Will COVID-19 bring about the death of cash payments?

In the wake of COVID-19, many retailers are encouraging consumers to use contactless payments.

Card, phone or digital wallet payment methods are being preferred by retailers to help reduce the risk of germ transmission.

However, one expert believes that COVID-19 will bring about the end for cash for many people in Australia.

Credit card comparison website founder, Roland Bleyer said that he believes many retailers may decide to refuse to accept cash altogether once the pandemic is over.

“Over the past month or so, there has been a definite shift in the way we pay for things, with merchants moving away from cash – and the germs it may carry – declaring their preference for card payments instead.

“While Australia is not new to the idea of choosing cards over cash, as coronavirus continues to assert its influence over what we can and can’t do, Aussies are being encouraged to use contactless more than ever as a way to slow the spread.

“Shops, cafes and other retail outlets that remain open seem to be thinking along the same lines, moving to cashless payment methods to protect both their employees and their customers.

“And while the WHO may not be offering official advice on the subject, the Shop, Distributive and Allied Employees Association is. According to the association’s National Secretary, Gerard Dwyer, “cash is a carrier.”

“I think we will see more and more businesses refusing to accept cash,” he said.

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Source: Will COVID-19 bring about the death of cash payments? – Ragtrader