In Sweden, cash in circulation represents only 1% of the country’s gross domestic product, and some experts predict the nation will go “totally cashless” by 2023. In China’s largest cities, over 90% of people use WeChat Pay and Alipay as their primary payment method, with cash a distant second.
It may seem that the transition to a world without paper banknotes and metal coins is inevitable, but this week, a survey reminded us that reports of hard cash’s death may be greatly exaggerated. The study by Genesis Mining, titled “Perceptions and Understanding of Money 2020,” reports that 60% of Americans are opposed to the idea of paper money being replaced with digital-only money. “Americans are not psyched about parting with their paper money on a permanent basis,” commented Genesis CEO Marco Streng.