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Cashless payments will outgrow but not end cash use

Monday, December 12, 2022

Significance

Cash and cash equivalents remain significant, but lost their dominance during the pandemic. This is helping to narrow the gap between the United States and East Asian and Scandinavian countries that are more advanced in going cashless.

Impacts

  • The pandemic changed shopping habits which, in turn, drives a change in consumers’ means of payment.
  • Demographic changes favouring mobile payment apps will further erode the use of cash.
  • Privacy concerns and distrust of banks and governments will mean some citizens will always prefer to use cash.

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