Why The Move To A Cashless Economy Could Bring On A Global Identity Crisis
October 16, 2020
Glenn Larson is the Vice President of Engineering at Acuant and a member of the Forbes Technology Council, an invitation-only community for world-class CIOs, CTOs and technology executives. Read his article for the Forbes Technology Council below, or find the original here.
Lockdowns and social distancing in the time of Covid-19 have brought a dramatic decline in the use of cash. Withdrawals from cash machines are down, and card payments are up. Link, which runs 70,000 ATM machines in England, predicted that cash would be used in just 10% of all transactions as consumers do more online shopping and avoid bills and coins for fear of contracting the disease.
Will the trend last? It seems probable. In fact, the pandemic could ultimately bring about the end of cash as a form of payment.