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JUST IN: Cash is still King...

Wednesday, September 18, 2019

Awash in cash — It's not just demographics, it's global tourism

Cash is still king across much of North America, especially when it comes to smaller purchases, like a cup of coffee, a pack of gum or a pint of beer. We are not transitioning to a cashless society as fast as many anticipated. On the contrary, we are truly awash in cash.

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Say No to the “Cashless Future” — and to Cashless Stores

It is great to see this pushback against the supposed cashless future because this is a trend that should very much be nipped in the bud. There are several reasons why cashless stores, and a cashless society more broadly, are a bad idea.

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Should you ditch cash? A growing number of cities say no way

Several cities and states have passed or are considering bills that prohibit retailers from refusing to accept cash, a policy they say shuts out the millions of Americans who don't have a bank account, lack credit cards or don't have photo identification.

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Who's getting on the Cashless Ban'd Wagon?
This month's WCW Pro-Cash Newsletter featured article is from the ATMIA U.S. Spotlight.

Efforts to ban retail establishments from refusing cash payments are gaining momentum everywhere – at the city, state, and federal levels. The stated motivation in all of these instances is that a cashless environment discriminates against the poor and the unbanked. The issue, however, is much larger than that. Cashless retail severely limits consumer payment choice and eliminates the favored payment method for 26% of the population (Fed numbers).

Even those considering a cashless environment should take a moment to consider factors outside of payment choice. In times of crisis – regardless of the cause – cash is often the only option. Daily life, too, has its wrinkles – payment networks crash and power systems fail.

ATMIA USA is supporting all efforts to prohibit cashless retail businesses. You will find an interactive map on the ATMIA website that displays current proposals and newly enacted law. Simply click on a state to display information about proposed legislation and/or a list of specific cities that have proposed new ordinances.

CLICK HERE TO VIEW THE INTERACTIVE MAP...

The how, where and why of cash recycling in the US

A cash recycling ATM does something regular ATMs can't — it enables cash that has been deposited to be dispensed in future transactions. This reduces the costs and improves the efficiency of a bank's cash operations. It is also more secure, because you don't have to worry about someone coming in to collect or refill the cash in the machine as often.

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In high-tech Japan, cash remains king, defying mobile payments

Once a pioneer in technologies for cashless transactions, Japan is now lagging the world’s biggest economies in the embrace of electronic payments because most of the population still prefers physical money. Four out of five purchases are still made with cash in Japan, despite its reputation as a futuristic and innovative nation.

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ATMs to be installed in remote communities as part of a new vow to protect access to cash

Every high-street will be guaranteed free access to cash, under a new scheme launched today by UK cash machine network, Link – while five communities with poor access to cash will receive a new ATM. Find out how the government has responded to the UK’s disappearing ATMs, and why cash needs to be protected.

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Why Cash Matters:
Cash is Universal

Cash continues to dominate the global economy. One way it achieves this is its universal status. Cash does not discriminate – it welcomes all users, all transactions. And, it doesn’t require complicated or expensive technology tools to use. Read on to explore why cash is critical to financial inclusion.

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.