{"id":339,"date":"2020-07-20T07:36:32","date_gmt":"2020-07-20T07:36:32","guid":{"rendered":"https:\/\/businessner.com\/?p=339"},"modified":"2022-03-24T22:12:32","modified_gmt":"2022-03-24T22:12:32","slug":"how-covid-19-is-accelerating-the-shift-to-a-cashless-society","status":"publish","type":"post","link":"https:\/\/businessner.com\/how-covid-19-is-accelerating-the-shift-to-a-cashless-society\/","title":{"rendered":"How Covid-19 is Accelerating the Shift to a Cashless Society"},"content":{"rendered":"
At the peak of the coronavirus pandemic, banks and other financial institutions that handle liquid cash began disinfecting and quarantining banknotes. The aim? To slow down the spread of the virus.<\/p>\n
This practice was especially common in the Asian market, especially in China and South Korea, though several banks even in the western countries also admitted to disinfecting cash. In Thailand, for instance, the country\u2019s central bank, Bank of Thailand, advised business, including financial institutions such as banks, to \u201cdisinfect cash by soaking in soap<\/a> or dishwashing liquid for a short period.\u201d<\/p>\n \u201cThe notes should then be rinsed with water before being gently dabbed with a cloth and placed under the sun to dry,\u201d the bank said in a televised statement.<\/p>\n There were even warnings against using washing powder or bleach, with the bank warning that \u201cbaking or boiling money may damage the notes.\u201d<\/p>\n \u201cWherever possible, use digital payment methods to avoid touching bank notes and coins,\u201d the statement concluded.<\/p>\n It\u2019s perhaps the clearest evidence of the impact of the covid19 pandemic on cash as a medium of exchange and a hint on where we go from here \u2013 we may be in the last days of cash as the primary medium of exchange.<\/p>\n Before we delve into the nitty-gritty of why physical cash might be on its deathbed, let\u2019s take a look at the data. How often are consumers still paying in cash vs. cashless options and how much has the landscape changed?<\/p>\nWhat the Data Says<\/strong><\/h2>\n