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Cash Is Dead, Long Live Cash
Article

Cash Is Dead, Long Live Cash

Virtual payments are fast displacing cash, but not completely and not everywhere

Alan Wheatley
Finance & Development Magazine, 2017
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Editorial Rating

8

Qualities

  • Innovative
  • Overview
  • Visionary

Recommendation

Despite the rise of online transfers and mobile banking, along with some nations’ efforts to discourage the use of paper currency to combat the financing of illegal activities, physical money still reigns in most parts of the world. Many people prefer to conduct their daily business the old-fashioned way – with cold, hard cash. This informative look at the future of money from economic journalist Alan Wheatley presents a convincing vision of what forms payment options may take in the not-too-distant future. getAbstract recommends this succinct and thought-provoking article, intended for the general reader, to anyone interested in what makes the world go ‘round.

Take-Aways

  • Globally, an estimated 85% of commercial transactions still rely on physical currency.
  • Some nations in Europe limit the amount of cash used for payments to combat corruption and crime.
  • In China, 60% of Internet users in 2015 paid for purchases using mobile apps. India is making it easier for more people to open bank accounts.

About the Author

Alan Wheatley is an economics editor and writer, and the co-author of The Power of Currencies.

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