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Today: December 29, 2023

4 years ago

How a Pandemic is Pushing for a Cashless Society

With the recent case of COVID-19, there has been a lot of changes around our society. One of which is how people interact with others socially. The pandemic had affected all aspects of our society, and this includes the economy. The economic sector, as well as businesses, has been affected deeply, and there are not many things to be done. Stores are shutting down, and things went digital pretty quickly. And this has somehow pushed the world to be a cashless society.

The food and beverages took a massive toll because no one was eating out anymore. And things had to change quickly before more stores close down. That is why the food and beverage industry switched to a more digital option. These options are called online takeouts—a service where food ris delivered to the designated addresses. But online takeouts would not last for a couple more months.

Once the lockdowns are down, people would start to go back into their daily lives. Or at least that is what everyone thinks about what might happen. Well, to put it into words, it is not as simple as that. There would be no going back to normal. People would be more paranoid and distanced from one another. In order to achieve this, there are many things that have to be done.

Physical traces should be avoided as much as possible—what better way to do that than to change how the world does its transactions. Everywhere you go, whether it is traditional or modern, cash is of crucial importance to how we do our transactions.

Cashless Had Existed Longer Than You Imagined

We eactually do live in a current world where digital transaction dominates the economy. Researches and studies found that digital transactions hold about 92% of the economy. This study means that out of all the transactions globally, only 8% of it uses cash. Even with that 8% in mind, there is still a massive U.S. $1.2 trillion of money circulating in our society.

All of the coins and paper are key to transaction. Those paper bills and also coins are the perfect form of transmission for viruses. That is why the government and the private sector have taken measures to implement a more cashless society. A cashless society has started way before the pandemic hits the world.

What Actions Are Taken To Make a Cashless Society?

To be completely honest, the people are the ones who took the actions to make society cashless. Things such as mass campaigning are, of course, a big part of the change. But that was implemented even before a pandemic hit the world. After the pandemic has struck, people are left with not many choices. People would eventually have to try an era of digital evolution. If people chose not to be affected by this cashless society, they would simply be left out. Things such as ordering food would be so much harder.

Going grocery shopping would even be more complicated in times like these. That is why the countries saw this as an opportunity. The change to be cashless itself has a vast potential to revolutionize how people do transactions. The private sector, on the other hand, just keeps on providing the best service they can. Not only that, but they are also met with more challenges and have to keep up with the increasing demands of users.

The Benefits Received by a Cashless Society

The increasing amount of e-commerce transactions has also skyrocketed. Due to people staying indoors, things such as daily needs still have to be fulfilled. One right way to get daily necessities and groceries is through online shopping. Online shopping had massively profited online e-commerce companies as well as delivery services.

E-commerce would keep on fishing for customers while couriers have to keep up with the demands. It was a tough challenge, but it would surely benefit both the people and these companies. Besides the e-commerce industry, people would be the main factor for change. There would be fewer chances of virus transmissions due to lesser hand in hand transactions. This is very important, especially during the phase in which the lockdowns have just stopped. In those times, people would go back to their daily activities with minor risks of the virus spreading.

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