France

CashEssentials is honoured to announce that Monnaie de Paris (the French Mint) has joined the think tank.

Consumer research shows that cash payments are firmly rooted in French society. Cash is an enabler of social connections and is the preferred form of payment at small shops and for charity.

According to the latest edition of the IFOP survey for Brink's France (27 and 28 0ctober, 2020), cash remains the most frequently used means of payment by the French. 79% of the population are opposed to its disappearance.

The French Federation of Cash Management Companies has lodged a complaint with the Competition and Fraud Authorities over refusals to accept cash in shops during the pandemic.

The Banque de France as well as the National Ombudsman have reminded merchants that refusing cash for a payment is illegal in France. In the UK, various associations increasingly speak out for cash.

The CFA Franc was established in 1945 and is used in two African monetary unions, one in Western Africa and the other in Central Africa. The West African CFA Franc will be replaced by the Eco in 2020.

An increasing number of countries are taking a close look at the evolution of their cash infrastructure to ensure the future continuity of cash services, particularly as commercial banks optimise their branch and ATM networks. Other countries are taking measures to restrict cash usage.

The domestic schema Cartes Bancaires intends to increase ATM interchange fees in order to increase revenue for running ATMs.

Cash Management Company Brink’s innovates with a new business model for ATMs in remote locations.

France is following the lead set by monetary authorities and lawmakers in countries such as Sweden, the UK and the US to ensure the long term viability of the cash cycle.

According to a study by the European Central Bank, France is one of the countries least attached to cash in the euro area. If they could choose, only 17% of French people would use cash over various non-cash payment methods.

Bank of France data shows a significant growth in demand for the euro, up 7.6% in 2017 compared to 2016. This is explained by cash's more versatile role of being both store of value and means of exchange.