The pandemic has caused many to switch to cashless payments because businesses have been promoting contactless and mobile as the preferred methods of payment. This was largely because these methods were believed to have been safer, as it was thought to decrease the risk of virus transmission. However, many companies have kept their cashless policies intact even as the world returns to some semblance of normalcy. 10 years ago, half of all transactions were made using cash. Today, cash is used for only one in six payments. Evidently, cash use has decreased dramatically in just a short amount of time, and the pandemic greatly accelerated this decline.
It is no surprise that the younger generations are largely embracing this tech transformation. With smart devices at their fingertips from such a young age, it is inevitable for the youth to be digitally literate. Understanding how to navigate a digital program is practically second nature to them. In many instances, these technological shifts have made our everyday processes easier and far more efficient. This is true not just for young people, but also for the average person. However, if we continue to move away from cash and move towards more fintech solutions, we must also consider the older generations.
