Is Cash Going Extinct?

With some stores now refusing to accept cash as a form of payment, does this mean bills and coins are going the way of the dodo?

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
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Music by: APM

SOURCES:

[feynstein]

I'm already cashless. As in I literally have no money 😂

[leeklinglesmith]

I actually feel more pain using my credit card than cash. With the a card I'm faced with dealing with the transactions in my account. With cash, whenever I have it I feel like it's "already spent"

[emrefifty]

In Japan there are ATM's that heat up the Bills with hot air to kill off the bacteria

[skylar]

"Time to support on Patreon."




*Only has cash*

[zadoksstudio]

Stores shouldn’t discriminate against people with cash. The cash and card system should stay as it is.

[coolspot]

As someone who very recently started dealing with retail cash on a regular basis and has been sick 4 times in the last few weeks, I think the argument about bacteria and viruses is pretty valid. I don't think cash should be removed from our economy, but maybe we could sanitize it on a regular basis.

[rahulramteke]

Two Cents: Is Cash Going Extinct?
Germany: Halte mein Bier

[emmersonmclellan-campbell]

Hey Two Cents,

Me and my dad really loved your guys work, my dad loved your show and taught me financial literacy unfortunately he passed away in August he loved your show and thought you would like it

[dhrgkbqxtjr]

In my country we do the opposite. There are tons of businesses that have CASH ONLY signs on their front door.

[Velk]

I've never seen a "No cash accepted" sign anywhere.

[sohopedeco]

Here in Brazil, the Consumer Code is pretty specific in saying commerces cannot deny payment in cash. Most online stores allow you even to print a document that allows you to pay for your purchase in cash at a bank or lotery.

But nowadays the Consumer Protection Agencies usually condone not accepting cash when it's "in the interest of the consumer". That's the reason why, for example, Uber used to accept only credit cards befor.

[thomashansknecht]

I have always valued cash because computers fail and when I need something like gas and the machines don’t work I always have cash to use.

[jish]

I haven't used cash since the early 2010s and when I do get cash, I put it in my bank account because I do not like having loose bills on me. Quite frankly, I'm shocked now a days whenever someone pulls out cash to pay with.

[roderik]

I find that by paying cashless it is much easier to track what I spend my money on.

[rawvid]

Going cashless also has a major privacy issue, going completely cashless can make a china like situation even more, would have loved if you elaborated on it a bit more, otherwise it was a near perfect video.

[d_lynn]

I've never seen "No Cash Accepted" and I live in Atlanta! Weird.

[ashishkalam]

The main reason i stopped using cash is fear of losing my walllet, upto $100 is managable

[Dynastone]

How will kids purchase items, and they'll have to say goodbye to that $20 note in a birthday card.

[abdullahabdulaziz]

Here in India we are having a hard time to trust banks with our money again and again people are denied to their own money by the bank
Never trust the bank they can deny you your money at anytime they have that right

[SuperNovaJinckUFO]

No business owner with half a brain cell would refuse cash. It's cheaper than accepting cards, and, quite frankly, it's much easier to avoid taxes with.