Is a cash-free America in our future because of COVID-19? Here’s what a study finds
The coronavirus has dramatically altered our way of living, including how we look at money when it comes to paying for things.
In a new study by Travis Credit Union, over half of Americans plan to stop using cash completely after the pandemic.
“COVID-19 has caused many to re-evaluate the way they approach paper bills and coins out of concern for their health and safety,” the study says. “In fact, half are using less cash than they were prior to the COVID-19 pandemic, and three in five don’t think they’ll go back to using it regularly when the pandemic ends. Thus, the possibility of a cashless future has never felt more real.”
Even before the pandemic, concerns about the decline of the acceptance of cash grew as consumers became more comfortable with using debit and credit cards, The New York Times reported. But as digital payments became more widespread during COVID-19, worries arose because businesses that refuse cash “put at a disadvantage people who lack traditional bank accounts or can’t qualify for credit cards,” the Times said.
The study also found that Americans not only want to abrogate paper money, but also 49% would like to see cash and coins phased out permanently. Despite that, 77% believe that all businesses should be required to accept cash, the study found.
This story was originally published September 23, 2020 at 7:26 PM with the headline "Is a cash-free America in our future because of COVID-19? Here’s what a study finds."