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Fight fraud, not cash

Categories : Cash is available to all users, Cash is universal
February 24, 2017
Tags : Banknote/Note, Cash circulation policies, Immediate transfer of value, Legal tender, Unbanked, Universality
Prosegur Cash's Director of Innovation and Productivity believe that cash continues to play a vital role in today's economy, and the company's activities prove it: 4% increase in 2016.
Communication Team / Equipo de Comunicación

Prosegur’s cash management branch, Prosegur Cash, believes that cash continues to play a key role thanks to its unique attributes. Scheduled to go public this semester, Prosegur Cash’s activities recorded a 4% increase in 2016 compared to the previous year – a clear indicator that cash usage is still growing.

Indeed, 85% of global transactions are still carried out in cash, states Luis Oro, Innovation and Productivity Director of Prosegur Cash. Oro believes that, despite the multiplication of payment methods these past few years, there is still no acceptable substitute to cash as the barriers that are eliminated to run other payments only result in greater vulnerability of the final user – the consumer.

Cash is universal, states Oro, as it is accessible even to 38% of the world’s population that is unbanked (World Bank). Also, cash generates confidence – a clear indicator as to why it remains the most popular payment instrument between individuals. And finally, cash provides a level of anonymity that no other payment method currently offers. This positive attribute is often used by cash’s most fervent critics, suggesting that cash is the variable in the grey economy equation that must be eradicated. Yet, Oro concludes, the greatest corruption cases never occurred in cash: what must be fought is the source of the problem – fraud – and not the wrongly accused tool – cash.

To read the original article [in Spanish], please click here