In this report published by the central bank of Colombia, the authors Carlos Arango-Arango and Nicolas Suárez-Ariza analyse the growing demand for Money in physical form such as banknotes and coins. More in both developed and emerging economies. They conclude that the adoption of digital payments does have a negative impact on the demand for cash. However, cash demand is driven by economic growth, low interest rates as well as its increasing use as One of the functions of money or more generally of any asset that can be saved and exchanged at a later time without loss of its purchasing power. See also Precautionary Holdings. More.