The payments revolution
The advent of credit and debit cards in the mid20th century was the first step in chipping away at the need for cash. More contemporary payment options—mobile wallets, mobile payment apps, and cryptocurrencies—have rapidly expanded the range of transactions that can be completed without cash. For example, mobile payment apps allow friends to instantly repay one another or split shared expenses without cash. According to Square, a card payments platform for small businesses, expanded payment options have been especially effective at transforming how people complete their smallest transactions. Where cash dominated payments under $8 in 2015, half of consumers in 2019 used a card for payments that totaled $4.50
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