At the end of the year 2019, before the pandemic, a lot of us couldn't do without cash and the saying cash is king was very dominant with a lot of people, fastforward 12 months after and we are starting to doubt if cash is still king following the ability to pay for goods and services via swipes of cards, phone scan payment and transfers as a result of social distancing. Cash is still relevant in so many aspect of our lives but cash cannot still be regarded as king.
In a few countries, we could say cash is the major method of payment but electronic payment have discarded cheques and swipes are already sending cash out of the market. Companies like Apple, Square and so on has experienced a surge in the price of stocks as well as usage during and post paandemic lockdown period. Paypal CEO also comfirmed that there is a high increase in transactions and it has brought down the use of cash.
Digital payment with cards is the most used method of payments and performing transactions while cash is holding its position as the second means of transaction in developed countries. Cashless mode of payment is simple, convinient, efficient, safe, tracking payments easily etc.
Cashless mode of transaction also has its negative side as it doesn't favor people who are underbanked or unbanked. Having a world with cashless transactions wouldn't be fair to people who live from paycheck to paycheck who do not have enough money to live on.