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Shreveport, LA (KTBS) — The coronavirus pandemic presented an opportunity for even fewer cash transactions. Could “no cash” transactions be the way of the world in the future?
With mobile phone orders and a coin shortage, many businesses have thrived under no-cash transactions due to COVID-19.
Some of the benefits of going cashless include deterring robbers and promotes greater hygiene, especially during a pandemic.
“When we think of a cashless society, we’re basically thinking of all financial transactions taking place electronically. The most obvious example that people would think of is debit cards and credit cards but that would also go as far as the new form of currency, which is bitcoin,” said David Hoaas, Centenary College economics professor.
The problem with this is that not everyone stores their funds at a traditional bank. Some people strictly use cash.
The concept of going totally cashless does not sit well with Craig Toys, owner of Max’s Pawn Shops in Shreveport. Not only does Toys buy and sell jewelry, but his business also provides small personal and quick loans to customers who need liquid cash immediately.
Toys and Craig argue that a cashless economy would require a significant reliance on technology, making consumers more susceptible to cyberattacks and privacy concerns.
Another downside is the loss of jobs. For example, traditional jobs such as tellers and armored truck guards would become virtually nonexistent.
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