Cash is Class: Ethics in the Future of Payments

By Guillaume Nonain, President of ESTA (the European Cash Management Companies Association)

How we pay is more than a technical choice. In a world racing toward digital everything, it is a statement of who we are. Payment systems do not just move money; they shape access, autonomy, and trust.

It is tempting to view cash as outdated when you can pay with your phone. But that would be a mistake. Cash is not a relic: it is a refined, resilient, and quietly radical force in the future of payments. And there are many compelling reasons why.

Cash as a Civic Act

Using cash is more than a personal preference, it is a contribution to the public good. Each time we pay with banknotes, we help sustain the infrastructure that supports it: retailers remain equipped to accept it, ATMs stay operational, and the system stays resilient. Choosing cash is a quiet civic gesture that keeps this option alive for everyone, especially for those who rely on it most.

Cash as a Democratic Equalizer

Cash treats everyone the same. Whether you are a tourist, a teenager, or someone without formal identification, cash does not discriminate. It does not ask who you are, where you are coming from, or what your credit score is. In this way, it is inherently democratic, offering equal access to commerce regardless of background, status, or digital literacy.

Cash as a Psychological Anchor

In moments of economic anxiety or crisis, people instinctively turn to cash, not just for utility, but for emotional reassurance. Cash functions without intermediaries, cannot be hacked or frozen, and remains available even with power outages. Holding physical money provides a sense of control, grounding people when markets fluctuate, digital systems fail or trust in institutions wavers. It is not just financial, it is emotional resilience. There is a “feel good” factor embedded in cash that protects from unforeseen situations.

Cash as a Medium of Spontaneity

Cash enables spontaneous generosity. Whether it is tipping a street performer, helping someone in need, or supporting a local fundraiser, cash allows for instant, informal acts of kindness. No apps, no accounts, just human connection. In this way, cash fosters empathy and community spirit in ways digital systems often cannot replicate. As an example, it is surprising how much of church cashless donations end up in banks’ commissions.

Cash as a Learning Tool

For children, cash is a powerful educational tool. It teaches financial literacy - counting, budgeting, saving - in a way that is tangible and intuitive. Digital money can feel abstract, but cash makes the concept of value real. Preserving cash helps preserve a hands-on way of learning about money and, later on, a subtle tool for financial self-control.

Cash as Cultural Heritage

Cash is not just a payment method; it is a tangible piece of our cultural identity. It is the ultimate expression of national monetary sovereignty. Banknotes and coins carry symbols, stories, and designs that reflect history, values, and creativity. They are miniature works of art, often commemorating milestones and honoring figures. In a world increasingly dominated by invisible transactions, cash remains a physical link to our shared heritage. Just as we protect monuments and languages, we should recognize the cultural significance of physical currency and ensure it continues to be part of our everyday lives.

Cash as a Symbol of Sophistication

Cash carries a quiet elegance. There is something enduring about the feel of a well-designed banknote or the weight of a carefully manufactured coin. In a world of fleeting digital interactions, cash offers a moment of permanence and presence. It is not just functional; it is refined. You will meet passionate collectors of coins or banknotes, but never anyone who collects digital payments receipts.

Looking Ahead

The future of payments is not a battle between cash and digital, it is a partnership. One brings innovation, the other stability. Together, they form a system that is modern, inclusive, and resilient.

Cash is class; not just for its monetary value, but for the ethical weight it carries. By keeping it alive, we reinforce our communities and preserve the human touch in commerce.