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Cash still very strong despite the COVID-19 and Cashless Lobbying





The Covid-19 pandemic has accelerated “cashless society” efforts around the globe. Understandably, consumers grew concerned over the possibility of contracting the virus by handling cash. Meanwhile, retailers had to scramble to continue operating even when they had to temporarily close brick-and-mortar stores. Many turned to curbside pickup, BOPIS (buy online, pickup in store), and touchless payments.

Regardless, scientists have not established a link between touching money and spreading the virus. And while the cashless movement has gained steam, the value of cash in circulation has continued to increase. At the same time that people were worrying about possible transmission through cash, many rushed to ATMs for withdrawals, according to the Financial Times. In times of emergency, consumers find security in having cash in hand.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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