Cash Is Officially No Longer King

In our digitized world, it was really only a matter of time before cash would no longer be the most common way we bought stuff. That time is officially now. A study by US Bank found that for the first time ever most Americans aren’t using cash to pay for purchases. 

Some of the key points from the study highlighted that 30% of people almost never use cash for purchases and 18% use almost all cash for purchases. So, among those who are highly inclined to either extreme, cash loses. But that's also true among the balance of the 52% of Americans that tend to use a mix of cash and cards. The study showed that 76% of people who use cash carry less than $50 and 48% who use cash keep less than $20 on hand. 

The result is that for virtually every trip to the store, eating out, etc., plastic or digital payments are used. Cash is now only the most common form of payment when the transaction is under $20. For any businesses that haven’t adapted, this is probably the last chance to do so. Along those lines, 10% of adults under the age of 35 will only use digital payment methods like Venmo, Paypal, Apple Pay, etc.

Photo by: Sean Gallup/Getty Images

 

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