Payment instruments

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.

While some consumers resort to credit card debt, BNPL schemes, and pawnbroking, others privilege cash to make ends meet during the U.K. cost of living crisis.

Small businesses are charging U.S. customers extra to cover Visa and Mastercard’s high swipe fees during the cost-of-living crisis.

Available statistics show that most countries around the world experienced a run for cash in 2020 due to the Covid-19 pandemic.

A survey by the Mexican central bank shows that transactional demand for cash declined during the pandemic. Still, most respondents choose cash as their preferred means of payment.

Bank Al Maghrib, the central bank of Morocco has published its annual report on market infrastructure, payment instruments and financial inclusion. It concludes that Moroccans are sticking to cash.

Set against the profound health and economic consequences of the global COVID-19 pandemic, the Reserve Bank of Australia’s reporting that at the end of April, the Australian Dollar currency in circulation hit a new all-time high, in part fueled by a large jump in Australian Dollar $50 and $100 banknotes issued at the end of March 2020. In fact, in the month of March currency in circulation grew by $2,200 million, the 15th largest single monthly rise on record and the highest (by value) March increase ever.

India’s visually impaired sees a clearer future in handling their money, thanks to the MANI mobile app which helps identify the denomination of currency notes.

The Japanese government introduces incentives to promote electronic payments. The measure consists in a point-of-sale discount if approved digital payment are used. It poses challenges for the elderly and small shops.

4,000 Swedes are opting to insert microchips in their bodies as a payment transaction option. But what are the implications?

A temporary power outage at Target that left customers unable to process their payments reminds us how a society driven by digital payments alone, could in fact cost the consumer more.

A recent study reveals that mobile-payment consumers are attached to cash. Cash provides convenience, privacy and is readily accepted by virtually all businesses.