The first coins in human history were minted around 2,500 years ago. They’ve been in use, in one form or another, ever since. But they may soon become a relic of the past. And it’s probably about time.
There’s no real need for cash any more. It’s a flawed system. For customers, it’s awkward to carry, and it’s dirty. Retailers are at risk of accepting forgeries, of staff pilfering from the tills, and from the security risk of storing and transporting large amounts of it. For the government, it’s difficult to monitor and tax.
It’s one of those ideas that we accept and is part of everyday life purely because it’s the way things already are, but it isn’t something we’d design, from new, today. And it’s the current situation: the lockdown and social distancing, that have made cash all but redundant.
Most people can’t get out to the shops, so they’re forced to shop online. That almost always requires an online bank account or a credit or debit card. Those that are still visiting shops have found that cash isn’t currently accepted for safety reasons, they’re forced to use contactless payment methods instead.
And when the public realises how easy and low-risk this new method is, very few will go back to carrying cash as their main source of currency.
This might be a slight inconvenience to some. But most people have a card they can spend with, or a mobile phone with the right app, and most retailers accept contactless payments. Not everyone, though. There are still shops that only accept cash, and it’s usually a surprise whenever you find them. They will be the businesses struggling the most right now.
It’s another example of the pandemic forcing change upon us, but this change is common sense. We should have all been using contactless payment anyway. It’s easier for everyone.
What you can do
Move with the times
You probably already accept contactless payments. If you don’t, that needs remedying right away. With the right tools and equipment, it doesn’t even need to cost much. But even if you do, it’s always worth analysing your business for what you are missing. In what ways could you better serve your customers? If you’re not working the way your demographic wants you to, making their life as simple as can be, you’ll either be replaced by a competitor who does, or an unforeseen event such as this will come along and stop your business dead.
The post Will the lockdown cause the end of cash? appeared first on Ecommerce Blog.
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