Coronavirus and online account: an increasingly cashless society

Coronavirus and online account: an increasingly cashless society

One of the most obvious consequences of the Coronavirus epidemic is certainly the acceleration of the digitization process. What does this phenomenon entail? First of all, the possibility of managing an online account directly from home and making digital payments in complete safety.

At the moment the country that seems to have better internalized this trend is Sweden, often cited as the most cashless nation in the world, so much so that according to Niklas Arvidsson, professor of the Royal Institute of Technology, most of the stores in Stockholm even reject the cash for digital payments.

Australia is no exception, it has declared its intention to become completely cashless within a couple of years: an ambitious project that seems to have found an unexpected helper in Covid, which has significantly speeded up the process. According to the Reserve Bank’s 2019 Consumer Payments Survey, released last March, cash has gone from being the dominant payment method to barely covering a quarter of total transactions over the past ten years.

Similar situation in France, where digital payments are skyrocketing: about 68% of the population uses the smartphone to make transactions, a percentage that reaches almost 80% for the younger age groups.

The phenomenon has also involved a typically conservative country in the field of electronic money such as Italy, more and more favorable to online accounts and digital payments, which have undergone an increase in the last period also thanks to the introduction of mobile payments and contactless technologies. According to the Bank of Italy, achieving the ideal of a “cashless society” would represent a benefit for the entire social fabric, which is why the Budget Law 2020 provides for a series of measures to benefit the disposal of cash.

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