Promoting a Positive Image of Cash

You’ve heard the news – cash is on its way out. We’re headed toward an age of digital payments complete with contactless cards and mobile wallets…an era free of paper money and heavy coins.

But it’s not true. If you believe the hype, the world has been headed toward digital currency for decades. Yet cash is not only still in use, it is a preferred method of payment by many consumers and retailers. While “death of cash” stories continue to be pervasive, the effect they are having is not on cash use but on confidence in cash-based industries. So how can marketers combat the continual bashing of physical money?

1. Facts – Most of the “death of cash” stories cite numbers for debit, credit and mobile payments usage. These numbers specifically highlight increased usage as the evidence of cash’s demise. However, there is research available for cash and payments industry marketers to use – information showing how cash is still alive and well.
   1. Currency Research, The Case for Cash
   2. The Federal Reserve (U.S. only), Diary of Consumer Payment Choice
   3. ATMIA Global Cash Council
   4. ATMMarketplace, The Truth Behind the Use of Cash
       
2. Promote – One of the main reasons so many people believe the “death of cash” myth is because they see articles and hype on a regular basis. The same is not true for cash positive messaging. Cash and payments industry marketers need to step up their game when it comes to spreading the word. Writing more exciting stories about cash use is important to getting the information out there but exciting headlines, interesting content and the right distribution are even more important. Industry marketers should make sure they are vetting articles and headlines with others prior to publication and ensuring their media lists include non-industry outlets such as local newspapers, magazines and online consumer publication.

There are stories everywhere about the end of cash payments. However, research shows the hype is far from accurate. It is time cash and payments industries marketers start gathering the facts and publishing information to help enlighten the public of the truth – cash is still relevant.

Cash was a recent topic during our last ATM Marketing Forum committee webinar.

Wish to join the International ATM Marketing Forum committee?

• Non-ATMIA members, contact Sharon Lane, Global Director, Finance & Member Services, at [email protected].
   
• ATMIA members, login into your account and select Committees and choose this Forum and become a participant.