Study: 60% of Americans Don’t Want to Give Up Their Paper Money

Covid-19 Has Accelerated the Cashless Revolution

  • People in various nations are wary of physical money, which they see as a potential conduit for viral transmission
  • 63% of consumers report using cash less often than they did before the pandemic
  • Payment for goods and services through apps and websites, rather than with physical money, has increased

The Benefits of Going Cashless

  • Greater difficulty for muggers and thieves to rob you of your physical money
  • A greater ability to trace illegal activity, namely money laundering, that could be more easily perpetrated by washing cash through businesses, banks, and other means without a trace
  • Commerce-related perks, which Visa notes includes faster transactions (on average), less hassle for customers who would otherwise have to procure, store, count, and dole out cash, and the fact that customers are statistically more likely to spend more at a business using a card rather than cash
  • Ease of currency exchange

Critiques of Going Cashless

  • The elimination of cash will be followed by the imposition of ubiquitous transaction fees for businesses and consumers which, without the alternative option to pay with cash, may be unavoidable and costly over time
  • Cashlessness represents a greater trend towards limited choice and autonomy
  • A reduction in cash services will eliminate a substantial swath of jobs that revolve around cash processing, issuance, and management
  • Less cash and more easily-traceable digital transactions mean less privacy

Conclusion

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