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Wednesday, August 21, 2019

Current State of Cash: The Benefits of Using Cash

Cash has proven resilient because of its benefits – and there are plenty. Cash is the most convenient, inclusive and agnostic form of payment for small purchases, which is why it is used in most transactions under $10.

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Virtually Irreplacable - Cash is a
Public Good

Cash is a public good that guarantees ease of use, accessibility, privacy, and many other unique qualities in local, national, and global monetary systems. This article takes a close look at the role of cash in society and the specific characteristics making it a public good.

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Cash won't die in America — it's too darn convenient

Cash is still king when it comes to buying things like a cup of coffee, pack of gum or a pint of beer in the U.S. Why? Because it's faster and often more convenient, especially when it comes to the little stuff.

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Cash Me If You Can: The Impacts of Cashless Businesses on Retailers, Consumers, and Cash Use

This month's WCW Pro-Cash Newsletter featured article is from the Federal Reserve Bank of San Franscico.

Perhaps the strongest argument against going cashless is that the practice denies access to goods and services for a segment of consumers. While popular perception may be that no one uses cash anymore, nearly 6.5 percent of U.S. households were unbanked and did not have access to financial services in 2017. In other words, 6.5 percent of the U.S. population, or 8.4 million households, did not have a bank-issued debit or credit card.

Adding in ‘underbanked’ households—households that have a bank account but use other financial services like money orders, payday loans, and check cashing—these numbers increase to 24.2 million households and nearly 19 percent of the U.S. population. These consumers rely heavily on cash to pay for their purchases.

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Who Holds Cash
and Why? A New Zealand Example

In New Zealand there is a recognition that a movement to 'less cash' will have significant impact on particular groups. The Reserve Bank also notes that 'all members of society will lose the freedom and autonomy that cash provides, be more exposed to cyber threats and lose the ability to use cash as a back-up form of payment'.

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Cash in the
Real World

People still want to use cash and they can get upset when they are not able to do so. There has been talk of problems for social groups like the unbanked (1.2 million people while 2.2 million are almost totally reliant on cash.

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Shopping grinds to halt when Mexican banks unable to process cards over weekend

Several major banks in Mexico, including Banorte, HSBC and Santander, reported problems processing debit and credit card payments on Saturday. Several shops in Mexico City also told customers they could only accept cash.

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4 Reasons to Protect Cash and Bank Branches

A disorderly ‘dash from cash’ would be both economically risky and socially harmful – and we risk sleep walking towards this unnecessary cliff edge.

Here are our top 4 reasons why we need a coordinated strategy to make sure we maintain a physical banking infrastructure capable of supporting economic resilience and inclusive growth.

If you're interested in sponsoring the WCW Pro-Cash Monthly Newsletter and reaching over 13,000 emails, please contact Claire Feterl by email or at 605.274.0277.