Cash is a public good

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?

Visa and Mastercard have agreed to jointly pay $167.5m to settle a class-action lawsuit accusing them of conspiring to keep ATM access fees artificially high. The settlement, highlights antitrust concerns and the urgent need for ATM interchange fee reform to sustain ATM networks.

Swiss lawmakers voted in March in favour of enshrining cash in the country's constitution.

Cash remains a resilient and essential part of Canada’s monetary and payments landscape. The Bank of Canada’s 2024 Methods-of-Payment (MOP) Survey reveals that while digital alternatives like mobile payments and contactless cards are on the rise, cash usage has remained stable since 2020.

120 ATMs are being installed in a joint initiative by the Oesterreichische Nationalbank (OeNB) and the Austrian Association of Municipalities, aimed at closing gaps in the nationwide cash supply chain in rural areas. The first device was inaugurated on 1 July.

Reducing child marriage is part of the United Nations Sustainable Development Goals. Giving cash to low-income families in Indonesia cut child marriage rates among rural girls by 3.5 points. A major government program shows poverty reduction policies can have powerful ripple effects beyond just income.

While the media frequently report on ATM and bank closures in mature economies, the industry is simultaneously experiencing a surge of innovation. Driven by evolving needs of consumers, the ATM landscape is transforming to enhance accessibility, convenience, and security.

Visa and Mastercard are ramping up efforts to win over German consumers, leveraging global marketing muscle with locally resonant campaigns. Despite Germany’s traditionally cash-centric culture, both brands are pushing to shift perceptions and boost card usage through storytelling, sponsorships, and advertising.

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.

2024 marked a pivotal chapter in the evolving narrative of cash. From New Zealand’s innovative community cash trials to Germany’s National Cash Forum, efforts were made to enhance access and acceptance of cash. Research delved into its psychological and societal importance, while the Paris Olympics exposed the challenges of cashless society. This retrospective captures key moments that shaped the discourse on relevance of cash, reflecting its enduring role in fostering financial inclusion, economic stability, privacy and consumer choice.

Gisèle Pélicot, is a French woman who endured years of abuse at the hands of her ex-husband. While her ordeal primarily involved severe physical and psychological abuse, her story underscores the broader context of dependency and control that often includes financial abuse

Two policy shifts - mandated cash acceptance and regional bank branch levies - if adopted, could steer the cash ecosystem towards more sustainability.