They say cash is king, but it’s being dethroned these days. In fact, a new Bankrate.com survey says 1 in 10 of us don’t carry any cash at all. Forty percent have less than a $20 on us, and 80 percent never even have fifty bucks on hand.
Cash is still the number one way we pay for things on a daily basis, but it’s because those are little things you pay for with that little bit of cash you carry. They make up 40 percent of purchases, but only 14 percent of the value of purchases. When you combine things like PayPal, checks, and debit and credit cards, you get the big money: 60 percent of all sales, and 86 percent of the value.
Heck, with a cell phone and one of those doo-hickey that swipes a card, you don’t even need cash to borrow money from a friend. Since the future is here in some ways, our Man on the Edge, Robert Wilder, wants to know: is it time to kill off cash?