Why Cash is Becoming Obsolete

The Ease of Electronic Exchange

Cash is quickly becoming a novelty of the world’s past. Paper money has been becoming obsolete since the concept of the credit card and debit card came into fruition. Furthermore, applications on the phone or computer such as CashApp or Venmo make it incredibly easy and pain-free to transfer money to anyone you choose within seconds, and with very few limitations. There is typically no application fee, no setup fee, no contracts, and fast approval. Your friend needs an extra $5? You need to pay your landlord or your lawyer fee? You can send that money to whomever you need to in seconds with no need to meet up and hand-deliver checks or cash. 

Not to mention cryptocurrency, a fairly recent form of currency that is entirely digital and secure. The potential for cryptocurrency becoming a societal norm is very real. It is fair to say that almost any financial system is better, safer, and more durable than physical cash. Everything is online nowadays, so why not also have your money on there? Soon enough, cash will be of the past, and credit cards, debit cards, cryptocurrency, and online merchants will be the only way people know how to handle money. Most financial decisions one feels obligated to act on these days involve virtual money, such as online borrowing. You can get a loan with very few steps or barriers. 

It’s Probably the Preferred Choice of Institutions You’re Involved With

The world is quickly becoming virtual, and corporations are leading the way. In bulk, cash is an absolute hassle, and the effort put into making payments online is absurdly minimal by comparison. Companies prefer to have their employees on payroll systems that can be managed in entirely virtual spaces, therefore it makes sense for their employees to take all of their finances online as well.

In terms of money moving in the opposite direction, fewer and fewer people are carrying cash on them. In fact, studies show that the few people who do carry paper money have less than $50 in their wallets. It’s because of this that so many merchants felt the need to expand the ways in which a customer can pay for their goods or services, often via eCommerce merchants. Many institutions are experimenting with the idea of turning into entirely cashless establishments, notably, Starbucks. They’re dropping cash from their stores altogether and inviting a more contactless experience because it is more convenient and safer than relying on human interaction alone. 

Most Important of All: Safety

You should closely consider financial safety in the same way that you do smart home security, and a cash-free world is a safer one. Cash is easy to lose, accidentally ruin, or be robbed of, and handling digital commerce with a large corporation comes with all of the protective services that that corporation’s money can buy, like fraud protection and identity theft. 

Everyone should embrace the increasingly paperless world because it’s smarter, faster, and easier. Read more of our blog posts for additional information about how the perpetual development of new technology is improving the global standard of living.