What: The alternatives to cash are starting to dominate as the pandemic accelerates the importance of digital options.

Why it is important: For governments, getting rid of cash would cut costs and make it easier to crack down on tax evasion and drug trafficking. And stores could reduce cash-handling costs, reduce theft and possibly earn more if faster checkouts lead to more transactions per hour.

Since 2018, debit cards have been used more than cash in the United States. The global pandemic smothered the use of cash even more as people were worried about the spread of the virus. In Seattle and Sydney, some merchants have stopped the use of cash altogether, calling it unsanitary. But some US cities have made cashless stores illegal as it is seen as discrimination.

Although governments and business such as stores can see many positive sides to going cashless, some people are weary as it puts a lot of power into the hands of the government and banks. And in the developing world where phones and internet are not present, cash and cents are still being used to buy goods.

The End of Cash