In some parts of the world, cash is no longer king. Eighty-seven percent of Swedes Swish, and three-fourths of Chinese WeChat Pay, meaning Sweden and China lead the world in becoming cashless. In China, most of those using digital wallets such as WeChat Pay are urban dwellers.
One of the biggest concerns about becoming cashless is the negative effect on the elderly, disabled, and rural populations. China addresses this with programs to expand the Internet and therefore digital services into rural areas. Sweden already has reliable broadband coverage, even in remote areas.
I no longer carry cash except a few bucks; I find it a nuisance. How about the average American consumer? According to reports, seventy percent use cash weekly, but only thirty percent of all payments in 2017 were cash.
What’s a business to do? Cashless represents efficiency, and a significant number of consumers prefer it. It reduces theft risk and speeds up transactions.
There is a backlash against cashless, with laws in several states banning it. The best bet for small business remains accepting both with the realization transactions are drifting slowly toward cashless in America.
American society is unlikely to go cashless soon. It’s sliding toward using cash payment less often, even in more rural areas. Gradual change accommodating those who love carrying green in their wallet and for people like me who never learned to count change and don’t want to deal with nickels and dimes.
Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.