Annual Report, 2006, 6-17
Does cash still count? Electronic payments in their many forms are a ubiquitous part of our culture and the U.S. economy. Many of us have our paychecks automatically deposited in our bank accounts. We use online bill payment services and frequently shop at our favorite virtual storefronts. Businesses increasingly use electronic payment methods—taking advantage of cost and efficiency gains to contribute to their bottom lines. With this commonplace use of electronic money, you might assume that paper payments are shrinking, and perhaps the predictions of a cashless society, which have persisted since the 1960s, will come true. While it is clear check usage is declining, at this point, it certainly isn’t clear for the other form of paper payments—cash.
Keywords: Paper money; Money; Dollar, American; Electronic funds transfers; Payment systems (search for similar items in EconPapers)
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