Small businesses are increasingly looking to remove the option of cash in favor debit and credit cards to secure transactions. Many small businesses face difficulties of theft and loss directly correlated to cash. The use of cash has been traditional due to its ease, but 2016 was the first year where credit cards surpassed cash transactions.
Services such as Square and Venmo are making it easier for small businesses to accept card payments and for friends to settle debts. These technologies are removing the need for cash as seen by total sum of card transactions. Other countries are also embracing cashless societies as ways to reduce black market activity and increase tax revenue. Consumers also face losses through ATM fees that reached out $8B last year.
It appears that a cashless system will continue to rise. Consumers realize the convenience factor of credit cards and there will be many tech companies who help with this transition who will make millions in fees.
Source: https://www.wsj.com/articles/why-your-business-should-ditch-cash-1485698400
As the e-payment market develops, do you predict the transaction fee will be reduced?
I agree that removing cash would prevent businesses from tax evasion and decrease potential money laundering. While becoming cashless seems like a good idea, I think that to some, having physical possession of cash can provide a sense of power. I am interested in seeing how our society transitions to a cashless one, and the reactions it will receive.