Stay tuned with CashEssentials news ! - beyond payments
By subscribing, you accept our Privacy Policy.
×
×

2016 European Cash Report – G4S

Categories : Cash is efficient
May 28, 2016
Published in : Cash cycle efficiency, Cash-in-Transit, Central Bank, Commercial bank, Efficiency, Europe
The report finds that the volume of cash transactions across Europe continues to increase, having previously doubled every ten years. Concurrently the proportion of all payments made by cash has fallen, with 40% of payments across the EU now made by card, electronic and digital payments.
Guillaume Lepecq

A “decade of change” is predicted for cash use across Europe by G4S, one of the
largest cash solutions business on the continent.
Graham Levinsohn, G4S Regional CEO, commented on a “fundamental transition in the use of cash across Europe” which requires “root and branch reform” of how cash is processed by countries in Europe. His comments follow the publication of a land
mark report by the Group examining cash use across 28 European economies.
The report finds that the volume of cash transactions across Europe continues to increase, having previously doubled every ten years. Concurrently the proportion of all payments made by cash has fallen, with 40% of payments across the EU now made by card, electronic and digital payments.
In addition:
 
Commenting on the report, Graham Levinsohn called on the cash industry to work together to modernise cash: “What we are experiencing is a fundamental transition in the use of cash across Europe. European consumers and businesses will continue to use cash as part of a multi-payment economy. But we need to modernise how they can use it. “The cash supply chain is highly fragmentedacross Europe which creates chronic inefficiency. In the most extreme cases cash could be counted up to 17 times from till to bank. However even in less extreme examples, the same cash is handled and counted multiple times as it is transferred between parties in the cash cycle. This creates an unnecessary cost burden on businesses and banks alike.
“We must work together to drive root and branch reform by streamlining and simplifying the cash cycles of Europe, creating fewer transfers between actors and consequently less duplication of effort. Significant cost efficiencies can be driven through the cash cycle so that cash remains a cost-effective payment mechanism into the future.”
Leading a call to action Graham Levinsohn urged the industry to work with the banking sector, central banks and policy makers to create this modern lean cash cycle.
Challenges outlined include:

Visit our report website.

Related