Research firm Aite Group has predicted that
cash usage in the US will have declined by 17% by 2015.
Aite conducted two consumer surveys in 2010
looking to measure the use of cash as a payment method in
peer-to-peer (P2P), bill payment and retail transactions in the
US.
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According to the report The Less-Cash
Society: Forecasting Cash Usage in the United States, the
decline in the use of cash as a form of payment will continue
through to 2015 at a rate of just under 4% a year. It was noted
however that although 30% of consumers use cash less often as they
did two years ago, 20% of consumers use it more often.
“Despite forecasts of a cashless society,
the US is nowhere near the realisation of this vision,” said
Ron Shevlin, senior analyst with Aite Group and author of the
report.
“In fact, if the use of cash were to decline
by 17% every five years – our forecast for 2015 – the use of cash
in the US wouldn’t fall below $1 billion before the year 2205,
roughly 200 years from now.”
Cash use in the US will drop from its current
levels to just over $1 trillion by 2015.
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