A new rival is up, which is the market of device which can be used as the same function of cash. Some people think it’s not safe enough like the example of “Apple Pay suffered a blow when celebrity nude photos were purloined from its iCloud network”, so they may prefer cash more than a device. Some people think cash is still not convenient enough for this fast economic environment.
In my opinion, cash is still necessary for now. Some small stands, which sell products beside the road, may not have the machine for the device. And there are still lots of people, who worry about hackers, who have ability to still their money from internet. People may use the mobile phone as their purses right now, but is it really safe? Have you ever worried about it?
Therefore, two biggest problems need to be solved right now are the convenience and the security. And another big issue is people have already gotten used to trade in cash, and habit is always difficult to be changed.
However, a high-security device can take the place of cash when the technology achieves that level. It will bring us higher efficiency and save the resource of making large number of cash. This will bring the world a new system of trade in our daily life. This may also make people to use the same machine in different countries, which may influence the currency market in the future as well.
http://www.cbc.ca/news/business/farewell-to-cash-expect-it-to-be-a-very-long-goodbye-don-pittis-1.2829837
http://www.cbc.ca/news/world/the-international-movement-for-the-end-of-cash-1.1202565