The “war on cash” is very real.
I am starting to hear about more and more retailers no longer accepting cash. In fact, some companies, such as the restaurant chain Dig Inn pictured above, are making it against their policy to accept cash as payment.
I also look at my own spending habits for example. I have reached a point in my life where I hate using cash. I use cash for three purchases: to do laundry in my building, to get my beard shaped at the barber, and to get taps put on my shoes. Other than that, I never use it. I would bet that your list of expenses you absolutely must pay in cash is similarly short.
The trend towards a cashless society is on the horizon, and banks are taking notice.
Want to invest in this trend? If so, I think Square (NYSE: SQ) would be a great choice.
Square is the innovative merchant services company serving small to midsize businesses. If you have made a debit or credit card purchase from a smaller vendor, signed using your finger, and had your receipt texted to you, chances are that the transaction was processed using Square.
The stock was up 44% in 2018, and that’s after being down 38% from its 52-week high. Square is taking market share from banks with its Cash App, which allows people to transfer money to one another via their phones. The company recently applied for a banking license.
Square represents the future of financial payments. It’s definitely on my watch list, along with these other stocks. It should be on yours as well!
Talk to you tomorrow.
Disclaimer/Disclosure Statement: Information in this article is not intended to be a recommendation to invest in any stock. Rather, it is presented for readers’ education and consideration when making their own investment decisions. The author has no position in any of the stocks mentioned in the article.
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