It is often said banks want to get rid of cashMoney in physical form such as banknotes and coins. More, because cash is viewed as a cost centre and competes with their profitable paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More products. The reality is certainly more complex. After all, banks are today the main channel for the distribution and collection of cash and most banks offer a broad range of cash services to both their private and business customers.
Here are ten reasons why banks should embrace and support cash:
- Cash sets a floor to negative interest rates
- Without cash, central banks could provide digital moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More to the public and compete with retail banks
- Regulators could force banks to provide cash services
- Cash provides a differentiator against tech giants which are entering the digital payment market
- Cash provides business continuity when payment systems break down
- Consumers want it
- Merchants need it
- Cash is growing
- Cash protects the privacy of individuals
- Globally, cash is the most widely used payment instrumentDevice, tool, procedure or system used to make a transaction or settle a debt. More.
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