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Cashless benefited from COVID-19 but cash is still king





A new report from financial tech company Square shows that cashless payments rose significantly during the start of the coronavirus pandemic.

Traditional cash payments were already seeing a decline as more and more businesses wanted to transition to full credit or virtual payments. As stay-at-home orders disrupted the U.S. economy, many businesses had to learn new ways to serve their customers in compliance with social-distancing guidelines.

According to Square, only 8% of U.S. sellers identified as cashless on March 1. By April 23, that number jumped to 31%. The rapid growth was way beyond what would be considered normal, but then so were widespread quarantines and lockdowns.

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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.

The cashless society from an ethical point of view









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