Will Cash Go The Way Of The Dinosaur?
We have seen the new run of Visa commercials that show the whole flow of a busy cafeteria coming to a stop when someone chooses to pay with cash and just this morning I saw a news clip about a Washington, DC cafe, called Snap, that no longer accepts cash. Is this the beginning of the end for cash? Personally, I rarely have cash on me and maybe write 1-2 checks a month. Everything else is done via my debit card or a credit card.
According to Snap’s owner, the plastic only policy means more security in the store (less risk of robbery), easier balancing at the end of the day, and no more daily trips to the bank to make deposits. Makes perfect sense to me. But is it legal? There is nothing in the US legal system that says it isn’t.
However, what about those who don’t have plastic whether by choice or not? Cash leaves no paper trail for its users, either. Where does it leave them?
It is getting more and more difficult to function in today’s society without some form of plastic, whether it be a debit or credit card. According to the American Banking Association, more than 53% of US consumers use debit and credit cards for the majority of their purchases - and that was a number from 2003/2004 - you know that has gone up.
What do you think? Is doing business via cash becoming extinct or will cash always be king?
Subscribe via RSS
