Cash is good for America (and everyone)

The United States continues to break away from cash transactions. The popularity of online shopping and the increase in alternative payment methods has pushed many consumers to eliminate cash from their lives. In 2015, 56% of Americans believed the country would be completely cashless by 2030.

The question is, would go cashless be good for America? What are the pros and cons of a cash-free society? Could the U.S. survive such a transition? Let’s explore the future of cashless transactions in America and how likely that conversion would be.

The Upside to Going Cashless

Eliminating cash would speed up transaction times. No counting correct change or fumbling with wrinkled bills – everything would process digitally. Slow processing times were once a cause of concern for chip cards, but 54% of consumers now prefer EMV cards over magnetic strip cards.

Merchants could benefit from going cashless because they would not have to keep cash on hand. Thieves are less likely to target a store that does not have cash available, and merchants could cut down on security associated with cash protection. However, those security savings may be offset by increased cybersecurity measures from going cashless.

For many Americans, going cashless would be a natural transition. Credit and debit cards are not the only alternatives to cash. Mobile wallets, contactless cards, and virtual cards are some of the many options that have come out in recent years. A study from Cardtronic showed that debit cards are the most preferred payment method in America, though cash was notably the second favorite.

Go Further

Australia likes cash - 09/11/2020

1 2 3 4 5

The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view

Newsletter subscription