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Will cash disappear in the future?

Many experts have been saying that cheque payments will disappear once and for all. They’ve been saying the same thing for many years now and yet businesses and individuals still pay with cheques. Okay, there are fewer stores than ever before that will allow you to sign a cheque in exchange for goods but it’s not impossible so what’s to think that cash will ever disappear.

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Cash

Cash is great for paying people who work for you. It’s great for adding a little thank you in the form of a tip. It’s great for paying someone back for something they bought on your behalf. It’s great for payments you make using machines like car park ticket machines, and it’s untraceable so it’s wonderful for those transactions you don’t want your spouse to know about.

Nothing like cash

At this time there’s nothing that works as well as cash. When you’re not sure how you’ll pay for something you draw out the necessary cash. There’s no system at this time that’s as convenient, as reliable and as anonymous as cash. Bitcoins are anonymous but they’re not a reliable way of exchanging funds. Peer to peer payments through apps like PayPal are convenient and reliable but they’re traceable.

Global scale

Even if you got used to paying people for the services they carry out for you through PayPalor something similar, that won’t work when you cross borders and yet cash will. A pocket full of American dollars for example is currency in a great many countries that don’t have the instant, everywhere access we have to Wi-Fi and smartphones.

Circulation

Working out just how useful people are finding cash is difficult precisely because it’s not traced but we know that in general cash is not disappearing right now. There’s more demand for American dollars for example than there has been for a while. The amount of dollars in circulation grew by 42% between 2007 and 2012, and experts expect this trend to continue for a while. Okay, two thirds of those dollars are held outside of America, but that still shows how important cash is as people are keeping their funds in cash.

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