Credit card companies, tech giants and banks have revolutionized the payments industry and since the pandemic we have seen businesses adopting these forms of payments. The US is not yet a cashless society, but the movement has been growing and picking up speed all over the world. No cash practices has been growing substantially in the US. From discouraging robberies to the fear of contagion during the pandemic, the no cash policy is growing as there is no federal law that mandates private businesses to accept cash. This affects mostly low income people who don’t have bank accounts, or people that don’t qualify for credit or debit cards.
The convenience of using digital wallets and credit cards over cash in a fast moving society may the reason why the evolution to a cashless society is taking place, but digital and electronic payments depend on electricity, and payment networks which in times of disasters (floods, hurricanes and fires) are all subject to failure. A cashless society is also an easy target to hackers and fraudsters, especially the elderly and less tech-savvy consumers.
As we move forward in this new payments landscape, the argument for cash to remain an option in society may have some convincing points.
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