Are the Days of Cash Numbered? These Companies Hope So
A 2013 study by [The Fletcher School,] Tufts University notes that the cost to society of using cash -- coins and dollar bills -- is over $200 billion per year in terms of fees, theft, and lost productivity. Each year we spend $8 billion in ATM fees and $500 million is lost each year to theft due to carrying cash. It is also unhealthy: 94% of US dollar bills carry pathogens, according to the study. But the real issue is convenience. The study found that people spend 28 minutes per month in travel time to access cash, a cost of $31 billion in lost productivity, not to mention all the time when cash is unavailable at a given purchasing moment.
Noting the ability of cash to be used in criminal activity and making it easier to avoid taxes, Benjamin Mazzotta, a researcher for Tufts, said in an interview, "If a government could redesign money, they likely wouldn't create coins or paper currency."
This all points to a trend toward a cashless society.
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