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Cashless and COVID are killing unbanked Americans





‘Alarm bells go off in my head because the impact of going cashless is highly unequal,’ said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics

Even though there have been many advancements in financial technology over the past decade, many Americans still prefer to pay in cash.

In fact, cash was the most popular form of payment until 2019, when debit cards rose to the top of the ranks in the San Francisco Federal Reserve’s annual survey. Cash remains king, however, when it comes to payments under $10.

But the coronavirus pandemic has caused people to shift away from cash transactions for fear of coming in contact with coronavirus on the surface of dollar bills and coins they receive in change.

Out of an abundance of caution, some stores have stopped accepting cash and some have been asking customers to provide exact change, mainly because of the coin shortage in the U.S.

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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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