Cash Remains a Symbol of Accessibility and Simplicity
May 24, 2024
Cash is simple, secure and inclusive. It also works offline, and all these benefits make it central to rural economies across Asia, as explored in a Forbes article that observes: ‘although the narrative in the financial industry is that digital is better, that is not always the case.’
Written by fintech news contributor Zennon Kapron, the article—Why Cash Is Still Prevalent in Asia—notes rural regions often lack the reliable internet access required to access cashless facilities. Indeed, cash remains key in areas with good access, given services are frequently disrupted by network or provider problems.
Another important issue is ‘a general distrust or lack of familiarity with digital payment systems’, with Kapron pointing out that ‘cash transactions… are perceived as more straightforward.’ While education on the advantages and risks of cashless options would go some way to addressing this, cash remains essential to ensuring people have choice and can select the best (often easiest and safest) way to pay in any given situation.
Cash remains a symbol of accessibility and simplicity. It does not require technological prowess or connectivity and is universally accepted. For many, especially in rural communities, cash transactions represent a sense of security and immediacy that digital transactions cannot yet match.
Kapron concludes that, while cashless options become more numerous and prevalent, ‘the persistence of cash transactions… speaks to deeper issues of accessibility, infrastructure, and trust.’
Ultimately—in Asia and beyond—maintaining a diverse payments landscape that supports cash and cashless options alike is the best way to ensure economies are accessible and friendly for all.