Released: August 06, 2020
Going cashless during COVID makes life even more difficult for the unbanked
Source: Elisabeth Buchwald, MarketWatch
The coronavirus pandemic has caused people to shift away from cash transactions for fear of coming in contact with coronavirus on the surface of dollar bills and coins they receive in change. Out of an abundance of caution, some stores have stopped accepting cash and some have been asking customers to provide exact change, mainly because of the coin shortage in the U.S.
“Alarm bells go off in my head because the impact of going cashless is highly unequal,” said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics, a non-partisan think tank. “Eliminating the ability to use cash means you have to pay more fees to pay for reloadable cards, and low-income people already find it expensive to live as is.”
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