Why you’ll always need cash, despite PayPal, Apple Pay, etc.



By Amber Murakami-Fester

In snow-swept Sweden, the rise of mobile payments is making cash so sparse that some bank robbers have been left with nothing to steal.

But in the U.S., that day probably won’t come anytime soon.

People have been predicting the demise of cash for nearly 50 years, says David Stearns, professor of money and technology at the University of Washington. As banks began adopting computers and credit cards made their appearance half a century ago, many predicted the elimination of paper currency. “We read in the mid-’60s about how cash (was) going to go away in a decade,” he said.

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