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17/02/2012 -
Most consumers are used to having multiple payment methods at their disposal - a combination of debit and credit cards along with some cash - however, cash could become irrelevant as electronic payments become more convenient and secure.Debit card use has quickly become the most common non-cash payment method in the United States, bypassing a slow-growing credit card pace that only accounts for 20 percent of non-cash retail payments. According to a Federal Reserve Payments Study (FRPS), consumers made 37.9 billion debit transactions in 2009, which represents an 18 percent annual growth rate.
Since then, new payment methods have emerged that further threaten the common use of cash. If adopted by retailers, EMV chip card and NFC technology would allow customers to complete transactions by simply waving a mobile device or card past point-of-sale terminals.
According to The Wall Street Journal, other factors that could indicate an upcoming shift away from cash include concerns about national currencies, the widespread use of mobile phones and the vulnerability of carrying cash, which cannot be replaced or tracked if stolen. A transition to electronic payment services can streamline retail sales and provide greater security to consumers.
