Fewer still have paused to reflect on the implications of that fact.” It was fashionable then to talk about the death of currency. People said “By 2020 most people will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the need for cash or credit cards.” Has currency died? Is it dying?
Or at least will it die? In all these years, you will find that currency has actually increased in absolute terms, not just in developing and emerging economies where penetration of banking and finance is not yet complete, but also in the developed economies where the penetration of banking and finance has been far larger. Countries are printing more and more of currency.