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Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world where we are beginning to see a shift away from paper currency and coins towards electronic methods of payment.
Most of the current transition to a cashless society is being done voluntarily. Convenience is one of the biggest benefits to consumers when going cashless. Today, only 7% of all transactions in the United States are done with cash and most of those transactions involve very small amounts of money.
Where do you still use cash these days? If you buy a sandwich or if you purchase something at a market, but for any mid-size or large transaction, the vast majority of people out there will use another form of payment.
Transportation is also becoming another driver of a cashless society. Cubic has a vision for a fully-integrated payment management system that will enable transport operators to regulate demand by setting fees across all modes within a region called Next City.
Read more about the Cashless Society.