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Even as Digital Advances, Cash Still Matters
A truly global presence demands a globally minded payments infrastructure. Brands must offer payment options that speak to the different regions in which they operate, and that means bank transfers, a wide variety of local mobile wallets, local debit card schemes, online credit options, convenience store payments and our old favorite: cash.
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Is Cash Going Away?
These days it is tough to find a merchant that doesn’t take credit or debit cards. Now, as groups of people are trying to settle a bill at a restaurant or office gift-giving, they are using apps like Zelle, Paypal, or Venmo to reimburse each other.
The number of people walking around with cash in their pockets seems to be decreasing. With these advances in electronic payments, is cash really going away?
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Cash Use Has Not Changed in the U.S.
“It may surprise some readers how strong the use of ATMs for cash withdrawals and other transactions activities continues to be in the face of digital payments. Consumer data supports the finding that individuals who have adopted newer payment technologies still rely on cash and ATMs for their day-to-day transactions.
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RBZ Releases $20 Million In Banknotes Into Circulation
The Reserve Bank of Zimbabwe (RBZ) released $20 million in banknotes into the economy last week in a bid to make cash more easily accessible as the festive season beckons. "In the last week alone, we have put in about $20 million. We targeted POSB specifically, but not exclusively because we know that a lot of our ordinary citizens are banking with them and it’s important that they have all the cash that they need."
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Cashing-In: Accepting Cash for Ecommerce is Bringing Unbanked Customers Back to Retail
When consumers think of ecommerce payment methods, debit and credit cards are the most prevalent forms of plastic they’ll pull out of their wallets to make a purchase. But a recent report finds as many as 6.5 percent of American households do not have a bank account. Retailers are beginning to realize these cashless, ecommerce payment models don’t work for all consumers.
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Fearless 2020 Forecasts
With global interest rates somewhere between nominal and negative, people around the world are hoarding dollars as a hedge against economic and political risk. This raises the demand for cash – particular $100 bills. At the same time, alternative payment methods such as NFC are fueling credit and debit and are eating into global cash usage. For a host of reasons, including continued customer demand for payment choice, cash will remain a viable payment option. However, the days of steady growth of cash as the preferred payment method will wane in 2020.
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Canada Advocacy Spotlight
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This month's WCW Pro-Cash Featured Advocacy article is from the ATMIA Canada Regional Webpage.
The Ontario Provincial Police, the police force for the largest province in Canada, had a regional unit send out flyers discouraging businesses hosting ATMs in their establishments. The flyer was overly negative and said ATMs were not worth the risk and did not bring in enough money to warrant hosting one in your business.
H+K reached out to the OPP on ATMIA's behalf and tracked down where this flyer came from. What made it complicated was that the flyer was not created in their communications department and had not followed the correct process for approvals. After a fair bit of searching and outreach, they discovered that the Western Region, representing communities west of Toronto, like London, Brantford, Kitchener, Waterloo had taken it upon themselves to distribute these flyers after a rash of the thefts.
H+K arranged a call with the OPP inspector tasked with oversight, and compiled comments from ATMIA to design a new flyer that had approved ATM safety language. They have now taken these comments and created a new draft. Their ultimate focus is safety, and while there is still a tone of risk, all of the comments that explicitly discouraged hosting ATMs have been removed, and an emphasis has been put on preventative actions.
We also were adamant that the OPP acknowledge the problem with their initial flyer. In response, the OPP sent us an apologetic letter and a committment to work with us in the future.
Consider contributing to the Canada Industry Advocacy Fund. The purpose of the fund will be to cover the costs of political advocacy, regulatory monitoring and policy development at all appropriate levels of government.
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Celebrate Positive Cash News with Withdraw Cash Wednesday
Cash globally remains the most widely used and popular form of payment today. ATMIA’s goal with the Withdraw Cash Wednesday initiative is to communicate as an industry the many benefits of cash, while combating the negative press cash has received over the last few years to ensure consumers have cash as a payment choice for years to come. This monthly newsletter is geared towards sharing positive cash news reaching more than 13,000 ATM industry readers per month
View past Pro Cash Newsletters here.
Follow Withdraw Cash Wednesday on Twitter and share our posts. You can even share your own personal cash story. Please share Withdraw Cash Wednesday news with customers, friends and family to promote cash usage!
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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.
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