While geopolitical tensions have intensified in recent months, increasing the general level of uncertainty, the National Payments Committee (NPC) recalls that payments are a factor of economic resilience, of industrial autonomy and, ultimately, of national security. The NPC is a consultative body made up equally of representatives of supply and demand in the payments sector. It was formed in 2022 and is chaired by the Banque de France.
The objective of payments’ sovereignty is becoming, now more than ever, a strategic imperative. To meet this objective, the NPC emphasizes the importance to act now, to prepare for the future.
The current vectors of sovereignty in payments must be preserved, in particular the role of cash and that of the French card scheme, Groupement Cartes Bancaires (CB).
When large-scale incidents such as cyclone Chido in Mayotte at the end of 2024 or the giant power outage in Spain on April 28th have interrupted the normal operation of digital payments, cash was the only means of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More available. For cash to be available in such situations, a sufficient level of access must continue to be guaranteed at all times.
In France, 43% of Point-of-Sale payments were made in cash in 2024, compared to a euro-area average of 52%, according to the ECB SPACE study. However, a recent IFOP survey for Monnaie de Paris shows that 80% of the population are attached to cash and 83% do not anticipate a future without it.
This is why the NPC is looking forward to the forthcoming deployment of a new interbank service of cash-in-shop, set up at the initiative of CB, which will complement the existing banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More access channels such as ATMs. This continuous ability to access banknotes and coins, to which French people remain deeply attached, is a key factor in consumers’ freedom of choice and their confidence in moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More.
The NPC welcomes the fact that the legal tenderMoney that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More status of cash, which obliges retailers to accept cash as a means of payment, is widely respected by retailers. Any infringement can be reported to the competition authority. Banque de France is engaging on a frequent basis with professionals and their representative associations to regularly remind them of this legal obligation.