Making Change: Payments, Perspectives, and Politics
American consumers have become less reliant on cash, but it’s not going away anytime soon.
Are we heading toward a cashless society?
As more and more consumers use credit cards and mobile payment technology—and more businesses accept them—there’s increasing chatter about America’s future as a cashless society.
Amazon has tested cashless stores. So has Starbucks. Even your local lunch spot or favorite food truck may have stopped taking cash recently. But are we barreling toward a cashless society or is it just hype?
- 10% of Square sellers across the U.S. are “cashless.”
- Consumers at Square businesses paid with cash for only 37% of transactions under $20 in 2019.
- 83% of U.S. small business owners say they will never stop accepting cash.
- 2 in 3 small business owners say their customers would react negatively if they went to a cashless business model.