Most Americans, or 62 percent, predict that the U.S. will become a cashless society in their lifetime, with all transactions being made with electronic payments, a new Gallup poll has found.
The poll came as Americans face more options of making payments in electronic forms, and fewer make cash transactions.
Twenty-five percent of Americans say a cashless society in the U.S. during their lifetime is "unlikely," while only 11 percent say it is "very unlikely."
Though the use of tangible currency has declined, still a majority, or 54 percent, of Americans say they like to have cash on them at all times, compared to 42 percent who say they are comfortable with not having cash on them.
Younger Americans aged 18 to 29 are the most likely to be comfortable with not having cash, as 56 percent of them hold such view.
In comparison, 54 percent of Americans aged 30 to 49, 55 percent of Americans aged 50 to 64, and 62 percent of Americans aged above 65 prefer having cash on them at all times, according to the poll.
Cash is becoming less a part of Americans' purchasing behavior as they gravitate toward other payment options and shift toward online purchases, rather than transactions in a brick-and-mortar store, Gallup said.
This shift has significant implications for the credit card, banking and e-commerce industries as well as the local stores and businesses in the U.S. as it will place greater pressure on them to adapt and accept electronic payments, it added.
