Science fiction author William Gibson said, “The future is here, it’s just not very evenly distributed.” I landed in our cashless future during a recent visit to Seattle. Many Seattle stores no longer accept cash, and are not required to do so, with one notable exception. They must accept cash, but they’re not obligated to give change. So, if your latte costs $6 and you only have a $20 bill, that’s what you’ll pay. Of course, no one wants to be that person, so you’d better have a credit card or a payment app on your phone if you plan to shop in Seattle. A store owner told me going cashless made his business faster, safer and more profitable. At the Target store near Pike Place in Seattle, there were two security guards inside the store, but no human cashiers; only self-checkout machines were in use. Payment? Cards or apps only.
And it’s not just the retailers — many Millennials and Gen Zers I know don’t carry cash at all. I sometimes get puzzled looks from young clerks when I pay with cash. I can almost hear them thinking, “OK, Boomer.”
On the flight to Seattle, I sat next to a young tech entrepreneur who is the founder of a financial company focused on cashless payments. He told me that the United States will eliminate cash because the government wants to track payments and deposits. Draw your conclusions. For now, cash may still be king, but the kingdom is getting smaller by the day.
Philip Wasserman
Stevenson Ranch
