Despite the advent today’s global, digitally-driven economy, cash continues to be exchanged billions of times around the world on any given day. Cash remains a pillar of our economic system, not just in facilitating payments, but also by enabling a system of financial inclusion where all consumers, regardless of income or social vulnerability, have the ability to access and utilize mainstream financial services and tools.
While advocates of the war on cash would like you to think otherwise, cash continues to be king and will be for a long time to come. It plays a leading role in our way of life, fostering a universal system of access, trust, efficiency and connections among people of all socioeconomic backgrounds.
In a series of articles, we'll show how cash continues to dominate payments and why. Plus, we’ll explore the special aspects of cash listed below that make it unique and vital in our lives.
Cash is universal. All users are welcome; cash does not discriminate. One of the most appealing aspects about cash is that it requires absolutely no application or credit score. It doesn’t matter what age you are, if you’re comfortable with technology, or what you’re buying.
Cash is easy and creates trust. The moment cash exchanges hands, transacting is complete. . There’s no bank fee or waiting for an electronic payment to settle. The ease of which cash can be exchanged allows for privacy and anonymity between the buyer and seller.
Cash is efficient. Cash continues to be widely used and accepted due to its ease of use. Payments are fast, and hassle-free. Plus, the physical nature of cash allows for a unique budgeting and control tool. Spending money, as well as saving, has an immediate impact: consumers can see and feel cash with their hands, and see their savings increase or decrease.
Cash knows no border or background. Cash has the power to unify people from different backgrounds and cultures. One of the first things we do when we travel to new countries is use an ATM to get cash in the appropriate currency to make purchases. When tipping, workers, no matter their background, always appreciate cash. And, when children around the world learn the basics of money, such as how to make purchases and how to save, it’s with cash.
Cash is an enabler of financial inclusion that is recognized around the world; however, because cash is such an inherent part of our culture and our society, it’s often taken for granted. But, the war on cash poses a real threat to a basic civil liberty of equal access to financial products and service for all.
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