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Old Americans are victims of COVID-19 and the cashless lobbying





A cashless society could be what consumer life after the COVID-19 pandemic looks like, but older Americans may find it hard to adjust to this new reality, according to Plamen Nikolov, assistant professor of economics at Binghamton University, State University of New York.

COVID-19 may persist on money for a more extended period than cardboard or paper-based products because cash in the U.S. is composed of 25% linen and 75% cotton, not paper. Although not using cash might help to stop the spread of disease, it also comes with many trade-offs. One of these trade-offs relates to older Americans.

"Older Americans are not as tech-savvy as younger generations and will likely be affected negatively due to their more limited use of electronic forms of payments," says Nikolov. "Other vulnerable populations (e.g., low-income populations) who do not use mobile forms of payments are also likely to be negatively affected."

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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