Europe

As the banking sector continues to shut down branches and ATMs across Europe, cash automation solutions provide a significant opportunity for banks to partner with consumer businesses and become the agents of change of a rapidly transforming cash cycle.

The Cash Payments Act aims to keep cash accessible, available, and affordable in the Netherlands by mandating banks to provide essential cash services and securing continuity in cash transportation services.

Digital payments have expanded greatly in Spain in recent years, but cash usage remains resilient.

I attested how payment habits in France have changed during a recent visit to Paris. However, cash usage remains resilient.

Despite the proliferation of digital payments, cash is still the second most used payment instrument in the United Kingdom, as 58% of British customers employ cash regularly.

Could legislation contribute to the modernisation of the cash cycle by encouraging the adoption of new technologies and business models?

A year ago, a Spanish retiree’s viral campaign showed how banking’s rampant digitalization (accelerated by the Covid-19 pandemic) has increased senior adults’ financial exclusion.

Queen Elizabeth II’s passing marked the beginning of a complex redesign and updating of banknotes and coins in the United Kingdom and many countries worldwide.

Ukraine has managed to secure its cash supply chain despite the war with Russia. Remittances have not increased sensibly, flowing to neighboring countries where refugees have settled.

A groundbreaking EU Council Recommendation calls on member states to allow displaced persons from Ukraine to convert up to 10,000 Hryvnias per person, without charge, at the official exchange rate published by the National Bank of Ukraine.

Digital payments surpassed cash in Russia in 2018, and the central bank promoted them during the Covid-19 pandemic. Mobile and card payments operate with glitches since Western countries imposed sanctions following the invasion of Ukraine.

Currency in circulation grew rapidly in Russia during the Covid-19 pandemic. ATMs declined between 2014 and 2018. Daily cash withdrawals spiked after the invasion of Ukraine.