US businesses ditching cash payments

Although US businesses are embracing new technologies like contactless and mobile payments, cash remains the king.

Photo by: AP
Photo by: AP

A 2013 study found that more than half of payments in the US were made by card.

A growing number of businesses in the US are ditching cash payments in favour of plastic and online transactions, citing ease of accounting, security, and efficiency as key motivations for the transition. 

Facilitating the switch are new technologies like contact-less and mobile payments, which are slowly on the rise.

But cash usage remains high. 

Experts say the US stands at a tipping point when it comes to giving up cash. A 2013 study found that while more than half of payments in the US were made by card, cash still accounted for around a quarter of purchases.

TRT World’s Harry Horton has the story. 

Source: 
TRTWorld