If you are reading this blog, you probably haven’t stumbled upon it by coincidence. Like many of the professionals I have met throughout my career who care deeply about consumer choice, you are here because of a sense of alarm at the continuous narrative that is driven around the so-called demise of cash. I believe that we, the businesses and professionals who work with cash, must do a better job at educating people about the risk of removing cash and how important cash is. We must change the perception of cash.
 
Many people I meet outside of work often ask me who I work for and what it is that I do. I am typically confronted with a handful of questions about how long I think my job will last because of the impending demise of cash. Businesses like Glory have not been around for 100 years by not understanding, evolving and anticipating changes in consumer behaviour.

One argument I hear is that technology is developing at such a pace, that cash will not be necessary any more within 10 years. They tell me that they never use cash and see no benefit to using cash. I also hear that cash costs too much money for businesses to keep accepting it. Sometimes I am convinced for a split-second listening to people that payment providers, and payment card providers alike are entirely altruistic, social enterprises that are not seeking to make any profit. Just for a split-second I think that, mind. Then I remember that this alternate universe my friends think they live in doesn’t exist for anyone, not even them.

Yes, there is a cost for businesses to accept cash, however, payment card providers are not providing their products for free. Removing the ability to use cash leaves retailers vulnerable to increases in charges from these card providers. With no alternative payment options available to consumers, the margins in these businesses will be even more squeezed leaving no alternative but higher prices. The consumer, in the end, will pay for the removal of cash as a payment method.

Technology undoubtedly continues to develop at a pace that is difficult to keep track of. I am convinced, and I think the evidence supports this, that despite the pace of technological change, we will live in a less-cash and not a cashless world. While some individuals may never use cash, it is quite simply not the case that any demographic, whether it’s Gen Z or Baby Boomers, never use cash. Globally 99.5 Billion notes are withdrawn from ATMs, with a value of $13.2 billion in 2015 just does not support the claim often made that cash is set to disappear overnight even without considering cashback in the retail environment.

Governments around the world at national, state or city levels are passing legislation with increasing frequency to ensure that consumers can pay with cash. The thinking of these governments that are legislating to safeguard the provision of cash is safety and security. The harsh reality of relying on cashless methods to pay for all goods and services is that the population is vulnerable to both natural and digital disasters. Hacking, power outages and even poor internet connection are just some of the digital events that can prevent people from paying.

The cost of cash is of course a concern for businesses across the globe in both banking and retail. The use of technology can help businesses to deal with this. Deploying recycling solutions can enable businesses to handle cash more securely and efficiently. These technologies make it easier for businesses to process cash in a more cost effective and efficient way. It is important that using cash does not cost the consumer anything at all, it is the consumer who should be the focus in the cash debate.

We must do a better job at educating people of the risk that the removal of cash poses. Consumers can not and should not be forced into looking out for the concerns of multi-national businesses over their own choices and preferences. The popular narrative that cash is inconvenient for consumers, outdated and costly needs to be shifted to the truth.