Insight - Cash is dying, but we aren’t ready to bury it

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THE demise of cash is near. As consumers, though, we should hope that the end doesn’t arrive too soon.

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All that Covid-19 has done is to accelerate a trend that was already with us.Autonomous cars, self-ordering refrigerators and our digital avatars in the metaverse will put the final nails in King Cash’s coffin.To the extent that a big chunk of this value was transacted in cash , the idea that central-bank-issued currency was a must for purchasing daily essentials took a knock.

Cash use plummeted in India after Prime Minister Narendra Modi cancelled 86% of the existing legal tender overnight as part of a botched economic experiment. In China, super-app platforms transformed money; elsewhere, the rise of a creator and gig economy is doing it. An equally important phenomenon is “buy now, pay later,” which is embedding finance even into low-value transactions: like buying lipstick in three installments.

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