SHREVEPORT, La– The coronavirus pandemic presented an opportunity for even fewer cash transactions. Could “cashless” transactions be the way of the world in the future?
With cell phone orders and a shortage of coins, many businesses have thrived on cashless transactions due to COVID-19.
Some of the benefits of cashless include deterring thieves and promoting greater hygiene, especially during a pandemic.
“When we think of a cashless society, we basically think of all financial transactions that take place electronically. The most obvious example people would think of is debit cards and credit cards, but that would also extend to the new form of money, bitcoin, ”said David Hoaas, professor of economics at Centenary Middle School.
The problem is, not everyone stores their funds in a traditional bank. Some people strictly use cash.
The concept of going completely cashless doesn’t suit Craig Toys, owner of Max’s Pawn Shops in Shreveport. Toys not only buys and sells jewelry, but his business also offers small, personal, quick loans to customers who need cash immediately.
Toys and Craig argue that a cashless economy would require significant reliance on technology, which would make consumers more vulnerable to cyber attacks and privacy concerns.
Another downside is the loss of jobs. For example, traditional jobs such as cashiers and guard of armored trucks would become virtually non-existent.