BANGOR – The expression “cash is king” may not apply during the pandemic.
With the rise of payment platforms such as Zelle, Venmo and Apple Pay, the pandemic has fostered a digital shift.
A recent study by a California-based credit union shows consumers are using less cash.
“Half of Americans are using less cash during COVID-19 than they were prior to the pandemic, and over half plan to use it completely after the pandemic is over,” Kylie Moore, content strategist of Digital Third Coast.
Millennials are the least likely to have bills in their wallet at any given time compared to baby boomers.
According to Moore, people usually carry an average of $46.
Given the technological advances, cashless payments are the new trend.
“Touch-less payments, online banking and mobile payments are sort of the wave of the future. Convenience, speed and flexibility. I don’t see consumers backing away from this trend at least anytime soon,” said Jen Burke, public affairs & communications manager of Maine Credit Union League.
During the pandemic, with more people being cooped up in their homes, businesses were experiencing a coin shortage.
“There certainly was a coin shortage, not because there weren’t enough coins in the marketplace. They just weren’t being circulated because people weren’t going into the typical stores and paying with cash or coins,” said Burke.
However, money carries value but also carries germs as well.
Based on the survey, one in three Americans aren’t using cash due to health concerns.
“If you’re handling money, if you’re touching surfaces, if you’re going to the ATM, you need to clean you’re hands after close contact of any surface that might be contaminated,” Dr. Rebekah Gass, physician of the Eastern Maine Medical Center.
Experts agree it is likely we are heading into a cashless future.