This is particularly a consequence of the prominent role that digitisation, information and communication technology play in what is often called the third industrial revolution. But in the US a pronounced trend started as early as in the 1950s (see Eberly 2017, Chart 1, and Jones 2017, Chart 3).
The first company to participate featured the use of an electronic wallet. Growth of this medium, whether by traditional players or new entrants has the potential to reduce substantially the use of cash and create flexibility in the choice of instruments available to citizens.