The “cashless” trend driven by COVID-19

The “cashless” trend driven by COVID-19

As we’ve all noticed, COVID-19 has already profoundly changed the world we live in. People have changed the way they live to protect themselves from contamination. They have reshuffled the way they work, shop, play, study, receive treatment, and so on.

For example, the lockdown has been beneficial for an already growing sector: telemedicine. Health workers have found alternative methods to provide care without requiring a face-to-face contact.

Changes that are gone to last

It is a fact that people are more aware of the risk of becoming infected with viruses and demand a cleaner and more sanitized environment. People are avoiding “hard” businesses and buying more online. Online commerce is a technology trend that has been developping for decades, but COVID-19 has accelerated it.

Items that people touch frequently are also frequently disinfected at this time. People are doing as much effort as possible to avoid touching surfaces that may have hidden traces of coronavirus.

This virus is also changing the means we use to pay for our purchases ; buyers and sellers are more and more avoiding cash.

Exit dirty cash

Cash is dirty and it has become a problem. According to a study, banknotes can accumulate hundreds of types of bacteria, viruses and even fungi – many of which are not particularly friendly to humans.

Similarly, another study showed that COVID-19 would persist for up to 28 days on certain banknotes … In fact, in some countries, the daily sterilization of coins and banknotes has become an habit.

But COVID-19 is only accelerating the trend. According to a study published by the Federal Reserve, cash was used only in 26% of transactions in 2018, a drop of 30% from 2017.

But cash is not the only source of risk. Withdrawing money is also risky. The ATM keypads we use, or credit card terminals, can be nasty, too, with their surfaces teeming with germs.

And the coronavirus that worries us so much can last up to 72 hours on plastic or stainless steel surfaces, according to a study published this year in The New England Journal of Medicine .

Dirty money is no longer an option… but technology has helped us to adapt. Relatively less risky and contactless payment methods are now available. Companies that are in this business segment will benefit from it.

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