Cash is still king. Even in the digital age, bills and coins remain the most frequently used form of payment in the United States. Thirty-two percent of all transactions—and more than 50 percent of transactions with a value under $25—are conducted in cash.
Thirty-eight percent of 18- to 24-year-olds, and 48 percent of consumers with household incomes below $25,000, prefer cash as their primary method of payment. And according to a 2015 survey by the FDIC, roughly 27 percent of all households in the U.S. remain "unbanked" or "underbanked." This is one driver of the massive number of cash-based transactions that still exist in our economy today.
The volume of cash changing hands is tremendous, and managing its movement is an ongoing challenge for many businesses. For companies in highly regulated industries, in particular, there is a clear value in improving visibility into where the organization's cash is and has been at any point in time.
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