💵 How much cash do you have in your wallet?
And how much is outside your wallet?
Here is the latest report from the Fed:
👉 Cash Use
Over the past 6 years, the cash use % has been decreasing.
Credit card picks up most of the share cash lost.
The pandemic further limits cash use, especially for small $ payments.
As the economy reopens, the cash use % slightly rebounds in 2021.
👉 Cash Holding
Cash holding is still high compared to pre-pandemic years.
People likely reduce visits to ATMs and keep cash for uncertainty.
The average cash in the wallet is $67.
The average cash outside the wallet is $347.
Cash will continue to be an important payment form in the US.
Especially for households with low income.
Source:
Tal Schwartz reports a similar phenomenon in Canada in his latest post.
Which is part of his excellent Canadian Fintech Newsletter.
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