A transformative shift in global payment methods is fully underway. As digital payment options become increasingly prevalent, people are becoming much more hesitant to use cash on a regular basis. There has already been a massive decline in cash transactions; in 2015, only a quarter of Americans did not use cash on a weekly basis. By 2025, only a decade later, this number will have doubled and cash users will be in the minority. These figures are a clear testament to the depleted relevance of cash.
In its place, numerous forms of digitalized transaction platforms and currency forms have sprung up. Digital wallets, such as Cash App, PayPal, and Venmo, are extremely popular for their convenience and efficiency in the transaction process. By 2025, these wallets are projected to facilitate 53% of all eCommerce transactions. Cryptocurrencies such as Bitcoin and Ethereum offer further challenges to cash’s position, by offering unmodifiable, autonomous transactions through blockchain technology.
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