The End of Physical Currency Coming in 2017?

The days of physical currency could be numbered, suggests new data from Bank of America (NYSE: BAC).

A survey conducted by the North Carolina-based financial institution showed many people think children under the age of 10 won’t use most types of physical currency—cash, checks or credit cards—in their customary form. Seventy-one percent believe the age group won’t know how to write a check, while 42 percent said they won’t use physical credit cards. However, some experts disagree that paper currency could be wiped away forever.

“The end of cash has been predicted many times and yet it remains,” said Tim Sloane, vice president payments innovation at Mercator Advisory Group. “The connection people make to cash is both physical and psychological and is unlikely to ever be totally displaced.”

Additionally, the survey found person-to-person (P2P) payments are becoming the “new social norm” across many generations.


Read More: The End of Physical Currency Coming in 2017? | Fox Business

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