Why You Never Need to Carry Cash or Cards Again

by Joseph Walent 0

“The report of my death was an exaggeration”- Mark Twain

The excitement many of us have for the hand-held computers that we call smartphones are taking on a larger part of the load in our day to day lives can lead to overstatements. That is to say that we can be caught up so much in the promise of how things might someday be that we lose touch with how they are presently.

Do you ever wish you didn’t have to carry such a heavy wallet or purse around with you?

For those with a smartphone, it’s becoming more and more feasible to ditch these and still carry everything you need day to day.

It almost sounds like an infomercial. It’s true that shifting more of the personal budgeting and organization, financial management, and to account access credentialing to these devices is taking place, but there needs to remain a recognition that cash and payment cards remain at the core of the consumer payment cycle. Card acceptance has come close to universality in many regions of the U.S., but cash remains the most favored payment method for smaller transactions, and will likely retain that spot for some time.

Overview, Joe Walent, Senior Analyst, Emerging Technology Advisory Service at Mercator Advisory Group

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