Reports and Publications

A new study by the Deutsche Bundesbank reveals that cash and girocard remain the most cost-effective payment methods for German retailers. The study highlights how cash incurs lower per-transaction costs compared to card payments, though its cost as a percentage of turnover is higher. This comprehensive analysis underscores the enduring importance of cash in the retail sector, even as mobile and digital payments gain prominence.

The Reserve Bank of Australia's 2025 Consumer Payments Survey reveals a surprising stabilisation in cash usage—15% of all payments—driven by older adults, low-income households, and regional communities. But as cash usage rebounds, the infrastructure supporting it is deteriorating, especially for deposits. With new laws mandating cash acceptance in essential businesses, the debate over its future intensifies, highlighting cash’s enduring role in economic inclusion and resilience.

In a new paper, Gerhard Rösl and Franz Seitz, argue that the stabilizing function of cash—especially during crises—must be preserved. However, this requires confronting not only the visible but also the hidden costs of cash and digital payments alike.

The 2025 Swiss National Bank payment methods survey reveals a nuanced and resilient role for cash. Cash remains a vital, regularly used, and socially valued payment method and plays a vital role in terms of economic inclusion, financial autonomy, and crisis resilience.

A new white paper, Solving the ATM Paradox: A Policy Roadmap for the Future of Cash, co-authored by Guillaume Lepecq and Matt Sykes, exposes the alarming decline of ATM networks worldwide—despite rising demand for cash—and proposes concrete solutions to safeguard access to cash for all.

Cash remains the most cost-effective payment method for small transactions (up to €20) in German retail, while Girocard debit cards are most efficient for larger amounts. Visa/Mastercard debit and credit cards incur significantly higher transaction fees (1.5–3.15% per transaction). Company size strongly influences payment method costs: small retailers favor cash due to low fees, while large retailers leverage economies of scale to adopt digital payments efficiently.

The introduction of a digital euro by the European Central Bank (ECB) aims to safeguard the role of public money and maintain trust in the euro. However, its success in mimicking the cash-like properties—such as anonymity, universal acceptance, and resilience—will depend on ensuring a functioning and robust cash ecosystem.

Cash remains a resilient and essential part of Canada’s monetary and payments landscape. The Bank of Canada’s 2024 Methods-of-Payment (MOP) Survey reveals that while digital alternatives like mobile payments and contactless cards are on the rise, cash usage has remained stable since 2020.

A new Bundesbank paper delves into the true cost of payments and shows that while cash is cost-effective per transaction, debit cards are economical relative to transaction amounts and credit cards are the most expensive. Consumers value cash highly, requiring significant compensation to go cashless. Maintaining cash infrastructure is crucial for consumer choice and economic stability.

A new OECD paper highlights the importance of balancing digital innovation with the enduring need for cash. By adopting comprehensive policies and initiatives, governments can ensure that all segments of society have access to reliable and secure payment methods, fostering financial inclusion and stability in the digital age.

The volume of counterfeit U.S. currency in circulation is relatively small and has been declining due to enhanced security features and public awareness. However, sustained efforts are essential to mitigate potential future risks.

A new white paper examines case studies and best practices that central banks, commercial banks, and other cash industry stakeholders can implement to enhance both the environmental sustainability and operational efficiency of the cash cycle.