Cash May No Longer Be King
The purchase of $10 or less priced goods is steadily being eroded by credit and debit cards
Physical currency has been around for thousands of years, so it is hard to imagine a world where consumers are making their purchases without it. But that is exactly what is taking place as electronic forms of payment have become increasingly available, convenient and cost-effective due to technological advances in the payments industry and shopping habits of consumers.
According to Digital Transactions, businesses and consumers are avoiding cash payments in favor of electronic payments. And this trend may lead to cash significantly declining in the coming years.
Cash is Becoming Less Popular for Smaller Payments
Research shows that cash transaction rates have fallen while card payments have continued to rise. But one area that this is especially apparent is in the purchase of goods that are $10 or less where market share is steadily being eroded by credit and debit cards.
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