Speedy NEWS

Post-COVID thoughts: A society that embraces digital transformation where cashless and cryptocurrency payments become the norm

There is no doubt that after the pandemic, cashless payment methods will become the norm.

This is a trend that has been going on even before COVID-19 struck, but in Japan, credit cards were only used by 25% of the population before the introduction of electronic money.

This figure is almost 100% in Korea and around 50% in the U.S.

Cashless infrastructure has made a huge difference to the speed of disbursement of government aid during the COVID-19 pandemic.

For instance, Korea paid its entire population in credit card points, while the U.S. government sent checks to its citizens. On the other hand, people in Japan were wondering when the money would be credited to their bank via bank transfer.

Society will fall behind if digital transformation is delayed.

I hope we can see the rise of cardless, app-based electronic money after COVID-19, or at the very least, I hope to see more stores accepting contactless payment via credit cards with IC chips.

El Salvador has become the first country in the world to make a cryptocurrency legal tender. I guess it was able to make this decision since it is a small country that transacts in U.S. dollars without its own currency of Salvadoran colón being widely used.

I would like to see a Digital Agency that is sensitive to these global trends. Instead of renting expensive offices, I hope the agency has the foresight to allow for telecommuting through virtual offices on Oculus.

By the way, all art purchases made at my Speedy Gallery in Los Angeles are paid for via cashless methods. (You can buy a Shopify casual kit for just $99.)

You can even buy cryptocurrencies through the website!

Shopify also accepts Amazon Pay, so there is no need to even enter the delivery address of the artwork.

That’s the power of digital transformation!