15 advantages and pitfalls of America going cashless post-coronavirus - Business Insider - Business Insider

15 advantages and pitfalls of America going cashless post-coronavirus - Business Insider - Business Insider


15 advantages and pitfalls of America going cashless post-coronavirus - Business Insider - Business Insider

Posted: 05 Jun 2020 12:05 PM PDT

You might have heard that cash is on its way out, especially as many consumers during the pandemic have chosen to use contactless or card payments over concerns of illness-causing bacteria and viruses found on paper bills.

However, when it comes to consumers' overall preferences between cash, debit, and credit outside of the pandemic, Bankrate industry analyst Ted Rossman explained that it's a pretty even race, though there are advantages and pitfalls to all of them.

"The federal reserve has found that 28% of payments are on debit cards, 26% are cash, and 23% are on credit cards," he told Business Insider. "There's still a sizeable preference for cash, especially on purchases under $10. According to the report, 49% of those purchases under $10 were in cash. It's definitely not dead yet."

However, according to new data from Square, which creates mobile payment technology, the use of cash is declining. According to the report, in 2015, consumers paid with cash for 46% of transactions under $20. In 2019, consumers paid with cash for only 37% of transactions under $20.

Here are 10 reasons why America should go cashless post-coronavirus — and five reasons why we shouldn't.

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