Covid pandemic accelerating the shift from cash to digital payments - 0 views
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The Covid-19 pandemic is expected to cause a drastic decline in cash usage due to the risk of contamination.
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“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.
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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.
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The article discusses the advancement of digital payments as a direct result of the pandemic. It discusses how cash use is on a steady decline as nearly a third of US adults said they typically make no purchases using cash. Lastly, it emphasizes on how Millennials are the ones leading the charge toward a cashless future and how the impact of the pandemic has led companies like Apple, Square, and Paypal to outstanding performances in the contactless segment.