America on Course to Become a Cashless Society

05/21/2014 11:48

When Starbucks customers load money via the company’s app onto a Starbucks rewards card, the company saves money on transaction fees. (Mark Lennihan/Associated Press)

America is moving slowly but surely toward a cashless society as businesses are coming up with easier ways for people to pay electronically.

The New York Times reports that banks and retailers are trying to develop new payment systems using cell phones, and they’re working on ways to protect customers’ personal information.

“If we move to a truly cashless society, it won’t be much of an adjustment for most Americans,” Greg McBride, Bankrate’s Chief Financial Analyst, said.

People are already getting used to paying without cash. Nearly one in 10 Americans already don’t carry paper money with them daily.

Seventy-eight percent carry less than $50, according to UCN


Share |