Cash and Crises

A petition calls for banks to be required to ensure every community has access to cash and banking services and for physical retailers selling food and essential groceries to be required to accept cash.

The Cuban government recently restricted the use of cash in transactions, seeking to promote financial inclusion. Cuban infrastructure is ill-prepared for digital payments.

Cash is the only payment instrument that is largely independent of technical infrastructure. It is therefore essential, especially in crisis and emergency situations, to ensure that the cash cycle continues to operate, as electronic means of payment are unavailable or only available to a limited extent.

The programme of the Future of Cash conference (Istanbul, 6-8 November), has now been published. Here are the big themes of the conference, and the relevant speakers.

The share of payments in cash declined slightly in 2022 to 18% of all payments. Store-of-value holdings of cash increased to $418 per person and remain far higher than pre-pandemic levels. 93% of consumers have no plan to stop using cash.

While Sudan will require food aid in the short term, the bulk of the response is likely to involve cash transfers. But in what form?

In Sweden, an inquiry concludes that the state should ensure better access to payments, recommends mandating cash acceptance, and sees no current need for a digital krona.

The Austrian National Bank (OeNB) advises storing a small amount of cash at home for emergencies – such as a blackout or cyberattack.

The Reserve Bank of New Zealand and payments sector incumbents worked to reestablish cash services after cyclone Gabrielle hit the North Island in February.

What does an A.I. chatbot have to say (in essay and poem form) about the relevance of cash in contemporary societies?

In Turkey, payments-sector stakeholders have sought to restore the provision of cash and banking services after devastating earthquakes.

Elsewhere on the Web provides weekly updates and links to articles related to cash, money, and payments curated on the web.