Netcom PaySystem

The Demise of Cash as We Know It


Roswell, GA -- (SBWIRE) -- 04/28/2016 -- If time travel was a thing and we somehow decided to travel to the 1960s and tell people cash has been replaced by a small piece of plastic, chances are they wouldn`t believe a word. And who could blame them? After all, cash was created to be the default payment method in the world. Nevertheless, here we are: a future in which cash is seldom, and people prefer to pay using debit and credit cards.

However, this situation is not so notable in the case of elders. According to a recent research, 64% of the people between ages of 18 thru 29 years actually prefer to use debit cards instead of cash. Interestingly enough, the numbers do nothing but decrease when we increase the age range. 57% of the people between the ages of 30 thru 49 prefer to use debit or credit cards over actual currency. And finally, only 23% of the people older than 65 years of age prefer to use debit or credit cards.

It`s amazing how young people care less and less about cash when they are about to purchase something. In fact, even small purchases of less than $5 are paid with cards (when it comes to young generation).

But why? Why are young people able to forget about cash so easily? And why is it so hard for older people to start using this new traditional payment method? It`s pretty simple actually: because older people grew up paying with cash, they are now accustomed to it and are not willing to change this long-lasting tradition. "Why change something that has worked perfectly for my entire life"? Honestly, no one can blame elders for thinking in such matter, as human beings we are creatures of habit, and that's exactly what using cash is to elders, a habit.

The younger audience, on the other hand, did not grow up using cash. Sure, they`ve most certainly used cash at least once in their lives. But when they did, it wasn`t their money. It was typically part of a (small) allowance that was generally given by their parents.

However, when these kids started getting older, they eventually felt the need to save their salary in a bank account and thus, get a debit card. Moreover, payments through mobile phones have also influenced younger generation to stick with the debit and credit cards instead of opting for cash.

Because most purchases can be done online nowadays, cash has become almost pointless. It`s not like a person can pay using cash on the internet. Because older people are not accustomed to buying things on the internet, they do not need debit or credit cards (needless to say, they don`t need PayPal either).

All in all, we can say debit and credit cards are here to stay, and a time will come in which the elders of the future will too need this payment method to live. Not only that, but because payment methods keep improving with the flow of times, chances are they will eventually become obsolete as well.

About Netcom PaySystem
To learn more about Netcom PaySystem payment processing solutions, simply fill out this quick online application to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680.

Netcom PaySystem prides itself on being eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, and Virtual Terminal solutions. In addition, the company offers the merchant access to POS Systems, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital. Netcom PaySystem's attrition rate is one of the lowest, if not the lowest in the industry. Netcom PaySystem can proudly boast that that only two to four percent of its clients ever leave the company, and out of that; close to 50 percent return within the first year.

For more information, please visit

Media Contact
Company Name: Netcom PaySystem
Contact Person: Media Relations
Phone: 800-875-6680
Country: United States