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When Will Cash Become a Thing of the Past?

The phrase “cash is king” might become obsolete in the future. Explore alternatives to carrying a wallet full of bills, and why you might want to.

There is no doubt that we are in a highly digital age, and paper is slowly becoming obsolete as things are replaced by technology. Several advancements and inevitable factors are contributing to this reality, and with an ever-present danger to carrying physical currency, doing away with that option means taking advantage of easy opportunities to remain diligent with your hard-earned funds.

Alternatives to cash will continue to evolve as we discover more ways of ramping up responsible money handling. All of this is made possible, of course, with the assistance of mobile devices and other application-based tech. Apps such as Paypal and Venmo are absolutely dependable. Still, never gamble with the security of your funds, banking apps, or personal information in any vessel. To keep your information safe when using mobile banking apps, make sure that you run regular security scans on your device:

Security Scan
Almost every adult is a credit card holder, or has a joint card with someone for mortgage or loan purposes. With credit and debit cards comes the convenience of online banking. This is a simple way to keep several accounts in one place, and to be able to view their changes in real-time. Also, paying bills is as simple as a transfer of funds, so even written checks aren’t necessary, eliminating another form of “cash.” The security of having online accounts is invaluable, in order to maintain a reassuring rapport for everyone that banks with different, respective companies.

Of course, there are some benefits for keeping cash on hand for emergencies, but exorbitant amounts hidden under a mattress is no longer the wisest course of action, especially when there are so many fruitful ways of accumulating interest with existing accounts. There are multiple avenues for paperless banking that can actually offer significant rewards. Credit cards offer “cash back” in a manner of speaking, where one can receive a percentage of their purchases back as a refund. That money accumulates over time, and serves as an incentive to spend wisely for a bigger return.

When traveling, currency is also an issue as far as cash is concerned. Cash can be stolen or lost, and often the dollar (or respective currency) is fluid and difficult to keep track of. Credit cards are smart travel tools because they have protection in case of fraud, and in case of true emergencies, traveler’s checks serve as a last-ditch effort to carry currency. Nonetheless, keep in mind that your credit card may come with high transaction or ATM fees while abroad.