March 8, 2014
The disappearing paper: Why cash is a dying payment method (JON NORRIS, 3/08/14, Next Web)
The arguments for ditching notes and coins are numerous, and quite convincing. In the US, a study by Tufts University concluded that the cost of using cash amounts to around $200 billion per year - about $637 per person.This is primarily the costs associated with collecting, sorting and transporting all that money, but also includes trivial expenses like ATM fees. Incidentally, the study also found that the average American wastes five and a half hours per year withdrawing cash from ATMs; just one of the many inconvenient aspects of hard currency.
Cash is a waste of money.Posted by Orrin Judd at March 8, 2014 11:39 AM