What do we know about cash? Here are some very interesting facts about cash transactions within the retail industry:
“The current number of notes in circulation is 74,359 million.” (BoE, 2017)
“The average cost to a retailer of processing a credit or charge card payment has increased by 18% in the last 5 years.” (BRC, 2017)
“The average shrink percentage in the retail industry is about 2% of sales.” (The balance, 2017)
“To process a credit card transaction costs retailers 40.9p (67.5 cents) on average, debit card costs 8.8p (14 cents) but to process a cash transaction only costs retailers 1.3p (2 cents) on average.” (BRC annual payments report, 2016)
“Worldwide, 85% of all transactions are made with cash.” (The future of cash, 2017)
“Shrinkage cost retailers in the USA over $49 billion in losses in 2016” (National retailer’s security survey, 2017)
Consumers use cash for half of all of their transactions valued at less than $50, and they choose to use cash more frequently than any other payment instrument, including debit or credit cards.
In God We Trust” was first used on coins during the Civil War. (U.S Mint)
U.S. currency is used widely as a trusted store of value, with over $1 trillion in circulation globally.
The Bureau of Engraving and Printing produces 38 million notes a day with a face value of approximately $541 million.
The Value of USD Banknotes in Circulation is $1.39 trillion (Federal Reserve, 2015)
Annual cash withdrawal volumes worldwide will grow by an average of 7.9% per year between 2011 and 2017 (ATMIA, 2014)
Shrinkage cost $123.4 Billion to retailers globally” (Global Retail Theft Barometer, 2015)
Shrink rose in the US from 1.28% of sales 13/14 to 1.97% in 14/15 (Global Retail Theft Barometer, 2015)
The main source of USA Shrinkage is from dishonest employee theft at 39% (Global Retail Theft Barometer, 2015)