Cash Statistics
Cash: A Timeless Asset
In today’s diverse payment landscape, numerous methods compete to assist transactions. However, amidst these options, cash remains steadfast and indispensable.
Renowned for its speed, convenience, and universal acceptance, cash remains useful across many environments. From small retail establishments to convenience stores, and in places where tipping is common, the demand for physical currency is strong.
During times of uncertainty, cash continues to be widely accepted. According to the Federal Reserve, when people were asked if they have any plans to stop using cash, 93% responded with no- they have no plans to stop using cash.
Cash Has Control
77% of Americans said other payments such as credit & debit cards will make them spend more than if they used cash
Cash Purchases
About half of all sales valued at less than $25, are made with cash
Cash Is Inclusive
According to the FDIC, approximately 5.9 million of U.S. households are unbanked in 2021
Cash In Circulation
As of June 2024, there is over $2.3 trillion US currency in circulation
Seven Situations Where Cash is King
Cash has proven resilient despite threats over the years from a variety of alternatives, including credit and debit cards, online payment systems, and digital wallets. Its physicality offers a tangible sense of security and control that digital methods can’t always replicate.
Cash transactions are often quicker and more straightforward, bypassing the need for technology or internet connectivity. Here are seven reasons why cash is king.
Banning Cashless Stores
There are currently 13 states across the United States that have banned cashless stores, and 19 that are considering similar legislation. This growing trend underscores a recognition of cash’s vital role in ensuring accessibility and inclusivity in commerce.
