Will cashless payment options soon be ubiquitous in the United States?
Cash has been used in the United States since the Coinage Act of 1792, and the US dollar was designed seven years earlier in 1785. In the hundreds of years since, paper and coins have become the basic way to transact not only here but also in the world too.
Now, however, it looks like times could be changing. While silver has served us well so far, it’s not without its downsides. And thanks to technology, more efficient means of payment are emerging. It may not be long before the United States becomes completely cashless.
Online industries have helped new payment methods gain notoriety
Before the Internet became the most important technology the world had ever seen, there was no need for payment methods other than cash. However, you can’t insert coins into your computer to buy things on Amazon, and users quickly got used to using cards more frequently.
Many savvy business people saw a prime opportunity at this point, with many internet users unsure whether they could enter their debit or credit card details online. This has led to the emergence of payment systems and gateways like PayPal, Neteller, and Google Pay.
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Competitive online industries have helped people feel more comfortable with these payment methods. The entertainment industry has been a driving force behind Google Pay and others as gamers flock to platforms where well-known brands are available. Seeing these names can help players feel reassured that a site is trustworthy. For example, some players are looking for online casinos that accept Google Pay, knowing that they must be reputable sites if they do. Apart from the payment methods offered, these platforms are classified according to their ratings and promotions.
The United States saw a 50% decline in cash use between 2010 and 2020
There are some interesting statistics on the use of cash in the United States. Research has shown that there is a 50% reduction in the use of cash between 2010 and 2020, highlighting how more and more people are switching to modern payment methods. This shift to cashless systems is expected to accelerate further by 2030.
Besides well-known and popular fintech options like Google Pay and Apple Pay, several companies are setting up their own payment systems to make life easier for customers. Some of the best brands that have done so so far include Starbucks and Facebook.
There has also been a rise in cryptocurrencies, which provide another option for people who wish to avoid traditional banking systems. More than 75 million people around the world now own a Bitcoin wallet, and the value of the digital currency has exploded over the past decade. If it continues on this trajectory over the next ten years, it could become a global payment solution.
Thanks to the internet and modern payment methods, cash has suddenly started to seem obsolete. It is unhygienic, impractical and can be lost or stolen. It would be wise to assume that most of America will be cashless before 2030 and eventually cash will become obsolete.