You can now select and download multiple cash facts at once. | Read more

EY & Economist Intelligence Unit report on cash

Feb. 10, 2020 Share Source
Recently, EY published some findings about the cash debate, furthering the conversation on whether or not the world is ready to give up cash. As it happens, it is not.

EY's findings come in various forms: a press release about a poll conducted at the Sibos 2019 conference in London where 129 finance experts answered questions on the future of cash; a presentation of those findings on the #payments 2019 newsletter; and EY sponsored Economist Intelligence Unit report titled, "The End of Cash: Why and when to flick the switch" and infographic. All these reports can be downloaded here.

The overall research is driven by a key question within the cash debate:

"Are we ready for our identity to be linked to every transaction we make?"

With all the evidence supporting the case that cash holds an irreplaceable role in society and culture, the study concludes that more investment is necessary to ensure that the cashless world is as secure, resilient and inclusive as the cash world. Perhaps, simply keeping cash is the answer.

"Digital payments offer new opportunities to bring in much of the world’s “unbanked” but, with cash still king in many markets, the risk of financial exclusion remains high if physical currency disappears altogether."
" Rodrigo Dantas E Silva EY Americas Payments Leader

Key findings include

  • Of the 129 respondents, 36% percent cited social exclusion as the most negative impact of a cashless society.
    • Of this figure, 100% of respondents based in Asia, the Middle East, Africa, Latin America and Australasia cited this as the most negative by-product,
  • Other areas of concern included:
    • Increased potential for cyber risk (20%)
    • Potential for mass outages (20%)
    • Greater government control (14%)
    • Costs faced by the business sector (8%)

Excerpt from EY Forward

"The end of cash may not be as close or as utopian as some believe. The transition away from notes and coins to an increasingly online financial system will bring economic benefits to banks and governments, but the risks of moving too fast and too radically are significant. Digital financial systems must be secure and reliable, and use innovation to both inspire trust and boost inclusion."

Download report here

Last Updated: Feb. 25, 2020

Stay up to date with Cash Matters.

Join the Cash Matters community and we’ll keep you posted about the latest developments in cash happening around the globe.