Notice that ATMs are more scarce as cashless commerce is becoming more popular?
If you're not using an app on your phone to buy and sell things, there's no need to feel left out.
Private wealth advisor Derrick Kinney said we won't go cashless overnight, but it's an undeniable trend.
“Is this going to happen any time soon where everybody is cashless? No, because a large majority of people simply don’t operate that way they tend to use either cash or other methods, so this is going to a long game in terms of this trend,” said Kinney.
He said these types of cultural changes take longer than we think, but going cashless is a trend that could be the wave of the future.
“An app makes it so convenient, so easy. The downside though, is statistically people tend to spend more money using the app because they don’t know what they’re spending and really keep track of what they’re spending,” said Kinney.
He said going cashless could put your budget at risk and you still need to manage your finances. While the fundamentals stay the same, the tactics change. And, you still need to remain focused on your financial goals.
Kinney said the younger demographic tends to use cashless apps than older people.
Plus, smart retailers won't only be cashless as they want more methods to do business.
The Nilson Report found the dollar value of cash transactions sank seven percent from 2010 to 2015, while credit and debit card payments rose nearly 50 percent.
The Federal Reserve said in 2016 that 35 percent of U.S. transactions were still made in cash.
The FDIC estimates that seven percent of the U.S. population lives an all-cash life.