Your Money Needs to Work for You
May 6, 2025
Frane Maroevic, Director General, International Currency Association
Picture this: a storm knocks out the power grid in your town. ATMs are down, card readers are dead. You reach for some cash-only to find the local shop is cashless. Suddenly, your money is no good. Sound far-fetched? Just last week, this was reality for people in Spain, Portugal, and parts of France.
Many countries are waking up to the dangers of a cashless society and taking bold steps to keep cash alive as a real, usable option for everyone.
Norway, long a poster child for digital payments, just hit pause on its cashless future. A new law just came into force making it illegal for shops, restaurants, and even hair salons to refuse cash. Say “no” and you could face fines up to 2.4 million kroner. The message? Cash isn’t just for the nostalgic or the old-fashioned-it’s a lifeline for people who can’t or won’t go digital, and it’s essential in a crisis when technology fails. Justice Minister Emilie Enger Mehl put it bluntly: “In a digital world, it can be easy to forget that there is a large group of people who are not digital.” Cash is also a key part of Norway’s emergency preparedness plan-because when the chips are down, cash still works.
Hungary is going even further. Last month it added the right to pay with cash into its constitution. This isn’t just a policy-it’s a fundamental right. Lawmakers want to make sure that, no matter how digital the world gets, cash will always be accepted, protecting the most vulnerable and preserving personal freedom.
Meanwhile, in the UK, Parliament is debating whether to make cash acceptance a legal requirement. Lawmakers warn of a “two-tier society” if the government doesn’t act-one where people without access to digital payments are left out in the cold. For many, especially in rural areas or among the elderly, cash is still king.
Here’s the catch: for cash to work, it can’t just exist. It has to be used and accepted. If shops stop taking cash, people stop carrying it. If banks close ATMs, people can’t withdraw it. That’s a dangerous cycle that could leave millions stranded-especially in emergencies.
Cash is more than just a piece of paper. It’s about inclusion, resilience, privacy, and choice. When the power goes out or the internet crashes, cash is the only backup. When you don't want to share your spending with data brokers, cash is your shield. And for those who can’t or won’t use digital payments, cash is survival.
Norway, Hungary, and the UK are sending a powerful message: cash isn’t a relic-it’s a necessity. Keeping it alive means using it, accepting it, and fighting for it. Because if cash disappears, there’s no safety net in emergencies or protection from surveillance.
So next time you reach for your wallet, remember that paying with cash keeps it working-for you.
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