The Covid-19 pandemic is expected to cause a drastic decline in cash usage due to the risk of contamination.
“Over the past six to eight months, we’ve seen the use of cash decline even further, and that’s a trend I think that we’re going to see continue,” said Jodie Kelley, CEO of Electronic Transactions Association.
The unprecedented surge in the demand for contactless payment has also led to outstanding performances for major companies offering cashless methods, such as Apple, Square and PayPal. Dan Schulman, the CEO of PayPal, sees it as a sign that digital payments are shifting from “being a nice-to-have capability to a must-have essential service.”
“When the pandemic hit, people really started paying attention to how literally they were spending money and people found that they didn’t want to touch cash and exchange cash,” Kelley continued. KEEP READING