Cash usage has increased amid the pandemic, Brinks CEO says
While digital retail sales have surged during the coronavirus pandemic as homebound consumers spend more time on money online, cash is still king, according to the chief executive of Brinks.
Doug Pertz, CEO of the cash management company know for its money-carrying armored trucks, told CNBC's Jim Cramer Tuesday that data show cash circulation in the U.S. economy is even higher than pre-pandemic levels.
"Potential investors confuse that cash is going down," but "the strength of cash is just as strong as it was before, and the amount of cash [used] in the economy is just as strong," he said in a "Mad Money" interview.
Despite the growing popularity of digital transactions in an increasingly contactless world, physical money remains a mainstay for in-person retail purchases. The results have not changed materially from a year ago, Pertz explained.
Citing information from the Federal Reserve, cash circulation is 16% higher year-over-year, up from the mid-single-digit compound annual growth rate recorded over the past three decades, he noted.
Furthermore, 35% of U.S. brick-and-mortar purchases continue to be made with cash, the company …
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