Cash Isn't Going Away Any Time Soon. Here's why:
Cashless proponents have sounded the death knell for cash for at least two decades, but their predictions have been premature. To be sure, digital forms of payment have received a boost in recent years but have not succeeded in completely displacing coins and paper money. It’s unlikely cash will be entirely displaced anytime soon – if ever.
The need for legal tender remains high in a variety of settings, including small retail shops, convenience stores and environments where tipping is common. Cash has proven resilient despite threats over the years from a variety of alternatives, including credit and debit cards, online payment systems and digital wallets.
Current State of Cash |
Cash Purchases55% of purchases under $5 are made with cash
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Future of Cash |
Cash in CirculationThere is over $2.40 trillion in circulation as of 1-6-21 |
Cash is Inclusive7.7% of the U.S.'s households are unbanked |
Cash vs. Cards55% of small businesses don't take plastic due to credit card fees |
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Cash is King in 2019: United States
Cash is the most convenient, inclusive and agnostic form of payment for small purchases, which is why it is used in most transactions under $10.
Video: Seven Situations Where Cash is King
Cash has proven resilient despite threats over the years from a variety of alternatives, including credit and debit cards, online payment systems and digital wallets. Here are seven reasons why cash is king.