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Thursday, July 7, 2011

Cash shows signs of obsolescence

A story in today’s New York Times serves as a reminder that just as email impacted postage stamps, plastic has impacted money.  The number ofone, five and ten dollar bills being printed is on the decline.   (See the story by clicking here.)    

Implications:    I’m wondering how long plastic will prevail as the king of payments, and how much of an impact electronic payments might have—especially the emerging use of smartphones to “swipe” a payment—on the declining use of cash.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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