data point reinforces how the shift to digital wallets, accompanied by payment cards, is forcing the public to go completely cashless. FinTech showed how according to a new report by the Emerging Payments Association, “Apple Pay is now accepted by 60% of US retail locations and the digital account-to-account payment scheme.” The convenience of using a cellular phone to purchase items proves to be not only more efficient, but safe during these unprecedented times. Axios shared that ATM use is down 32%, according to Visa in the United States. Sixty three percent of consumers say they are using less cash, and I don’t blame them. Overall, a cashless society may be a reality much sooner than expected. But for now one thing is certain: the surge in digital payments is accelerating and we best keep up.
That’s it for this briefing. See you next time!
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