Should We Move to a Mostly Cashless Society?
The role of cash in the U.S. economy is shrinking, thanks to technology that allows for so many other ways to pay for things.American consumers used cash in 32% of all retail transactions in 2015, down from 40% in 2012, according to the Federal Reserve’s most recent survey of payment choices.Cash accounted for just 9% of the value of payments by consumers in 2015, down from 14% in 2012.–– ADVERTISEMENT ––But it’s one thing for consumers to choose to use less cash. It’s another for governments to dramatically reduce its supply. Supporters say that would crimp criminal activity, among other benefits, because criminals rely so heavily on cash transactions.
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