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Even though there have been many advancements in financial technology over the past decade, many Americans still prefer to pay in cash.
In fact, cash was the most popular form of payment until 2019, when debit cards rose to the top of the ranks in the San Francisco Federal Reserve’s annual survey. Cash remains king, however, when it comes to payments under $10.
But 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.