More than half of people in developed economies believe that cash will always be around, but COVID-19 may change this, say observers.
Such actions are probably justified, considering that currency in circulation can indeed serve as a vehicle for transmitting pathogens – much like a mosquito.
Young populations tend to be more open to adopting new technologies, and China and Southeast Asian countries have significantly younger populations than Europe and the United States.A woman wearing protective mask and gloves, uses her phone in a Mass Rapid Transit train, during the movement control order due to the outbreak of the coronavirus disease , in Kuala Lumpur, Malaysia March 22, 2020.
European consumers and businesses must therefore rely on services offered by large US companies – Apple Pay, Google Pay, PayPal, and so forth. Still, the global spread of COVID-19 might be moving the world toward a turning point in how it handles payments. It is too early to predict what changes might be coming, but they are likely to emerge as solutions to specific challenges within different national contexts, payment infrastructures, and demographic groups.
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