World's Going Cashless, and We're Heading That Way


A global trend has people going cashless -- using only cards and phone apps to pay for their purchases.

It has already taken hold in Europe, where paper money and coins are being eclipsed by technology and convenience.

The question is whether Americans will go cashless too. Financial expert Leonard Raskin of Raskin Global says probably, but not completely, though “it's becoming rapid.”

Raskin tells Newsradio 740 KTRH there's at least one generation or more who mistrust technology because of its risks.  Fraud and hacking cases worldwide make those fears real. Raskin agrees that it’s ripe for fraud by cheats and hackers.

He says it also takes away the appreciation of money -- that paying cash for, say, an $8 coffee order  instead of swiping a card or tapping an app  makes you appreciate that you’re actually giving up your hard-earned money.

He also worries that swiping or scanning makes overspending too easy.

The cashless trend can be seen the U.S. in plenty of ways, such as:

--Amazon retail stores only accept credit cards and mobile payment methods.

--Facebook has added a peer-to-peer payment via Messenger service.

--Apple Pay will allow people to send money via text.


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