A truly 100% cashless society is unlikely soon, but the world is rapidly becoming "less-cash." By 2027, over 94% of U.S. payments and 89% of global transactions are projected to be digital. While many businesses are going cashless for convenience and speed, physical currency remains essential for unbanked populations and in rural areas.
In 2022, 41% of Americans reported not using cash regularly. It's important to clarify that a truly cashless society with no physical money won't happen soon. Instead, the U.S. (and much of the world) is marching toward an economy where cash use is so limited it becomes a burden rather than a convenience.
Still, I would be surprised if we didn't have a cashless society in the next 50 years. If that becomes the case, then it's crucial that we ensure that the necessary safeguards are in place. The beauty of cashless payments is that they are convenient and becoming ubiquitous.
While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.
This year was predicted by finance professionals to be the year of a cashless society in the UK. Although we have taken a large jump towards cashless with post-Covid living seeing many people refuse cash due to germs, 2026 feels for many to be too soon to stop looking after our pennies.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
Yes, your money is safe in the bank as long as it's in an FDIC-insured institution, and we recommend keeping it there in 2026. See our list of the safest banks in the U.S. During times of economic uncertainty, it's common to worry about your security.
Is depositing $2,000 in cash suspicious? Depositing $2,000 in cash is generally not suspicious, as it doesn't reach the $10,000 threshold. However, it could still raise red flags with the IRS, especially if you have a series of somewhat large deposits like this without explanation.
Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws.
Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. However, they might not worry as much about insurance and choose to keep their money in stocks, real estate, or other vehicles.
Dave Ramsey repost: HERE'S WHAT NO CASH ACTUALLY MEANS: A cashless society means no cash. Zero. It doesn't mean mostly cashless and you can still use a 'wee bit of cash here & there'.
The countries closest to going cashless
Here are the best low-risk investments in 2025:
Cash use has been declining for years, but cash isn't close to going away. In 2022, there were a staggering 70 billion cash transactions, making it the third-most-common payment method.
The U.S. Treasury has officially begun phasing out the penny, with production expected to end entirely by early 2026. After more than 160 years in circulation, the country's smallest coin is finally stepping off the stage.
Legislation needs to be passed to oppose the discriminatory practice of refusing cash payments. Parliament needs to protect the rights of its citizens to use cash to purchase goods and services.
While its share of foreign currency reserves, currently at 58%, may continue to gradually decline as some central banks diversify into assets like gold, it is far from being replaced. Also, the dollar continues to be the most-used and trusted currency for global transactions.
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. By law, a "person" is an individual, company, corporation, partnership, association, trust or estate.
FDIC insurance protects bank deposits (savings accounts, checking accounts, CDs, money market accounts) up to $250,000 per depositor per bank. SIPC insurance protects brokerage accounts (stocks, bonds, mutual funds) up to $500,000 per customer per brokerage firm if the brokerage goes bankrupt.
Treasury regulation 31 CFR 103.29 prohibits financial institutions from issuing or selling monetary instruments purchased with cash in amounts of $3,000 to $10,000, inclusive, unless it obtains and records certain identifying information on the purchaser and specific transaction information.
Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution.
Breaking the survey data down a bit further, we find that 34% of Americans don't have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.