FORT WORTH (CBSDFW.COM) – Nearly two thirds of all paper currency is made in Fort Worth. Literally billions of bills roll off the presser every year at the U.S. Bureau of Engraving and Printing. But in most everyday transactions, however, cash is no longer the preferred currency. Replaced by credit cards, PayPal and debit cards — cash is somewhat passé.
“Is there anything you have to use cash for? I guess… cabs use cards now, Uber uses cards now… No, I don’t really use cash,” said Carla Butler. She is one of many people who prefer to pay parking meters via phone, through an app or with her credit card.
North Texas tollways went cashless in 2010.
Drivers and hairdressers at Dear Clark Salon process their own payments on their cell phones.
“It’s really convenient to be able to check out my clients anywhere,” said hair stylist Amber Rojas.
A recent study by the Federal Reserve found the higher a person’s income, the less likely they are to use cash. And when people do, it’s usually for something less than $10 such as food.
“I usually don’t have cash with me unless I’m coming here,” said one woman waiting in line at Fuel City in Dallas.
But while Americans aren’t spending many U.S. dollars, people in other countries are.
“When you go to certain places in the world, people just walk around with big wads of American dollars. That’s how they’re doing their buying and selling,” said Mike Davis with the SMU Cox School of Business.
Conversely, many Americans still keep their savings in cash. It’s one reason a $100 bill is now almost as popular as the $1 bill.
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