A Closer Look at the Future of Cash
No, cash is hardly sexy, not in this era of mobile payments, bitcoin and biometrics. But here’s some proof about its endurance.
By Anja Popp, Diebold Nixdorf
“So, when will cash go away?”
It’s a question I get asked frequently when people find out I’m a market intelligence analyst for Diebold Nixdorf. And it’s understandable—stories about cash don’t make for exciting news. We want to hear about the latest bitcoin drama, or the new way to pay with our mobile phone, or how someday we won’t carry wallets at all and we’ll pay for things just by blinking our eyes.
But the truth is, despite the many articles and data points about the increasing use of digital payment methods, contactless payments, bitcoin and the rest, cash isn’t disappearing anytime soon. In my research, I find over and over that people simply trust the physicality of cash more than an image on their smartphones or tablet screens. And they find it convenient—for paying friends, making small purchases and getting in and out of a store more quickly.
Our latest infographic explores the big, complicated ecosystem of cash, with recent statistics and figures that may surprise you. What I see in our future is not a cashless society, but a payments landscape where digital and physical methods of payment coexist, and empowered consumers choose the method that’s right for them at any given moment.
Anja Popp is director of market intelligence at Diebold Nixdorf. Prior to that, she worked in strategic business intelligence for Wincor Nixdorf, where she helped deliver valuable, data-based information to sales, marketing and management. She can be reached at TK.
In Viewpoints, payments professionals share their perspectives on the industry. Paybefore presents many points of view to offer readers new insights and information. The opinions expressed in Viewpoints are not necessarily those of Paybefore.
