Nina To/The Cougar
From trading goods for services and exchanging precious metals to paying with conveniently transportable paper bills, currency has taken multiple forms throughout human history.
It isn’t surprising, then, that in the 21st century, we are witnessing another major evolution. Debit, credit cards and digital wallets may be replacing cash as we know it.
Many stores, especially those in the clothing and food industries, have begun exhibiting a bias towards digital-first consumers. Sam’s Club serves as a prime example of this trend. A bulk retailer, with over 600 locations across the U.S, Sam’s Club is known as a place where shoppers can find most everyday essentials.
However, the experience is less convenient for those without an online membership or a physical Sam’s Club card. With understaffed registers and a clear preference for those using the “scan-and-go” feature, a clear message is being sent: speed and the appearance of advancement are being prioritized over accessibility. The more digitally connected a customer is, the easier the experience becomes.
Beyond bulk retailers, stores are changing across the board. Many businesses are operating with minimal cash on hand for making change, fewer human cashiers and fewer cash-accepting lanes. This creates new struggles for impoverished, unbanked and unhoused individuals.
While this shift may feel like a natural progression, banking is not simple for everyone; it can be a grueling process for many. Financial institutions have several requirements for setting up an account, including a valid government ID, a good financial history and the ability to verify an address. These are not easy barriers to overcome when your primary concern is finding somewhere safe to sleep at night.
Consumers are a part of the cycle too
The shift to a cashless society isn’t just on the backs of stores and corporations who are making decisions with ill intent. There is a clear generational cycle occurring as well. Most employers now send paychecks online, leading young adults to view cash as non-essential.
As more young consumers go cashless, more stores respond by pushing cash transactions to the back burner and focusing on their larger market, slowly cycling cash-dependent individuals out of the marketplace.
This exclusion is not limited to unhoused and unbanked individuals. The shift to a digital payment society can also be exclusionary toward the elderly, who struggle with complex digital interfaces, and toward immigrants, who face similar barriers in banking.
The most vulnerable people are at risk of being sacrificed for the sake of convenience, and with all the struggles that humans must face, should being able to feed and clothe oneself be another? This shift to a cashless society seems inevitable and may even be an advancement. But progress should not come at the cost of leaving entire groups of people behind.
opinion@thedailycougar.com
