Cashless Economy

New Global Payment Trends research reveals that a decline in cash use during the pandemic could leave 43.6 million adults vulnerable to digital exclusion in the US. Although it’s still the second-most used form of payment in the US, cash use has seen a significant decline over the last five years, with 29% of adults now saying they make no purchases using cash during a typical week, compared to 24% in 2015. This decline could be exacerbated by the Covid-19 pandemic, which has seen the country under lockdown restrictions since March. This has led to many Americans panic-withdrawing...

Most Australians do not want cash to vanish despite coronavirus speeding up the trend towards a cashless society. A survey for Tasmanian-based MyState Bank suggested about 70 per cent of Australians wanted cash retained. MyState Bank said the research showed the pandemic and concerns about health risks had accelerated a shift to what it described as a "less cash" society. It found 68 per cent of Australians were using less cash since the outbreak. Read more 

Within days of the COVID-19 outbreak in Australia, most shops began eschewing cash, with a preference for cards. And here’s the thing – most of us quickly complied. Recently, banking experts have said that over the 12 weeks or so that the pandemic was at a crisis point across the nation, the digital banking revolution sped up rapidly, by about five years. And there were two reasons why: Firstly, the fact that cash became unacceptable currency almost overnight. And secondly, the effect of a psychological shift, particularly amongst people who were not previously avid users of technology, who...

Globally, countries are experiencing a rapid expansion of digitisation and technological advancements that touch on nearly all aspects of life. In general, the surge in digitisation has improved operational efficiency and service delivery in all the key sectors of public and commercial importance – from manufacturing and industry, to business and commercial operations, agriculture, health, education and finance. Where the debate does exist, it highlights the growing tension between an evolving consumer payments landscape, a desire for increased business efficiency, and a growing concern...

NORTH CAROLINA -- As the nation inches closer to 2.9 million coronavirus cases, people are experiencing more of a trickle down effect of the pandemic. In particular, the coronavirus is impacting our money, right down to the penny. The Federal Reserve says the circulation of physical coinage has slowed since the spread of the virus and the U.S. mint has lowered production. The means supply is low and it's impacting local businesses. Read more

The deadly coronavirus pandemic has seen many stores refrain from accepting cash payments, however experts are warning the elimination of coins and notes and the emergence of a cashless society may not benefit everyone. There are concerns for hundreds of thousands of Australians who may prefer to use cash, particularly in remote and rural areas. Australia is on track to become one of the world's leading cashless economies. Read (and watch) more 

An increasingly cashless society threatens to leave low-income Canadians who lack access to the technology behind. BNN Bloomberg looks at the challenges with John Stapleton, innovation fellow at the Metcalf Foundation. Watch the video 

Spain’s coalition Government plans to cut cash payments and aims to gradually eliminate cash, in a bid to move towards a cashless society. THE Government’s Ministry of Finance plans to cut cash payments from €2,500 to €1,000 in a bid to fight fraud. The socialist party tried to reduce the maximum limit for cash payments from €2,500 to €1,000 in early 2019, but failed. However, the new coalition government has indicated that it plans to re-propose the idea and get cash payments reduced to €1,000. Read more

Is it wise for Australia to become a fully cashless society? The coronavirus pandemic has led many Aussies to use contactless payment systems instead of physical cash, whether it's using their card or their phone (think Apple Pay). According to a survey by Mastercard, 44& of Australians said they're using cash less often since the pandemic began. It's not hard to imagine why, in the middle of a global respiratory pandemic. 80% of respondents in the Asia Pacific said they saw contactless payments as a cleaner payment option. In the future, 75% of Aussies in the survey said they'd keep...

According to U.S. Census Bureau estimates, retail sales plummeted 16.4% in April 2020. As state and local governments across the country begin to lift or ease Stay at Home Orders and business closures, retailers reopening their doors are grappling with how to protect their employees’ health and reassure customers that it is safe to shop. In response to the COVID-19 pandemic, many retailers are adopting contactless delivery or curbside pickup business models. Curbside pickup allows customers using debit or credit to pay in advance and pick up their pre-packaged products without any direct...