The demise of cash was hastened by COVID-19 – but it’s not dead yet

The demise of cash has been getting closer for a while and it looks like COVID-19 could be the tipping point. Whilst people of course have fewer places to spend cash, it is still a staggeringly swift collapse. With fewer customers using cash, more shops will decide accepting cash just isn’t worth the effort. For some retailers who’ve stopped taking cash, it will be temporary, but for others it will be a reminder of the benefits of going cashless and will stick. The move from cash to digital puts a responsibility on banks to ensure everyone can open bank accounts, even if they have no credit history.

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