Alongside a surge in digital retail in 2020, as homebound Americans spent more time and money online, demand for physical money has also risen, with cash circulation 16 percent higher year-on-year after decades of mid-single-digit growth.
CNBC spoke to Doug Pertz, CEO of U.S. cash management company Brinks, whose 2020 results show six percent more cash being processed through its system than in prior years. This should come as no surprise, given the higher cash circulation, and the fact that 35 percent of all U.S. brick-and-mortar purchases are still being made with notes and coins. Pertz says that ‘clearly, cash isn’t going away.’
