Cash is a contingency and fall-back solution

In an era marked by growing global uncertainty, the future of cash is at a critical juncture. As digital payments and financial technologies rapidly evolve, the role of cash is being redefined. However, the focus should not merely be on adapting the cash cycle to these changes, but on proactively shaping it to ensure preparedness and resilience for the challenges ahead.

In a proactive move, the EU recommends every household assemble a 72-hour survival kit, including essentials like food, water, medicine, and cash.

On March 17th, the Spanish Congress of Deputies hosted the conference "Financial Inclusion in Spain: Cash as a Safe and Sustainable Solution," organized by the Denaria Platform. The event brought together experts and institutional representatives to discuss regulatory restrictions affecting cash use and their implications for the economy and national security.

A new OECD paper highlights the importance of balancing digital innovation with the enduring need for cash. By adopting comprehensive policies and initiatives, governments can ensure that all segments of society have access to reliable and secure payment methods, fostering financial inclusion and stability in the digital age.

Ever since the Russian invasion began on 24 February 2022, the role of cash has emerged as a critical factor in maintaining economic resilience and supporting the population during this tumultuous period.

In a recent speech, Reserve Bank of Australia (RBA) Governor Michele Bullock highlighted the significant shift in consumer payment preferences, emphasizing the challenges to the cash infrastructure. The RBA is committed to ensure cash remains a viable means of payment for as long as Australians want or need to use cash.

The re-election of Donald Trump has strengthened the influence of BigTech, fostering closer ties between tech giants and the U.S. government. As tech companies expand into financial services and cryptocurrencies, concerns about privacy, financial censorship, and dependence on digital infrastructure grow. Cash remains a crucial counterbalance, offering privacy, economic freedom, and resilience during crises.

Digital payments become a nightmare after losing your mobile phone, as I learned from two robberies in London last year.

Proposals from the financial services watchdog to protect and widen cash access are "a good start but could go further" argues the Federation of Small Businesses. Cash infrastructure should be considered a public good.

The Irish government has approved the Access to Cash Bill which aims at guaranteeing reasonable access to cash, both in terms of withdrawals and lodgements, and ensuring central bank oversight over cash cycle stakeholders.

HSBC’s mobile and online services were out on Friday, November 24, causing dismay among customers relying on digital banking channels to conduct everyday transactions.

During the Israel-Hamas truce, a ton of NIS200 banknotes totaling $50 million was transported from the north to the south of Gaza to ease the economic plight of the population.