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Industry News

Cash expected to remain popular in coming years

By Joseph Trigliari

24/10/2011 - Even as the use of debt and credit as a payment method continues to soar - not to mention the anticipated explosion of mobile payment services - cash is expected to remain a popular resources in coming years.

According to a report released this week by the Federal Reserve Bank of San Francisco, the spread of electronic payment methods has not dislodged a strong interest in cash alternatives.

"Demand for U.S. currency - cold, hard cash - shows no sign of fading," Fed analysts Jeremy Gerst and Daniel Wilson wrote. "Alternative payment technologies have tended to keep cash growth in check, but other factors have more than offset this. Over the next 10 years, cash volume is projected to grow 1.7 percent per year."

The researchers added that economic conditions tend to have very little impact on cash flow and demand. Mainly, consumers tend to enjoy the anonymity of cash - a trend that appears independent of market fluctuations.

Even so, the proliferation of mobile payment technologies in coming years may serve to augment use of electronic payment methods, even if only for its convenience and novelty.

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