Hot take: Cash is not dying as fast as the banks want us to think

I was looking through some Federal Reserve data last week and found out that 60% of transactions under $10 are still done in cash. That surprised me because every bank app and fintech ad tells you we're heading to a cashless society. But then I think about all the fees and privacy issues with digital payments. Are we pushing cash out too fast, or is this just natural progress? What do you all think - is cash actually on its way out or are the banks exaggerating?

2 comments

2 Comments

morganhill9d ago

Read somewhere that in Japan they're actually going the opposite direction and keeping cash alive on purpose because of reliability during natural disasters. Makes sense when you think about it, digital goes down if the power grid fails but cash still works. I get why banks want everything digital, easier for them to track and charge fees on every transaction.

hernandez.finley9d ago

Good luck swiping your card when your phone's dead and the power's out, @morganhill.