As Digital Payments Market Grows, Cash Declines In Popularity

Friday, January 4th, 2019
Updated: January 4th, 2019
The content is accurate at the time of publication and is subject to change.

The way people pay for things has changed over the past several years. Mobile payments, digital wallets, touchless credit cards, and online payments have all taken off, leaving that old-fashioned payment method, cash, in the dust.

While some people stubbornly cling to their twenty-dollar bills and don’t feel secure leaving the house without a wallet full of paper money, cash payments are gradually waning in popularity. Research by Market Reports Center showed that the blockchain market, which was valued at $708 million in 2017, will be worth over $60 billion by 2024. Blockchain is essentially a digital record of transactions made via bitcoin or other types of cryptocurrency: online payments and card-based payments, such as those made with a credit card, prepaid card, or debit card, are part of the blockchain. All these payment methods have gained in popularity recently, especially as digital payments have become more secure thanks to better technology and investment in new cybersecurity software.

Prepaid and debit cards offer alternatives to credit

Although cash may seem quick and convenient to some, there’s the problem of not being able to track your spending when you use cash. For a criminal on the run from the law, or for anyone else who does not want to leave a footprint or trail, this may be ideal. But for the average consumer who wants to be able to remember where they last spent $200 on dinner, or if they stuck to their grocery budget last month, it’s much more convenient to use another form of payment.

Credit cards aren’t the only option if you want to avoid paying for things with cash. Prepaid cards and debit cards are very useful for folks who would like to have a record of their spending and not incur debt that they will have to pay off later. With a debit card, you take money directly out of your checking account every time you make a purchase. A prepaid card works a little differently: you load funds onto the card, or have money deposited directly to the card via ACH transfer. You can then spend up to the amount that you have loaded onto the card.

As technology continues to advance, cash may become as antiquated as telegrams or flip phones – but only time will tell.

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