The switch away from cash continues. Here's an excerpt from a Seattle Times article discussing the rise of cashless transactions in the greater Seattle area.
How many times did you use cash to buy something in the past week?
If you said
none, you're hardly alone. A survey from Pew Research Center found 41% of Americans didn't use cash for any purchases in a typical week last year. Only 14% used cash for all, or nearly all, of their purchases.
The survey also showed the majority (54%) of adults between the ages of 18 and 50 don't worry about whether they have cash on hand when they go out.
The increasing prevalence of cashless transactions, bolstered by smartphone payment apps, has enabled a growing number of businesses in the Seattle area to stop accepting paper money.
For folks who don't have access to a credit card or bank account — typically poor people — this is a problem.
The Metropolitan King County Council is currently considering legislation to require restaurants, store and shops to accept cash, a move supporters say would ensure residents without access to banking services can still make purchases. The measure would only apply to unincorporated areas of the county. A vote on the proposal was delayed Tuesday as it appeared it may not have enough support to pass.
Pew data shows 59% of people nationwide with a household income of at least $100,000 never use cash in a typical week, compared with just 24% of people with a household income less than $30,000.
Meanwhile, the use of
digital wallet apps for in-store purchases has surged. About 41% of King County residents say they've made purchases using Apple Pay, Google Pay or Samsung Pay in the past three months.
Found via News & Notes from the Society of Paper Money Collectors (Volume VIII, Number 52, June 13, 2023)
To read the complete article, see:
Data shows Seattle area is becoming increasingly cashless
Wayne Homren, Editor
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