Cash is the first step of financial inclusion

Digital payments are gaining traction in the Philippines and the central bank is promoting digital payments to further inclusive economic growth. Cash is growing fast, providing an infrastructure that is both inclusive and resilient to crises, a strong priority for this disaster-prone country.

India’s visually impaired sees a clearer future in handling their money, thanks to the MANI mobile app which helps identify the denomination of currency notes.

Charity GiveDirectly gave US$1,000 each to poor households in Kenya, resulting to US$2.60 in additional spending or income for every US$1 cash delivered.

An increasing number of countries are taking a close look at the evolution of their cash infrastructure to ensure the future continuity of cash services, particularly as commercial banks optimise their branch and ATM networks. Other countries are taking measures to restrict cash usage.

Early October, LINK the UK's main ATM network inroduced a £1 million fund to support the installation of free-to-use cash machines in remote communities. In less than a month, over 100 applications were received.

The ATM doesn't just dispense cash, it dispenses value way beyond that of the banknotes it disgorges. They play a pivotal role in disaster risk reduction, poverty alleviation and social protection. But they could do more.

Mexico’s government is considering banning cash at gasoline and toll fee stations in a country where only 37% of adults hold a bank account while 75% of the population is underbanked.

Nigeria’s House of Representatives urged the nation’s Central Bank to suspend the implementation of the cashless policy on deposits which came into effect on 18 September 2019.

India celebrated its 73rd Independence Day on 15 August this year with Prime Minister Narendra Modi encouraging businesses to put up signs welcoming digital payments and shunning cash.

The impact digital and mobile technologies have had on the financial services industry is undeniable, but innovation in the ATM self-service channel and the unique characteristics of cash will prove just as significant in the quest for greater financial inclusion.

The US Congress has published a comprehensive analysis of the state of cash in the US and explores the implications of the decline of cash usage for payments.

The UK banking and finance industry commits to helping local communities to identify and secure appropriate free access to cash for customers.