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  • Frank Tian

Cash In Wallet

๐Ÿ’ต How much cash do you have in your wallet?

And how much is outside your wallet?


Here is the latest report from the Fed:


๐Ÿ‘‰ 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.


๐Ÿ‘‰ 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:

Fed cash report


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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