Since the start of the pandemic, businesses around the world have drastically changed their operations to protect employees and customers. One significant pivot is discouraging the use of cash in favor of digital and contactless payment methods. On the surface, moving away from cash seems like the safe, obvious thing to do to curb the spread of the virus. Also, the idea of zooming towards an innovative, digital-first, cashless society is indeed compelling.
However, going completely cashless may lead to some unintended consequences.
COVID-19 Made Cashless Payments Go Viral
The world has been forced online, leading to a surge in e-commerce with online sales seeing a 45% increase, according to a U.S. Commerce Department report, in Q2 of 2020. From PPRO's transaction engine, we've seen online purchases across the globe increase dramatically in 2020: purchases of women's clothing are up 311%, food and beverage by 285%, and healthcare and cosmetics by 160%.
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However, going completely cashless may lead to some unintended consequences.
COVID-19 Made Cashless Payments Go Viral
The world has been forced online, leading to a surge in e-commerce with online sales seeing a 45% increase, according to a U.S. Commerce Department report, in Q2 of 2020. From PPRO's transaction engine, we've seen online purchases across the globe increase dramatically in 2020: purchases of women's clothing are up 311%, food and beverage by 285%, and healthcare and cosmetics by 160%.
Read more
All cashless: the Chinese central bank has its doubts
