People are keen to ditch paper money together after Covid-19 – channelnews

The coronavirus pandemic has forced the world to primarily move away from cash payments in favor of digital currency – and it seems most of us want it to be.

A survey by Travis Credit Union found that more than half of Americans want to get rid of paper money and prefer to use EFTPOS and other digital payment systems, with one in three respondents saying this was due to health concerns .

“We found that respondents are now twice as likely to use a debit or credit card rather than cash to purchase goods. In fact, one in five people said they rarely or never carry paper invoices. This discovery made us wonder: do we have a future without cash? TCU said in the survey results.

Less than one in five respondents said they always carried cash and, on average, Americans who carried cash had only $ 46 in their wallets.

More than half of respondents (55%) said they chose to use a debit or credit card rather than paying cash for their last purchase.

Half of people Travic Credit Union spoke to use less money than before the coronavirus, and 60% admit they are unlikely to resume using money regularly once the pandemic is over .

In Australia, many retailers have refused to accept cash payments during the height of the pandemic, including McDonalds, Woolworths and Myer.

According to the Reserve Bank of Australia, cash can still be legal tender, but retailers have the right to refuse paper payments.

“The retailer is free to set the terms of payment, and refusing to accept money is not against the law,” says RBA.

“In fact, the Currency Act has restrictions on when you can use cash. A retailer may push you back if you try to pay more than $ 5 using just 5c, 10c, or 20c coins. Even if you saved a collection of $ 1 and $ 2 coins, the maximum you can pay in a single purchase is $ 10 or $ 20 respectively.

In Australia, people over 65 are still heavy users of cash and rely on banknotes and coins for about half of their payments.

However, older people have been urged to use contactless payment during the pandemic as their age group is much more vulnerable to the virus.

A statement from the Bank for International Settlements (BIS) pointed out that “the virus (COVID-19) survives better on non-porous materials, such as plastic” and the BIS adds that “debit or credit card terminals or PIN keyboards could transmit the virus. “

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