Welcome to this week’s industry analysis with the FinTech Chemist. For as much as we discuss the digital payments and e-wallet landscape, there’s still very much a place for cash in society. I’m constantly finding myself needing cash for tips, parking meters, or simply financing random activities that are “cash only.” I often hear in the payments ecosystem that cash is on its way out. But, it seems the rise of digital payments will actually lead to plastic cards becoming extinct before cash. You’ll find arguments on both sides of the aisle.
There’s still a deep-rooted trust when it comes to the value of cash, especially when the economy is in flux. I’m not saying people need to stash money in their mattresses, but there’s a reason why people still say “cash is king.”
