While it’s not going away any time soon, cash could be losing its throne.
A growing number of Americans are switching solely to digital forms of currency and payment methods when checking out at the cash register for everyday items.
With an array of online banking options, a tap of the phone on the keypad is more and more popular.
A new study from Casino Canada analyzed millions of people’s searches across the U.S. and Canada over a year starting in 2022.
They found Florida ranked third for most likely to go cashless entirely — just behind Texas and Alabama.
The group looked at payment app search volumes in proportion to the population of each state. In the state of Florida, 814,400 searches were done for digital payment methods between August 2022 and August 2023.
The most popular app is PayPal, followed by CashApp and Venmo.
“They make it so easy not to have cash with the chips and the phone and everything else, so. No, just keep doing it. I love it. And more convenience is for better,” said Marian Gill of Fort Myers.
NBC2 took these findings to financial and banking expert Thomas Mathews, who also instructs at FGCU’s Lutgert School of Business.
“I think it’s a much easier transition for us here down in southwest Florida because of the kind of individual who’s coming here,” Mathews explained. “I guess it’s probably okay to say that wealthier people are probably going to be more open to technology.”
He said he was surprised by some of these findings, adding cash won’t be overtaken yet, especially in more rural communities.
“What is the investment in technology to make that happen? So that’s why it’s a little bit of a surprise to me,” he said. “I’ve gone into the middle of the state as an example, I’m not seeing that kind of infrastructure there yet. And the technology to make sure that it happens.”
Meanwhile, some stores like Whole Foods are moving beyond taping your phone, adding the ability to pay with the palm of your hand.
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Still, shops like Island Visions in Downtown Fort Myers say though they know a shift is coming, they’re holding on.
“Maybe we do both here,” said Assistant Manager Dawn Hutchings. “No. Six and one-half dozen of the other.”
“But I hate to walk into a little place like the ice cream store and say, here’s my card. If it’s only going to be a couple of dollars,” said Karen Biggs while shopping in downtown.
For others, it’s about trust in only using digital payment methods.
“I would say research as much as possible. What are the security mechanisms surrounding that? Because at the end of the day, because privacy is going to be so important,” said Mathews.
According to the study, payment methods like Apple Pay, Google Pay, and Samsung Pay could become the most popular methods by 2027.
The post Florida ranks third in the U.S. for likelihood of going cashless appeared first on NBC2 News.
