Will creating a cashless society really have a vast impact on U.S society? Studies have been conducted examining the spending behavior of Americans to assess whether cash or card is more often used in every day transactions. With the advent of efficient means of technological payment procedures and transactions, it is evident that to obtain and use a debit or credit card is extremely accessible for people of all ages. More and more people are opting to carry less cash and spend more via their debit or credit card, which is leading to the concept of what is referred to as a ‘cashless society.’ It is estimated that 80% of Americans carry less than $50 cash in their wallets.
Experts theorize that although they expect an entire cashless society not to happen in the near future, the trend of mobile and bank and credit card payments will continue to increase. Some people report that their choice of carrying less cash is not only for security reasons of theft, but because it allows them to track their spending easier. More cash means more spending for some people as it is there to spend. Though the same argument can be said for those who use debit cards, as the ease of paying as you go with a single tap of the card has led to a boost in overall spending for consumers. Perhaps it is a case of people feeling less spending guilt in not being able to see the money go as they spend.
Whether or not a cashless society will ever happen can be disputed, but one things is certain – our spending is largely from credit card payments, and finding a person who has more than $50 in their wallet at any time would actually be a challenge.
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