From coronavirus to cashless society
As social distancing practices become the norm, and many grow increasingly squeamish about touching objects shared by other hands, does the current pandemic spell an end to the cash transaction in our shops and food stores?
Lon Seidman, technology writer, CtTechJunkie.com: The current pandemic will likely accelerate efforts to move in that direction given that social distancing will need to continue for at least the next year, and the potential for the virus to spread through contact with paper money.
It’s really a matter of when — not if — we transfer to a fully cashless society. We’re seeing hints of it now through platforms like Venmo that are transferring millions of dollars between individuals daily.
The broader challenge involves protecting the privacy of those transactions. The technologies being developed have demonstrated that it’s possible to have a very secure decentralized currency system that can also protect the privacy of its users.
I would not be surprised to see the United States and other nations develop official cryptocurrency platforms.
Maria Fernanda CamposHarlow, executive director, United Way of Meriden and Wallingford: The requirement for social isolation to fight Covid-19 has led to a more rapid adoption of new technologies in our daily lives. It is leading many to believe we are heading for a cashless society.
While technology does indeed advance, there are many who will be unwilling or unable to adopt digital finance for these reasons: A lack of the required social security numbers or refusal to establish necessary bank accounts owing to a lack of trust in these institutions; a deep suspicion or mistrust that the information gathered will fall into the wrong hands; the inability to afford the required computer or smartphone hardware; resistance to learning techniques necessary to access the technology.
As convenient as digital payments will be for those who use them, there will always be a substantial percentage of American society that either cannot or will not allow this brave new world to be part of their lives.