From Apple Pay and Google wallet to bitcoin: The end of cash
You may be familiar with the phrase “cash is king,” but with cash alternatives like credit cards, PayPal (PYPL), Venmo, Apple Pay (AAPL), Google Wallet (GOOG, GOOGL), and bitcoin flooding the market, the king might be about to lose its crown.
So is this the end of cold, hard cash? Not quite—but we’re getting there.
Last year, a study by Bankrate found that 40 percent of American consumers carried less than $20 in cash on a regular basis. About 9 percent of those surveyed said they didn’t carry cash at all.
According to the Federal Reserve, cash still accounts for 40 percent of all U.S. transactions but only 14 percent of the value of total payments. That means people are still using cash, but mostly for low-cost items like their morning cup of coffee.
Sixty-six percent of consumers use cash for purchases between $0 and $10, but less than 12 percent of consumers use cash for purchases of more than $100.
http://finance.yahoo.com/news/from-apple-pay-and-google-wallet-to-bitcoin--the-end-of-cash-165532723.html#
Topic: [2015-12-07] From Apple Pay and Google wallet to bitcoin: The end of cash (Read 268 times)
December 08, 2015, 08:28:08 AM
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