If you are not prepared for a digital cashless economy, then you should if you want to be the few who will benefit after this crisis. Many government agencies and business corporations have already been forced to embrace a digital cashless economy and it will be too hard to go back to society current system.
Less cash in the society has always been the goal and Coronavirus has created perfect environment and excuse for the whole world to turn into a cashless society. We tried it with plastic money like credit cards then moved to online banking systems and finally morphed into cryptocurrencies like bitcoin. Demonetisation seems like the inevitable result of the current epidemic and for us to benefit, we must be prepared or will be caught pants down.
A new economic system where small amount of cash is used in transactions will probably come up. The biggest advantage of a cashless system is a reduced security risk as well as clear accountability channels that ensures transparency. Eliminating theft, crime, bank robbery, money laundering and most corruption almost overnight is a strong benefit. Even so with digital robbery, we will not have casualties. We also won’t have to spend a lot of money to manufacture new money and the digital system is also environmentally friendly, since no trees are cut for bank notes and no metal is mined for coins
However, the cons seem to outweigh the pros. People are losing lives daily. Poor people will be hit the most, not because they have Coronavirus, but because they don’t have access to basic needs. Adopting a digital cashless system means leaving behind people who cannot afford smart phones or data bundles. It will also neglect anyone who is not technological savvy and give rise to a new wave of cyber crime due to increased economic transactions made by credit cards, debit cards, wallets or digital modes, which is a huge disadvantage. When major activities in economy becomes paperless and rely on electronic media, people without access to power are also affected.
Whatever the case, I feel like we need to be more aware and ready for whatever is hitting us next. How we are going to do that is what I don’t know!