Cash is a contingency and fall-back solution

New York State’s 2026 law mandating cash acceptance marks a turning point for financial inclusion, joining a national movement to protect consumers’ right to pay with cash amid growing concerns over equity and payment system resilience.

Ethiopia is apparently done waiting on foreign firms to print its cash. At the Finance Forward 2026 conference in Addis Ababa, Prime Minister Abiy Ahmed made it official: the country is moving to print its own currency. For decades, the Ethiopian birr has been produced overseas, but the government is now betting that ‘monetary sovereignty’ is worth the massive upfront investment.

UK banks announced plans to create a domestic alternative to Visa and Mastercard, aiming to reduce dependence on US payment networks and enhance financial resilience. This initiative is part of a broader global trend toward monetary sovereignty, accelerated by the election of Donald Trump and geopolitical tensions. The future of payments is expected to be hybrid, with cash playing a crucial role alongside digital innovations.

The future of cash is shaped by geopolitical tensions, digital developments, monetary innovation and consumer preferences. Will cash remain a global stabilizer or fade into obsolescence? The answer lies in navigating uncertainty, regulation, and technological change. What future do we want for cash?

Economists estimate holiday gifts lose 10–33% of their value upon unwrapping. Gifts activate brain reward centers, creating emotional bonds, but often miss the mark, leading to deadweight loss on unwanted gifts. 40% of people resell unwanted gifts. Cash gifts reduce environmental waste from packaging and unwanted items, aligning with modern sustainability values. Cash is increasingly seen as an acceptable, thoughtful and practical expression of trust and care.

Nearly 1 in 4 women in France experience economic violence from their partners, often as an initial form of abuse. 28% of women in a relationship lack a personal bank account. 72% of women suffering economic violence also endure verbal or physical abuse, illustrating the interconnected nature of these violences. Cash remains a critical resource enabling women to escape abusive relationships when digital finances are controlled or monitored. Cash accessibility must be preserved to ensure immediate autonomy.

Global banknote demand is rebounding post-pandemic, returning to pre-2020 trends. The introduction of new high-denomination notes has slowed, yet cash remains vital as a store of value. Cash infrastructure must adapt to declining transactional use and rising precautionary demand.

Over the past two years (2023–2025), the world has faced persistent geopolitical conflicts, economic volatility, and climate-related disruptions. In such an environment, cash, gold, and cryptocurrencies have all experienced increased demand—not for transactional purposes, but as stores of value in times of uncertainty.

The fragility of IT systems has been starkly exposed by recent high-profile outages. The AWS crash in October 2025, Spain’s power outage in June 2025, and the global CrowdStrike Falcon Sensor outage in July 2024 have disrupted payment systems worldwide, costing the global economy billions annually. These incidents underscore the irreplaceable role of cash as a backup when digital payments fail.

Cash is making a comeback! Recent data shows a shift from decline to plateau in cash payments. Despite digital growth, cash remains essential in our payment systems.

France's National Payments Committee urges immediate action to secure future payments sovereignty amid rising geopolitical tensions. Cash is crucial for economic resilience, industrial autonomy and national sovereignty.

Cash remains vital in Germany despite declining usage. A Bundesbank study reveals its importance for reliability, inclusion, and education. While digital payments rise, cash's unique benefits ensure its continued relevance.