The Decline of Cash Usage

The use of cash in transactions has significantly decreased, primarily from 32% to around 16% as reported a few years ago, with current figures potentially being even lower due to the impact of COVID-19. Initially, it was assumed that cash users were predominantly older individuals or those in lower socioeconomic groups; however, recent evidence indicates that the decline spans all demographics and locations. Connectivity improvements mean that even rural areas, once reliant on cash due to limited card options, have adapted to electronic payments. The podcast highlights this trend, noting how the shift towards cashless payments is occurring across all age groups and financial backgrounds.