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How much longer will cash remain? By Matt Britton (Millennials, Gen Y, Money, Finance) generation z

Name: How much longer will cash remain? By Matt Britton (Millennials, Gen Y, Money, Finance) generation z
Uploaded: 2018-02-25T22:44:48Z
Channel: Matt Britton
Description: Matt Britton argues that peer-to-peer payment adoption (e.g., Venmo, Apple’s iMessage integration) is rapidly reducing the everyday use of cash…

25 Feb 2018

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Matt Britton argues that peer-to-peer payment adoption (e.g., Venmo, Apple’s iMessage integration) is rapidly reducing the everyday use of cash, especially among younger generations. He suggests cash is already uncommon for many purchases (clothing, higher-end items) and is primarily used for small transactions (QSR, convenience stores); with easier P2P payments, he predicts cash will become obsolete within a generation. This is presented as an informal, opinionated forecast.

I believe that peer to peer payment adoption is going to start to eliminate cash. Young people, the millennial generation, very rarely pull cash out of their pocket, right? Everything's peer to peer. If you want to split a taxi or split a dinner bill, people are using Venmo. And now Apple just announced that they're integrating peer to peer payments into imessage. So you want to pay somebody, it's as easy as saying a text message. That's going to start to eliminate cash because usually cash is used for very small denominations. It's used in QSR and convenience stores, certainly not used for things like clothing or higher end items. But now this last bastion of the use of cash I think is going to be eliminated. So I don't think we're going to be seeing cash for much longer. I think our children are going to tell their children. My parents actually used to use this thing called cash. We actually could hold it. I don't think it's going to be here for much longer.