NEW YORK (FOX 5 NEWS) - In a world where credit cards and digital finance transactions are becoming more and more popular, would you say that cash is dead?
"Cash is dying. You have a whole generation of young adults and kids growing up not using cash and as they mature and are replaced by other people who don't want to use cash that's going to be the way that business does business," said Erik Engquist, the assistant managing editor for news magazine and website Crain's New York Business. He believes a cashless world is easier for people and especially for businesses, although some may prefer cash in order to illegally avoid paying taxes or to avoid credit card fees.
"It's a frictionless transaction in most cases and I think you'll see those commissions that we pay credit card companies and other firms start to come down the more we go cashless, so it won't be 2 percent, it will be 0.2 percent," Engquist said.
The owner of Harlem Pizza Company said the majority of his clients, in fact about 90 percent of them, use credit or debit cards to pay. He said he actually prefers it that way.
"The cash is a burden I think on the merchant because whether it's the manager or the general manager or the owner, there has to be cash handling, there has to be counting, that cash then has to get deposited into the account," Alper Uyanik said.
Though customers we spoke with here and people on the street have a lot of mixed feelings. And many said that cash is far from dead.
So whether you're a cash or cashless person or if you prefer both, Engquist warns you should brace yourself for a future without the green stuff.