{"id":1471142,"date":"2024-06-14T09:45:00","date_gmt":"2024-06-14T13:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1471142"},"modified":"2024-06-14T09:45:00","modified_gmt":"2024-06-14T13:45:00","slug":"visualizing-americas-shift-to-a-cashless-society","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/visualizing-americas-shift-to-a-cashless-society\/1471142\/","title":{"rendered":"Visualizing America’s Shift To A Cashless Society"},"content":{"rendered":"

Visualizing America’s Shift To A Cashless Society<\/span><\/p>\n

\n

A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical cash, relying on technologies like credit cards and mobile payments.<\/p>\n

While no country today has fully reached this concept, there are some (like China and South Korea) that have seen\u00a0widespread adoption<\/a>\u00a0of mobile payment platforms and digital wallets.<\/p>\n

To see whether the U.S. is also moving in this direction, Visual Capitalist’s Marcus Lu visualized <\/a>data from the Federal Reserve\u2019s latest\u00a0Diary of Consumer Payment Choice<\/a>.<\/p>\n

<\/a><\/p>\n

Data and Methodology<\/h2>\n

This graphic shows the share of each payment method\u2019s use for all purchases in the country.<\/p>\n

These figures are based on the results of a nationally representative survey of U.S. consumers, which tracked purchases they made during an assigned three-day period (n= 4,453). The following table lists the data we used.<\/p>\n

<\/a><\/p>\n

The key takeaway here is that the use of cash has fallen from\u00a031%<\/strong>\u00a0in 2016, to just\u00a018%<\/strong>\u00a0in 2022.<\/p>\n

Cash Use Fell During COVID-19 Pandemic<\/h2>\n

Cash usage in the U.S. fell during the COVID-19 pandemic due to several reasons:<\/p>\n

Hygiene Concerns:<\/strong>\u00a0Fear of virus transmission through physical cash led consumers and businesses to prefer contactless payment methods.<\/p>\n

Social Distancing:<\/strong>\u00a0The shift towards online shopping and delivery services, which require digital payments, increased during lockdowns and social distancing measures.<\/p>\n

Banking Adjustments:<\/strong>\u00a0Reduced access to ATMs and banking services during lockdowns made obtaining and using cash less convenient.<\/p>\n

It\u2019s interesting to note that based on the Federal Reserve\u2019s data, cash usage was already trending downwards before the pandemic, suggesting that the pandemic merely accelerated a trend that was already happening.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 06\/14\/2024 – 05:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/visualizing-americas-shift-cashless-society<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Visualizing America’s Shift To A Cashless Society A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical…<\/p>\n","protected":false},"author":0,"featured_media":1471143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1471142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1471142"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1471143"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1471142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1471142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1471142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}