Could we be a cashless society in 10 years?


Even the Federal Reserve Bank is thinking about issuing a digital currency.

With Apple Pay, Google Pay, Venmo, Square, credit cards, Bitcoin and many other options to pay digitally, a cashless society can seem imminent. More surprising is that 48% or roughly half of those people think it would happen in the next five years.


Respondents felt going cashless could improve their lives for the following reasons:

  • Travel: 33% said it would make travel easier because you would not have to worry about losing cash, converting money, theft, etc.

  • Convenience: 32% said they’ll never have to worry about having enough cash on hand again.

  • Efficiency: 29% said it will improve the speed and ease of the payment process.

  • Budgeting: 27% said it will make it easier to manage their money.

Visa last year offered up to 50 small businesses a $10,000 bounty to go cashless (https://usa.visa.com/about-visa/cashless.html). Though it is still too early to know what will happen to the businesses that won the contest, the key arguments in favor of cash-abandonment are that it would lead to more efficient service and carry a lower risk of theft. A recent