Digital payments reshaping future of money

EcoNews features in its article that as digital payments continue dominating the financial landscape, the future of physical currency is increasingly being questioned. 

Despite the $100 bill being the most widely circulated form of cash, it is set to undergo a makeover. As the world continues to move toward digital payment systems, physical currency is facing increased scrutiny. Recent discussions have raised the possibility of phasing out this iconic bill due to the rise of digital currencies and shifts in consumer behavior. However, the $100 bill is not going anywhere for now, though it will feature some updates.

The Federal Reserve (Fed) and the Bureau of Engraving and Printing are collaborating with the Advanced Counterfeit Deterrence (ACD) Steering Committee and the Secret Service to enhance security features and improve identification measures. The goal is to continue protecting the bill’s integrity and reinforcing its monetary value.

Currently, the $100 bill is the highest denomination in the United States, proudly displaying an image of one of the nation’s most celebrated figures, Benjamin Franklin. Franklin, a founding father and inventor of the lightning rod, is a symbol of the American spirit of ingenuity and progress.

According to reports from the Federal Reserve, Bureau of Engraving, ACD, and the Secret Service, the redesigned $100 bill is expected to be introduced between 2034 and 2038. The US dollar has undergone several design changes throughout history, with the one-dollar bill famously featuring George Washington since 1876.

The Bank of America, founded by Alexander Hamilton in 1791, was where the dollar bills we use today first began circulating. This new design will mark the fourth redesign of the $100 bill in the last century, following the most recent update in 2013. The choice to feature Franklin on the bill represents the quintessential American story of rising from humble beginnings to success—a narrative that Franklin himself embodied.

As cashless and open banking systems continue to gain momentum, many are questioning whether physical cash will remain a mainstay in financial transactions. Digital payment methods, such as Apple Pay, are growing in popularity for their convenience and security, offering faster and smoother transactions. However, some individuals remain distrustful of online banking and prefer the familiarity of cash. Cash has long been integral to financial exchanges, and many are not ready to part with it just yet.

The appeal of mobile wallets, contactless payments, and cryptocurrencies is especially strong among younger generations who prioritize speed and efficiency. However, this shift raises important concerns about accessibility, privacy, and security—issues that affect those who rely on cash, including older adults, rural populations, and even undocumented immigrants.

By Naila Huseynova