Electronic money continues to rise in the age of COVID-19

Electronic money continues to rise in the age of COVID-19

As the world has faced a nine-month battle with one of the most confusing illnesses known to modern history, things have changed. The world that existed in 2019 is now a very different one to the one that we reside in for 2020; the way we live, think, and act has been changed irrevocably. For many people, though, the single biggest change that has taken place in the last few months is the prominence of using online payment processor and electronic money tools.

For example, Europe in particular has seen staggering rises in the number of companies providing online control over your money. If you are someone who has felt like managing your money has become easer together as cash payments are minimised in many ways, then the rise in digital currency control is not likely to shock you. Indeed, companies such as Epayblock have grown massively during the COVID-19 crisis – and it is easy to see why.

The simplicity, the control, and the ease of management for both personal and professional purposes. With more people working from home than ever before, the need to manage financial calls and decisions almost on a whim has become commonplace. Its why today many people are growing used to not carrying cash with them, instead using various mobile apps and electronic card systems for all of their payments.

Naturally, though, there is ample resistance to this kind of behaviour. There are many people who look at the end of cash and find it harder to manage their money; when it’s just a figure on a screen, it’s easier to grow unattached and unemotive about your spending. For those used to living on a cash budget, COVID-19 has changed many key aspects of life.

Cashless payments are here to stay?

Almost certainly. While the concept of removing cash money from circulation entirely is almost fanciful at this point, the slow creep towards a cashless society appears to be picking up the pace. We’ve seen a rapid rise in the number of cashless services, and COVID-19 has forced many companies to stop taking cash payments when and where possible.

This has the natural impact of meaning that many companies will simply stop taking cash now and continue to use these easy online systems. For many business owners, too, the fact that everything can be counted much quicker and easier is also a nice positive bonus. Add in the fact that there is a natural ease when it comes to managing things like taxation, and it will be much simpler for many people to simply stop using cash money.

For millions, though, moving to a cashless society removes empowerment and private control over finance. For a lot of people, this is a dangerous step that could lead to many lives being hindered and hampered for years to come. Like many aspects of post-COVID life, though, we might simply have to accept that many things we once enjoyed as a society might have to come to an end.

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