The 360 | Post-coronavirus crisis, should we go cashless?
When Amazon opened its first cashless Go stores in 2019, cities and states that banned cashless businesses forced the company to quickly pivot and start accepting cash. But amid the coronavirus pandemic, many Americans are rushing to use cashless payments, eager to avoid touching surfaces potentially contaminated with the virus. According to a YouGov poll, almost half of Americans say that they are turning to cashless payments when making in-person transactions during the crisis.
Critics also worry about scenarios in which, instead of being robbed of $20 from your pocket, you are hacked and lose everything in your bank account. There are also privacy concerns, as it’s easier to monitor digital payments. Vulnerable people, such as domestic abuse victims, could no longer secretly save cash in hopes of escaping dangerous circumstances.
It’s time to modernize our financial system“The U.S. financial system was once considered unrivaled, but COVID-19 has exposed a network of outdated and inefficient technologies. Among the many lessons from this crisis, one will be that the U.S. must invest in its financial infrastructure to promote economic growth at home and its strategic influence abroad.
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