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Cash in 2018

Categories : Cash is a public good
December 21, 2018
Tags : Innovation, Retrospective
Don’t miss our 2018 retrospective video to get a glimpse into the wonderful world of cash!
Communication Team / Equipo de Comunicación

This post is also available in: Spanish

The year 2018 proves once again how inclusive cash is. So if you’re thinking of giving a gift card to someone you don’t know very well, why not go back to basics and offer a nice note with some cash? It will certainly make the person smile, and it will offer him or her the freedom to choose how to dispose of the money, without being tied to a brand or a shop.

With this retrospective video we would like to thank you for following us and hope that we have met your expectations of remaining an informative website about the world’s most popular payment method: cash.

We wish you a wonderful holiday season and best wishes for 2019!

The CashEssentials Team

2018 Retrospective References

What can we say about the state of cash in 2018? Well, lots! 2018 got off to a good start when ECB Executive Board Member Yves Mersch, publicly stated that alternative payment methods can only complement cash – and not replace it – because “there is no viable alternative to euro cash”. There have also been some interesting developments from an innovation perspective. Indeed, Canadians can now pay their taxes in cash via a QR code system and cashback has finally been facilitated in France.

Cash usage remains high in most parts of the globe. Germans have once again demonstrated their infallible love of cash as 74% of transactions are carried out with the euro; close to 100% of Iberian Peninsula residents carry cash at all times, and Argentinians clearly voice their distrust in financial institutions by using cash – in fact, 52% of them are unbanked. The African Cash Report 2018 shows that the value of cash in circulation has been growing mostly due to GDP growth, but also economic factors, cross border usage, ATM network growth and financial inclusion.

There’s no doubt, cash is the most inclusive payment tool. Indeed, the simple fact that Canada accepts cash payments via a QR code system, as seen above, proves that there are many people that are dependent on this payment method for whatever reason: lack of sufficient funds to have a bank account, young or old age, aversion to technology, desire to safeguard privacy, etc. In the US, some restaurants that went fully cashless, backtracked.

And we must not forget that cash also has an artistic side, just have a look at the weeklong Instagram campaign that we organized in honor of World Tourism Day! Or if you prefer photos, there are much to choose from thanks to the 2nd edition of our photo contest “Cash Me if You Can!”, which focused on the importance of cash as our everyday companion.

What a year!

This post is also available in: Spanish