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Facebook presented an ambitious plan Tuesday to create a new digital currency. A technical expert believes that they must first "convince people to trust" them with their personal information in order for it to succeed. (June 18)
AP, AP

Does the use of cash have an expiration date?

The proof that physical exchange is on borrowed time is slow but secure assembly. But don't read the last rites for cash yet.

If anything, the cash register at the target stores over the weekend would be a reminder that vending machines are not foolproof and nothing beats money when technology fails.

With that in mind, you might want to keep a modest stash handy.

Still, you have become quite comfortable leaving most banknotes and coins behind. More of you actually place your smartphone or smart watch near the cashier to pay for it or that thing, using services like Apple Pay or Google Pay. Your wallet, and some money stashed in, remains in your pocket.

You're as cool, and so are your buddies, settle debts and exchange money digitally via eg Venmo, PayPal or Zelle.

Screenshots of the digital wallet Calibra. (Photo: Facebook)

Americans usually become less dependent on physical currency, with 29% of American adults pointing out in a recent Pew study that they do not make cash purchases over a typical week up from 24% in 2015.

Facebook's crypto competition

You can't help but look at future assaults on cash either. In any case, you are curious, if it is far from being sold, on the idea behind Libra's global "cryptocurrency" that Facebook announced Tuesday. The social network runs this alternative digital payment system with more than two dozen financial and technical partners, including eBay, Uber, Lyft, PayPal, Spotify, Coinbase, Mastercard and Visa and bases the pricing on other financial instruments.

Facebook currency: Do you want to trust Facebook with your money? What Libra Cryptocurrency Means for Users

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NOTE: you are Still confused by concepts like Bitcoin and Blockchain, and not exactly excited with Facebook's nasty reputation for privacy. It must be a cause for concern for Facebook, as it also launches a new subsidiary with plans for a crypto-digital wallet called Calibra, which is expected to launch on Messenger, WhatsApp and as a stand-alone app by 2020.

You can even Be wondering where you can have money someday, given the inevitable long-term loss of Costanza-sized physical wallet.

Last and eight percent of smartphone owners surveyed by SurveyMonkey Audience on the US Bill Day recently say it is likely that smartphones will ultimately replace the need for wallets altogether. Almost half (45%) of possible wallets will be outdated in five years or less.

How much money should you keep for an emergency?

The target section showed that you would not calculate money. Some target buyers on Sunday reported that the stores were able to accept cash (or checks) but did not process their credit cards, although this snag was much smaller than major major damages that took out target records one day earlier, preventing payments via plastic and yes, cash as well.

"I think (target section) is a blip that everyone will quickly forget," says Greg McBride, Finance Director at Bankrate.com. "But it is a reminder to all of us that we must have a certain amount of money just in case of isolated events," as in the aftermath of a hurricane when the power goes out.

How much you pay for emergencies varies, of course, depending on your circumstances. McBride, who often travels in business, says he has enough to jump into a cab to the airport.

Other People USA TODAY has said that they usually carry between $ 20 and $ 50, but the amount is sometimes smaller.

"The big picture is still you don't want an abundance of money either in your pocket or filled under the mattress because of the risk of loss and theft. Plastic offers protection against these scenarios, not money," McBride says.

As you expect, Mastercard CEO of communication Seth Eisen makes a similar pitch.

"Electronic payments – credit, debit cards and prepaid cards we are all familiar with regardless of what form they take – is an opportunity to give people and businesses greater security, greater openness and greater security when they pay or pay themselves, he says.

Cash is still king when it comes to the smallest purchases. Fifty-five percent of consumers owning rewards credit card polling place last year by CreditCards.com used money for purchases under $ 10. This compared to 30% of consumers using debit cards for such purchases and 23% using credit cards.

The survey also showed that $ 25 was the median purchase amount to which rewards cardholders indicated it was sensible to use credit. 19659005] "I'm tempted to quote Mark Twain. Death of cash has been greatly exaggerated," McBride says. "It's definitely in decline and will continue to decline. When it goes completely, it's hard to put a time frame on it. "

Reader: Do you envisage giving up money altogether? Email: ebaig@usatoday.com; Follow @edbaig on Twitter

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