Cash isn’t dead yet. Far from it.
These days you can pay for stuff or send money with newfangled “electronic” services such as PayPal and Venmo, fall back or traditional credit cards, cut an old-fashioned check or take your chances with Bitcoin.
Even with all these new options, however, the demand for cash “remains robust around the world” and it’s even increasing, according to a new study.
Although the use of electronic payments has grown more rapidly since 2000, the amount of cash in circulation among the world’s wealthier countries has increase about 7% to 9%, the Bank for International Settlements found.
The use of cash has risen in most countries except in the Nordic region — Denmark, Norway and Sweden. Cash in circulation in Japan, for instance, is 10 times as large as it is in Sweden after accounting for the different sizes of their economies.
Japan and Hong Kong have posted the biggest increases in the use of cash since 2000.
“Cash in circulation is, in fact, not dropping for most countries," the study’s authors wrote.
Why is cash still royalty among the various forms of currency?