Aug 11, 2021
Smart and online technologies are changing the way we pay, however, cash is still the most attractive means of payment for a huge majority of people worldwide. We look at 10 key reasons for the relevance of cash. Cash ensures stable currency systems. It is not only the most secure means of payment and resilient in terms of crisis, it also reflects a nation’s identity as banknotes and coins are often a nation’s calling card, valued by people beyond their monetary worth.
Cash is the only payment method available to everyone, regardless of background, circumstance or ability.
Cash can be saved privately and anonymously, thereby offering an individual autonomy and opportunities that may otherwise be impossible.
Cash is the most secure form of payment with banknotes being 99.9988% genuine.
Demand for cash is increasing globally, both in absolute value and relative to GDP.
Cash bestows agency (autonomy) and is a safety net for individuals and nations, alike, against cybercrime and power outages.
Globally, cash remains the most widely used payment instrument.
History shows that tangible monetary systems have been in universal use since the stone age, which suggests that using cash or other tangible tradables is a universally inspired practice.
It is much easier to plan your spending when you can see the physical evidence of what you have left.
There is no cost to the customer when using cash, cash provision is a national responsibility, so the costs of doing so are transparent and low.
During national crises, the demand for cash sharply rises. We trust real currency and it’s in almost every country’s top recommended emergency items.
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