Cash is going the way of the dinosaur, quickly becoming irrelevant to the modern consumer. In fact, in 20222, over 40% of Americans did not use cash at all in any given week. The alternate form of digital payments has taken the world by storm, and is continuing to gain traction in several areas.
Paper money and physical transactions have lost all relevance, across industries and across the world. They are being replaced by the ever-enticing cryptocurrency options, and other easy digital payment plans. Worldwide crypto payment value reached an approximate $9.28 billion in 2023, and is helping many aspects of our lives to excel and expand. For example, casino gameplay is gaining more traction online due to the opportunity for digital payout. Using applications like Paypal now make it easy as pie to send and receive earnings to users no matter where in the world they are playing from.
Nearly all global regions have seen increases in payment revenues, all thanks to the several new ways to send and receive money online. From digital wallets, to credit cards, to direct transfer, cashless transaction volumes are expected to more than double. In fact, by 2025, over 50% of all ecommerce transactions are expected to use digital wallets like Cashapp or Venmo. There are several other external factors contributing to this paradigm shift, but one thing is for certain: The time is now to indulge in the ease that is digital payment methods, leaving cash in our past, where it belongs.