Access to CashMoney in physical form such as banknotes and coins. More is Deteriorating
Access to cash is one of the critical challenges that will shape the future of cash. The ECB Study on the Payment Attitudes of Consumers in the Euro Area (SPACE) has highlighted the deterioration of the ease of access to cash as the level of satisfaction has dropped from 94% in 2016 to 84% in 2019. In 10 of the 19 euro-area countries, over 10% of the population perceive access to ATMs as difficult or very difficult.
The issue is not limited to the euroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More area. In many countries, retail banks and credit institutions continue to adjust their branch and ATM networks, restricting access to cash services – including withdrawals and lodgements. Whilst consumers and companies seem to have still, by and large, adequate access to cash, the range of cash services offered is diminishing, and the costs associated with acquiring and depositing cash by businesses and the general public seem to be rising.
Stakeholders are Responding
Central banks and regulators are increasingly addressing access to cash across the globe.
- Since January 2021, a new law in Sweden requires banks to provide an adequate level of cash services.
- In the UK, the government announced plans on 15 October 2020to protect the UK’s future cash system and ensure people have easy access to cash.
- The ECB-led Euro Retail Payments Board published a report on Access and Acceptance of Cash in December 2021.
- The Reserve BankSee Central bank. More of Australia launched a stakeholder consultation in November 2021 on what changes might be required to ensure that 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 distribution is effective, efficient, sustainable and resilient – both now and into the future.
- The Dutch central bank commissioned a study on the future of the cash infrastructure from McKinsey, published in June 2021.
- The Reserve Bank of New Zealand’s ongoing Future of Money initiative seeks feedback on issues facing the cash system and explores options to achieve greater efficiency and resilience.
Save the DateThe year in which a medal or coin was minted. On a banknote, the date is usually the year in which the issuance of that banknote - not its printing or entering into circulation - was formally authorised. More: 10 February @ 15:00 CET (Paris time)
To discuss and debate these issues, CashEssentials will be holding a 2-hour webinar on 10 February. Presentations will include
- Anne-Sophie Parent, Age Platform Europe and co-chair of the ERPB working group on access and acceptance of cash
- Findings of the Euro Retail PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More Board Report on Access to Cash – Diederik Bruggink, Head of Innovation and Payments at the European Savings and Retail Banking Group and co-chair of the ERPB working group on access and acceptance of cash
- The Future of the Cash Infrastructure in the Netherlands – Roel van Anholt, Programme Manager, De Nederlandsche Bank
- Initiatives to Ensure Access to Cash in the UK, Graham Mott, Director of Strategy, Link Scheme.
The presentations will be followed by a panel discussion and Q & A.
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