The first ECB survey on cash usage among companies aims to understand companies’ strategic views on the current and future use and acceptance of Money in physical form such as banknotes and coins..
The See Banknote paper. focuses on four sectors of interest – retail trade; hotels; restaurants and cafes; arts, entertainment and recreation – as these are the most individual customers.
Companies have differing preferences. 24% 24% of companies prefer consumers to pay with cash, followed by contactless cards with 20% of choices, debit PIN cards with 17% and credit PIN cards with 16%. Overall, cards as a whole (including contactless cards) account for 53% of preferences.
Cash is accepted by 96% of surveyed companies, well ahead of other means of payment. Of the companies that accept cash, only 5% expect to stop taking cash in the future.
When firms decide whether to accept a means of payment, security of payment (94%) and reliability of payment methods (92%) are the most important criteria. Overall, companies generally consider cash to be better in terms of overall costs, transaction speed and reliability than other payment methods.
A large majority of companies deposit cash (85%), while withdrawals are used by around a quarter of companies. The majority of deposits are done using cash-in devices (53%), followed by bank counters (49%), night safes (20%) and cash-in-transit companies (17%). Over-the-counter is the most commonly used method (64%) for cash withdrawals, followed by ATM (45%) and via a cash-in-transit company (20%). 63% of firms said they had not automated their cash operations, with 23% saying that they have Initially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. desks with smart cash tills and 9% have self-check-out devices.
11% of companies offer cashback and 6% cash-in-shop services at present. Likewise, when asked, a few companies said they were planning to introduce these services in the future. The benefits are widespread, however, in Belgium and Finland. In Belgium, 59% of companies offer cashback, and 35% provide cash-in shops. In Finland, the respective figures are 55% and 36%. The main reasons merchants are not offering these services are a lack of knowledge and expected low customer demand.