Using cash at the store or to pay for your morning coffee is on the way out in Britain. A new report from British industry analysts estimates that just 1 in 5 purchases in the U.K. will be made with cash by 2026, down from approximately two out of three purchases in 2006. Similar trends are unfolding around the world.

In Kenya and some East- and Sub-Saharan African countries, mobile money and digital wallets — elements of financial technology, or “fintech” — are making cash obsolete. India is in the midst of a fintech “boom,” according to researchers at the Wharton Business School. More than 200 million Indian consumers are using digital person-to-person payment systems, a larger figure than in any other country.

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