Throughout history, cash has come in many forms—gold and silver coins, wampum, shells or paper currency—but the ability to buy and sell has been central to societies for centuries.

Although the phrase “cash is king” rings true for many, the reality is, cash has been losing its influential grip for more than 50 years. American Express introduced its first plastic credit card in 1959 and within five years, more than a million cards had been issued. And as experts predict the rise of mobile payments, some are whispering that the era of cold, hard cash may be coming to an end.

It makes sense that as electronic currency gains in popularity, cash will lose market share. CBS News pointed out that credit and debit cards are widely accepted at parking meters, tolls, taxis. Reporter Lee Cowen noted that he could even buy a box of Girl Scout cookies with his debit card.

There are still people who prefer to be paid in cash—it’s unlikely your teenage babysitter accepts Google Wallet or Visa. Cash requires no special equipment and no processing fees, so vendors who sell lower priced items may find it more cost effective to set limits on credit card usage or accept cash only. And although there are many people who don’t even bother carrying cash anymore, there will always be people who are more comfortable paying in cash—people who don’t want credit card companies knowing their every move and those who do not like to carry debt and prefer to pay in full.

Cash also protects us against “catastrophic risk,” according to Pyments.com. Technology isn’t perfect and an entire economy based on electronic currency is at risk if something were to compromise our financial resources.

We’ve seen these events happen already. In April 2012, tech savvy criminals made headlines when they hacked into Global Payments and stole data for more than one million card holders. Just a few months later In June, the Royal Bank of Scotland’s computer system stopped tracking debits and credits at one of their banks after an error was made while updating software. Thousands of people were inconvenienced as they couldn’t withdraw money from ATMs, checks were bouncing and funds were not being deposited.

So, is it the end of cash as we know it? It seems like the answer—for now—is no.