More than 70 years after the first credit card, the promised cashless society remains elusive. Despite digital innovations, physical cash persists in American wallets.

Central banks worldwide, including those in Sweden, China, and Japan, are testing digital currencies. The U.S. Federal Reserve is developing a wholesale CBDC to accelerate interbank transfers, though it's not yet available to consumers.

Allan M. Siegel, partner at Chaikin, Sherman, Cammarata & Siegel, P.C., argues that a fully cashless society may never happen. He believes cash will remain valuable for certain populations, even as digital adoption grows.

Cash circulation has surged, reaching $5,238 per person in 2018 compared to $428 in 1978, according to the Bank For International Settlements. Massachusetts led states in protecting cash rights with a 1978 law preventing retailers from discriminating against cash buyers.