"What's that paper stuff?"
When Twitter is the side hustle... Not too shabby. Twitter co-founder Jack Dorsey's (much more valuable) baby Square had a blowout quarter. The mobile payments company's sales soared 64% as people ditched cash. Square makes most of its money from you swiping your card through one of its white tablets (or iPhone plug-in readers) at a craft coffee shop. But...
Haven't touched a $20 since 2019... Turns out that contactless payment options thrive during a pandemic. Last week, Venmo-owner Paypal reported its strongest quarterly earnings ever. Profit surged 86% on lockdowns and germ-avoidance.
The "Death of Cash" has a dark side... There are no truly cashless societies (yet), but some are close — Only 2% of Sweden's transactions are cash and QR code payments are prevalent in China through apps like WeChat Pay. While a more cashless America could lower crime, it could also infringe on privacy and hurt lower-income segments. Going cashless increases the digital divide when 6% of American adults have no bank account and 16% are underbanked.