Mobile payments may soar, thanks to COVID-19

One of the most frequently asked questions in these days of pandemic is, “When will things get back to normal?” Valid answers are generally, “They won’t. Goodbye, handshakes” and “In stages, ending when a vaccine is approved and widely distributed.” When it comes to payments, the answers are more complicated, but not any more comforting.

Paper money and coins have been plummeting in usage for years, and COVID-19 certainly isn’t going to help. From a retail and finance perspective, those paper and metal currencies are more expensive to manage (to count, to secure), are easy theft targets (stolen stacks of non-marked $20s are about as non-traceable as possible) and a lot slower typically than using mobile payments or credit/debit cards.

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