Will Digital Payments Replace Cash In The US

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Cash is still relevant, but cash is no longer king,

although people in this country and around the world do continue to use

cash to purchase things every day, that is decreasing.

Electronic payments have cannibalized checks.

Card payments have grown, but cash remains king.

Two thirds of transactions under ten dollars are done in cash.

Although data surrounding COVID's impact on cash has yet to be reported,

the pandemic is expected to cause a drastic decline in cash usage due to

the risk of contamination.

The unprecedented surge in the demand for contactless payment has also

shown outstanding performances from major companies offering cashless

payment methods like Apple, Square, and PayPal.

You're seeing digital payments in this crisis

move from being a nice-to-have capability to a must-have essential

service. Whether it is credit or debit or prepaid cards or

peer to peer services like PayPal or Venmo or others,

we're seeing a corresponding increase in digital transactions as we're

seeing a decrease in the use of cash.

So could Covid signal the end of cash in the United States?

And can the U.S. really function without physical currency?

Nearly a third of U.S.

adults say they make no purchases using cash during a typical week.

The share of people who say that all or almost all of their weekly

purchases are made by cash dropped from 24 percent in 2015 to

18 percent in 2018.

In 2019, the Federal Reserve found that most cashless methods of

transactions, including debit cards and mobile payments, increased in the

past two years compared to cash and check payments, which showed a

decrease in the same time period.

I never carry around cash.

So I use Apple Pay at the Bodegas, for example, when I'm

getting groceries, for most of my purchases.

I don't use that necessarily for like electricity bills,

for dinner bills.

That's when I would use Venmo or Cash app.

Despite the rise in electronic methods of payment, experts say that cash

isn't a force to be reckoned with.

There is a false narrative that Americans are using cash less

now than ever before.

In point of fact, cash in circulation continues to grow strongly.

What you've seen happen are electronic forms of payment, taking

other electronic forms of payment or checks out of the

system. Cash transactions are still dominant.

Cash is the second most used form of payment in America today after debit

cards. Millennials are the ones leading the charge toward a cashless

future. A report from Experian in 2019 revealed that one in 10

millennials use their digital wallet for every purchase, especially on

food, rent and ride shares.

Pew Research also found that about 34 percent of adults under the age of

50 make no purchases in a typical week using cash, compared with 23

percent of those ages