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Cash News: January 19-25

Categories : Cash connects people, Cash does not require a technology infrastructure, Cash is the most widely used payment instrument
January 30, 2023
Tags : ATM, coin, Currency in Circulation, India, Mexico, Philippines
Elsewhere on the Web provides weekly updates and links to articles related to cash, money and payments curated on the web.
Guillaume Lepecq

Chair, CashEssentials

This post is also available in: Spanish


Here are some of the highlights since January 19.

India – why cash is still in demand

Ganga Narayan Rath reports in the Hindu Business Line that currency in circulation grew by 74% between March 2018 and March 2022. Currency in circulation increased from 12% of GDP in 2012-2013 to 13.7% in 2021-2022.

«What is baffling about the huge demand for cash is that it persists and grows despite proliferation of alternative payment mechanisms.» writes the former central banker.  According to the 2020 McKinsey Payments Report 89% of all transactions in volume were settled in cash. Other research indicates that 65% of e-commerce transactions are paid by cash on delivery.

«Paper currency has many virtues: preserving privacy, dealing with power and network outages and other emergencies, security from cybercrime, providing a medium of exchange for unbanked low-income individuals and achieving real-time clearing of transactions. There is still no fully satisfactory substitute for cash,» concludes Ganga Narayan Rath

South Korea supplies 3.4 bln USD banknotes ahead of the Lunar New Year’s holiday.

South Korea’s central bank has supplied 4.2 trillion won (3.4 billion U.S. dollars) worth of fresh banknotes to meet cash demand ahead of the Lunar New Year’s holiday, according to In South Korea, elders traditionally offer cash gifts to younger generations as a token of good wishes and better luck.

Philippines: Euronet Acquires 500 ATMs from the Bank of the Philippine Islands.

Euronet Worldwide Inc., a leading global independent ATM deployer, acquired 500 non-branch automated teller machines from the Bank of the Philippine Islands, reports the Manila Standard. “The diversification of our ATM network outside of Europe where we already have a strong presence is an important element of our growth strategy,” said Euronet chairman and chief executive Michael Brown.

Mexico to replace 20 peso note with a 20 peso coin

The Bank of Mexico (Banxico) announced that in 2025 the 20-peso banknote will be replaced by a coin, writes Vallartadaily. Production of the denomination will cease in 2023.

The decision to opt for the 20-peso coin is because coins have a longer lifespan than banknotes and are easier to transport and store without damage.

The 20-peso bill won the award for the Best New Commemorative Bill in Latin America, awarded by Reconnaissance International at the High-Security Printing Conference.


Here’s what’s new on all things cash and money curated on the web since January 19.

JANUARY 19–25, 2023

This post is also available in: Spanish