What do we know about cash? Here are some very interesting facts about cash transactions within the retail industry:
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)