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What’s in your wallet?
Let’s talk about cash. No, I’m not asking you for any. Here are a few fun facts. Last year, only 20% of all purchases in the U.S. were paid for in cold, hard cash — and nearly half of Americans abandoned Benjamins altogether in a typical week.
Shocked? I’m not. I don’t carry cash or credit cards. I carry my phone. It’s my wallet. Digital wallets like Apple and Google Pay are way more convenient than frantically finding change in the checkout line.
So, here’s the million-dollar question: Is cash really necessary anymore?
The green standard
From privacy proponents who don’t want their transactions tracked to older adults who don’t like change, people disenfranchised by the digital economy are speaking out … and aren’t happy. They want cash to stay. Period.
Yes, cash is the only legal tender backed by the U.S. government. But just because businesses can’t legally refuse to take cash doesn’t mean it can’t be quietly phased out.
Over 20,000 ATMs have vanished in the past three years with the declining demand for cash. People just aren’t using them anymore.
The writing’s on the wall …
The decline of cash is a global phenomenon. Some British protestors say that businesses are making it increasingly difficult, or flat out refusing, to take cash, claiming, “Cash has become something akin to a prison currency like ramen noodles or cigarettes, circulated among panhandlers or those on the margins of society.” Riiight …
The pandemic has only accelerated a growing trend: Cash is dying, and digital payments are growing.
Choosing to use cash is one thing, but you also need to make sure you’re staying with the times. Remember when I said that my phone is my digital wallet? I tuck a $20 bill in my phone’s case because you never know if/when you might need it. You know what? That $20 has been in there for at least a year.
Don’t be afraid of change
I hear you. “Kim, what if my phone dies? How can I pay for anything then?” Here’s a secret: Even if your phone’s battery is dead, you can still use it to buy things. Those were some intelligent engineers.
✅ So, dear friends, if you’ve been putting off setting up your digital wallet, I’ve got your back. Here’s a quick-and-easy guide on how to use your phone to pay for everything. It’s easy to do!
Tags: Apple, battery, cash, credit cards, digital payments, digital wallet, older adults, pandemic, phone, privacy, U.S. government
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