The Bank of Canada, for example, encouraged retailers to stop refusing cash because it could disproportionately affect those who are dependent on cash as a form of payment.
Despite such assurances, fear of transmitting the virus could accelerate the trend of digital payment apps and reduce the use of cash in society.
Although digital payment systems such as Apple Pay, Venmo and Google Pay have become much more widespread in recent years, these payment apps were not meant to replace existing currency. These apps also haven’t substantially reduced the amount of cash in circulation.
Link: https://cashessentials.org/cash-and-the-coronavirus-covid-19-is-changing-our-relationship-with-money/
The Bank of Canada, for example, encouraged retailers to stop refusing cash because it could disproportionately affect those who are dependent on cash as a form of payment.
Despite such assurances, fear of transmitting the virus could accelerate the trend of digital payment apps and reduce the use of cash in society.
Although digital payment systems such as Apple Pay, Venmo and Google Pay have become much more widespread in recent years, these payment apps were not meant to replace existing currency. These apps also haven’t substantially reduced the amount of cash in circulation.
Link: https://cashessentials.org/cash-and-the-coronavirus-covid-19-is-changing-our-relationship-with-money/