In a world where we all enjoy the experience and convenience of shopping online and digital banking using mobile applications, we have the impression that the cash has been in a period of steady decline in recent years.
It might be so, but the following aspects need to be considered as they demonstrate that cash still has a few remaining lifecycles:
- About 84% of transactions in retail transactions are via cash
- There are still 2 billion people in the world who do not have accounts at any bank and
are under the impression that this is normal, without being a feature of third world countries
- 28% of families in the United States depend on the cash to live
- 79% of payments made in Germany are cash, as stated by Bundesbank.
At present, there are 360 billion banknotes in circulation, with 150 billion new banknotes printed annually, and many countries have started to introduce a new type of banknote made of special polymers to replace paper. Every day, 3 million ATMs release on average $ 400,000 per second!
Therefore, how do businesses proceed nowadays? As long as the cash remains so popular method to make payments, you take care of it. From the pay point to counting money in the petty cash and going to the bank – organisations should treat their cash as being precious and use security and durable bags for their transportation, thus ensuring that the money will travel safely.