The acceleration towards a cashless society may be a win for many retailers and banks, but segments of the population are still struggling to adapt to the world of cashless payments.
In order to maintain hygiene and social distancing guidelines, coronavirus pandemic has further solidified a move pushing away from cash for some businesses
Cashless payment systems require people to have equal access to technology. Australians face different digital barriers when it comes to participating in the digital economy.
Dr John Selby, an academic at Macquarie University in the Department of Accounting and Corporate Governance, says while cash may no longer be king during the time of coronavirus, we should not be in a rush to embrace a completely digital currency.
Perceptions about the security of digital payments can also be influenced by those who come from countries where the level of trust in the government and in banks remains low.
Dr Selby explains:
"If you have ever experienced a bank run it's a fascinating thing to observe. I have managed to see one purely by random accident. A number of years ago in New York City I was walking in Manhattan in the Chinatown there and there was a bank run emerging. I saw a large crowd of people queued outside a bank and saw later in the press that it was in fact a bank failure that had occurred. And those who have lived through that experience, who have lost their income and their savings would of course be cautious and reluctant to lose it again."
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