This publication offers key insights and observations into the Federal Reserve System's cash practices, policies, and strategic direction.
Posted August 19, 2019
Cashless coffee shops, restaurants, and convenience stores have popped up across the country. It is not illegal to refuse cash as a form of payment in most states and cities in the U.S., and going cashless helps these businesses eliminate the costs of handling and transporting cash. But do these savings come at the cost of financial inclusion? This paper explores the impacts of businesses going cashless.
Posted June 26, 2019
In its fifth iteration, the Diary of Consumer Payment Choice data show that cash continues to be used extensively for small-value purchases – representing nearly half of all payments under $10 and 42 percent of payments less than $25. However, consumers’ use of other payment options, including debit and credit cards, is growing.