A Move Towards a Cashless Society Accelerates With the Novel Coronavirus Induced Global Lockdown

Abstract

The novel coronavirus (COVID-19) pandemic has resulted in two important outcomes; first, centuries of developments and progress in technology, medicine, and science failed to combat the virus which has so far killed over 1.6 million people worldwide; second, and most importantly, the new vital role of ecommerce increased chances of survival under self-quarantine or imposed lockdowns. A cashless society can bring advantages and disadvantages; for example, ecommerce can reduce or eliminate costs associated with conducting business (i.e. job creation, accounts payable/receivable, scope of products and services) and shopping online. Cashless payments as part of ecommerce not only can increase flexibility and convenience, but it can reduce financial exclusion through web-enabled and mobile applications; this way, a majority of the world’s 2.5 billion unbanked people could gain an access to the opportunity of conducting peer-to-peer transactions, sending and receiving money, and purchasing items in online stores that are open for business 24/7. The current acute health crisis has highlighted the crucial aspect of ecommerce and cashless payments, the comfort and convenience of which has allowed consumers to use the saved time to participate in other value-added activities. I do not want to even imagine what would have happened if there were no digital technologies during the global lockdown, I guess quarantined people would have no choice but to die either from the virus itself or by starvation as they would be unable to order food, medicine and other essential items.