Have you recently been to a sporting event or a concert and noticed that cash is no longer accepted? You’re not alone. Many businesses, such as stores, restaurants, stadiums, arenas, and even amusement parks are going cashless. Understanding what’s driving this phenomenon and how to adapt to cashless payment methods can make navigating this new cashless world a little easier.
Why Everyone’s Going Cashless
It can be frustrating—and inconvenient—to find out cash isn’t accepted when you’re ready to pay. According to AARP, the COVID-19 pandemic has played a major role in cashless adoption. With cash being a common source of germs and bacteria, businesses are more eager than ever to eliminate cash from their payment processes.
In addition, cashless transactions are much faster than cash transactions—which is a key factor for businesses that rely on speed and efficiency, such as quick-service restaurants. It also allows for more detailed tracking of transactions and better records for cashiers and businesses alike. This helps reduce cash losses and increase profits, as card transactions are less likely to be tampered with.
Adapting to a Cashless World
Using forms of payment like debit and credit cards is one way to go without cash. These cards are accepted at most businesses, and they provide a secure way to pay. Plus apps like Venmo or Paypal make it even easier to send and receive payments.
Are you in support of cashless payments? Or would you rather cash still be accepted? The Seniors Center would love to know your thoughts. No matter which side of the debate you’re on, new payment methods are here to stay.