War on Cash

The media often overlooks the downsides of digital money services. A powerful narrative that exaggerates the benefits and conceals the downsides supports the growth of fintech in Africa.

Elsewhere on the Web provides weekly updates and links to articles related to cash, money and payments curated on the web.

Currency News spoke to CashEssentials' founder and chair, Guillaume Lepecq, to find out more about how CashEssentials seeks to add value and influence public opinion on the social necessity of cash.

Elsewhere on the Web is a new CashEssentials section with curated links to news and articles on cash and money. Last week, cryptocurrency ATMs were under the spotlight.

Cash Welcome, an industry-backed organisation giving a voice to those who trust and rely on cash, is launching a campaign featuring students, young parents and influencers explaining how they use cash to set a budget and save for specific goals.

London-based research and campaigning organisation Positive Money analyses the economic and social implications of the war on cash and recommends ensuring universal access to cash.

In 2020, many headlines were predicting the end of cash, amidst a sharp decline in cash transactions. A year later, many recognise that cash plays an essential social and economic role and is an anchor to the monetary and financial system.

For Mastercard CEO Ajay Banga, financial inclusion will be a critical part of post-Covid-19 economic recovery. He recognises that cashless “is something we are not going to get to and probably shouldn’t”.

With the coronavirus pandemic moving past the six-month mark, one of the first notable side effects was a reduction in the use of physical greenbacks. The cash-out had several drivers: Most retail stores were closed or saw their operations greatly reduced, virtually all bars and restaurants that remained open could provide takeout service only, almost everyone who was able to began working from home, and online shopping from Amazon and other home-delivery options boomed.

The mythical war on cash is not new, far from it. It is however often unclear who is waging it. During the Covid-19 pandemic, some of the enemies of cash have become more outspoken.Here are some of those who want to get rid of cash.

ATMIA today announced the launch of an ATM and Cash Revival Plan for an ATM industry hit hard by the COVID-19 pandemic.

Words have been turned into weapons in the war on cash and are used by the proponents of the elimination of cash to create a self-fulfilling narrative of the inevitable decline of cash.