Is cash dead? | The Tylt

Is cash dead?

Restaurants now do it both ways: cash-only and cashless. Millennials seem to carry around cash less often than their parents. For many, going to the ATM is a rarity rather than a regular errand. But according to some experts, cash will always be king. Digital payments may be on the rise, but cash is still going strong. What do you think–is cash dead?

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Trendy coffee shops, select retailers, and your some of your favorite lunch spots have all made the switch: digital payments only, no cash accepted. According to USA Today's Paul Davidson:

The trend is partly rooted in the growth of credit- and debit-card transactions and the spread of digital wallets such as Apple Pay and Google Pay.

Cashless options are far more convenient for retailers and restaurants. There's no need to have change on hand, to worry about how quickly you can count nickels and dimes, or stress about who takes the money envelope to the bank at the end of the day.

Jerry Sheldon, vice president of IHL, a retail and hospitality consulting firm, foresees cashless restaurants and stores comprising 40 to 50 percent of all retailers within 10 to 15 years as greenback use continues to dwindle.

The cashless trend is so widespread, even Girl Scout troops are joining the fold.

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But stores that go cashless discriminate against their customer base by default–not everyone has a credit card, debit card, Apple Pay, or the ability to use digital money whatsoever.

Vox's Nadra Nittle reports: 

About 7 percent of US households are unaffiliated with a bank, so a cashless movement could lead our society to become even more class-stratified than it already is. Those who rely on cash tend to be low-income, immigrants, or elderly. For these already marginalized populations, a cashless America threatens to push them out of the economic sector.

As Nittle puts it, the last thing America needs is more division between classes. 

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Let's face it, the only time you ever see cash is when your grandmother sends you a crisp $20 bill for your birthday. Sure, cash is nice to have, but it's in your hand way less often than your credit card. Honestly, what's the point of even having cash around when you've got Apple Pay? 

As Arun Mohammed writes on FT Adviser

...the death of cash payments is undeniable in the societal future.
In recent months leaving my wallet at home has become an increasingly frequent occurrence. The growth in our cashless society means my mobile phone is all I need to take out in order to pay, keep in contact with people and even post a selfie to my social followers.

According to Gallup, cash-use is on the decline in the United States. Maybe Mohammed isn't far off in believing the death of cash is inevitable. 

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But some experts say that these trends are all distractions to the larger narrative: The world will never go completely cashless. Paysafe's Oscar Nieboer explains:

Cash has many clear benefits for parties on both sides of a retail transaction. It’s very quick. It’s private and largely anonymous. It authenticates itself pretty reliably in most cases. It works the same way regardless of where you live. To many consumers and savers in our post-2008 crisis world, it can still seem like the safest option; physical money is money that you own and control, a fact likely to make it even more attractive in regions of economic uncertainty. 

According to PYMNTS.com, cash is the most common payment method in the United States. The cashless world is not coming any time soon.

FINAL RESULTS
Culture
Is cash dead?
#CashIsDead
A festive crown for the winner
#AlwaysHaveCash
Win $200 Amazon Gift Card
Click to Enter