According to the WORLD PAYMENTS REPORT 2017, despite the increased adoption of digital payments, cash continues to be in the mainstream, especially for low-value transactions. Apart from transaction sizes, the use of cash is strongly correlated with demographics. Other key factors for high usage of cash are the lack of modernized payment infrastructure and lack of access to banking systems in emerging markets. Although the share of cash in the total payment volumes is declining in the majority of countries, cash in circulation (CIC) remained stable or increased slightly over the past five years. The CIC to Gross Domestic Product (GDP) ratio is increasing at a higher pace globally and this may hamper the progress toward cashless societies.