Despite what Silicon Valley may have you think, cash still registers.
There are signs, however, that cash is losing ground to other payment types. In last year’s study, people used cash 32 per cent of the time. That’s a decline from the last Fed study in 2012, when people used cash 40 per cent of the time.
The value of electronic payments tended to be higher than cash, debit or credit card transactions. Cash accounted for just 9 per cent of payment value, while debit and credit payments combined accounted for 34 per cent of money spent. Electronic payments topped the charts, with 35 per cent of total payment value.
For all it's remaining popularity, cash is not a great option to transfer money around the globe. And frankly, neither are the big banks or traditional currency traders. New technology makes this now much easier and quicker.
As one the latest entries into the currency transfer business Flash Payments, a cutting edge FinTech start-up based in Sydney Australia, is engineered from the ground up to deliver great foreign exchange rates and services, without any hidden fees.
Unlike the traditional currency converters and the big banks, Flash Payments is one of the first to use the innovative Ripple technology and XRP, Ripple's digital currency. Flash Payments delivers exceptional transparency, speed and transaction control to their customers.
Flash Payments enables users to track their currency transfer like a package from start to finish, so they know exactly what they are getting, without hidden fees.
Also, users can look at past exchange rates and choose the conversion rate they'd like. Users can even plan and automate their international money transfers.