The loss of the cash economy

Richard Morant selling his art on the sidewalk near a Prada in Manhattan’s SoHo neighbourhood. — Daniel Arnold/The New York Times

A CASHLESS life sounds blissfully efficient – no fumbling for coins, no wads of crumpled notes stuffed into pockets. For many smartphone-toting, well-banked Americans, tap-to-pay has simply become the default. And the richer you are, the more likely you are to ditch cash entirely.

A Pew survey in 2022 found that about 60% of adults with household incomes of at least US$100,000 said none of their weekly purchases were paid in cash, compared with just 24% of those earning under US$30,000. The gap tells its own story: convenience for some, exclusion for others.