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Is a Global Cashless Society Coming Soon?

05-09-2017
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Will cash soon be obsolete?

The cashless society may soon arrive. The days of the paper dollar, the age in which people used quarters and dimes to pay for a parking meter, could be soon over.  

Reuters reported on a recent study that found that more than a third of Europeans and Americans say they'd be happy to go without cash and just use electronic payments.

The study also found that at least 20 percent in Europe and 34 percent in the U.S. already say they rarely use cash.

In Italy alone, though only 20 percent of citizens say they rarely use cash, less than half of the population is willing to consider using it.

As credit cards and, as of recently, cellular phones have become the preferred medium for monetary transactions, cash's downward slide out of Europe grows even steeper.

The nations where cash is used by a higher percentage of citizens are more susceptible to this trend.

Germany, a country the Reuters regards as "cash-loving," is projected to do away with certain cash bills. The 500 euro note is expected to be discontinued by the close of 2018.

The United States may not be far behind in this startling trend as significance technological developments related to money, take place.

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