He doesn’t think Crane even has a cashless contingency plan, nor that they need one.“It’s difficult to say, but I would be very surprised if we didn’t have cash in 10 to 15 years,” he says.
“Nobody has a way of going into the economy and counting how many bills are out there and the value of those bills,” says Daniel Wilson, an economist with the Federal Reserve Bank of San Francisco. No banks are involved.And it’s worth remembering that M-Pesa is a system for moving cash around, not a system to eliminate it.
In Denmark, he explained, there is currently a rule that all shops must accept cash.
“If the hair is slightly different, or the glasses are off, we notice,” says Ziegler. This might make Americans more attached and trustworthy of their bills than other people.To get some sense of how cash moves, economists design models and surveys. Much of the technology’s success is due to the fact that it’s run by Safaricon, the country’s largest mobile-network operator by far. “If your bank subtracts money from your account, you’d still feel stolen from,” Uhlmann says. But she isn’t,” they write. In 2007, Kenyans began to adopt a system called M-Pesa and today it is used by over 17 million Kenyans, over two-thirds of the adult population. When there’s a financial crisis, people would rather have their money in hand, than behind the teller’s window or in the cloud.While technology is trying to design a system that has all the components that cash does, it’s simply not there yet.
You can do lots of things with M-Pesa today that five or 10 years ago would have sounded like Neverland.”So where does that leave us? “Portraits are a great security feature.”The ATM remains ubiquitous (Credit: Getty Images)Wait.
In the case of American money, cash has value beyond the borders of the country.
$45 Million Cash-Out: What Happened? “We don’t know exactly how many cash transactions are occurring on any given day.”“It’s not that the technology doesn’t exist,” he adds, “it does, it would just cost a lot of money and be hard to deploy universally.” In other words, the exact challenges that face digital currencies are what make digital additions to cash so difficult. In the Netherlands, for example, economist Nicole Jonker and her team at the Dutch National Bank conducted something called a diary study, in which they asked participants to write down a day’s worth of transactions, both cash and non-cash. Still, the data that does exist gives us a glimpse.In the US, cash in circulation grew 42% between 2007 and 2012 (Credit: Getty Images)It’s a hot summer day in 2025 and you’re wrapping up a long meeting at the office. But you’ll likely still have a few notes and coins on hand somewhere, just in case. Anybody who’s seen Mary Poppins knows the chaos that can happen when there’s a run on the banks. “It would be foolish to conflate enthusiasm about the impact of that marginalisation with unthinking cheerleading for cash’s total demise,” he says.Some like cash because it is anonymous and can be squirrelled away (Credit: Getty Images)In 2012, between 42-80% of transactions were in cash, depending on the country (Credit: Getty Images)There is simply no alternative system of payment that is as convenient, reliable and anonymous. According to Ziegler, the best security features are the most obvious ones. If someone wants to buy something without anybody tracing it … If the power goes out, or there’s a blip in the electronic systems that make the online commerce world go round, cash is there.
Users still hand cash to the M-Pesa vendors to top-up their accounts, and retrieve cash from them when money is sent to them.It’s difficult to put a number on just how much cash is used day-to-day across the globe.
But when the two amounts are the same, there is a clear difference in how we feel about physical money compared to its digital proxy. The All-In Cash Out feature is set to launch. In the other scenario Ted’s great-grandfather deposited that money into Ted’s bank account. “Frankly, based on the continued growth rate of cash, we don’t anticipate the disappearance of cash in the possible near term, or even medium term,” says Eric Ziegler at Crane Currency, a money design and manufacturing company.
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