When technology or infrastructure fails – whether at the hands of a natural disaster, a cyber attack, or technological malfunction – we have only one fallback, and that’s cash. 

For many people cash is just a choice. For others it is the only choice. And then there are these times when cash is the only choice for everyone. Because when digital systems go down, cash keeps working.

Even countries like Norway and Sweden, currently the most cashless societies in the world, have now recognised the dangers of losing their cash system. National security ministries in both nations recently advised all citizens to have a personal cash supply, in case of emergencies such as cyber attacks or natural disasters, leading The Guardian newspaper in the UK to write, “Ultimately, when it comes to emergency planning, the world’s two most cashless societies are still banking on cash.” 

Norway have now introduced legislation to require all businesses to continue accepting cash, and Sweden’s central bank is advising similar measures there. This movement is echoed around the world, with many governments considering or already implementing measures to protect the availability of and acceptance of cash.

But this isn’t just about emergencies.

Figures thrown around about the decline in the value of cash payments can sometimes be misleading. 

For one thing, digital payments are usually favoured for higher-value sales, which can skew the perspective of how many cash payments are actually taking place, as businesses that process more low-value sales often see a much higher cash intake. 

Other important factors are location, whether urban or rural, and the demographics of your customer base in terms age and income-bracket – these can play a huge role in determining the number of cash payments you handle.

Cultural reasons can also be key, with many high-technology markets such as Germany, Japan and Spain still maintaining a very high level of cash transactions, even when digital payments are easily accessible.

Of course, you don’t need us to tell you how important cash transactions are to your business. You will be aware of how much or how little cash you handle, however you may be less aware of just how much unnecessary labour goes into processing cash, as these costs can easily be hidden in day-to-day operations. From experience, our customers are often surprised at just how much time, energy and resources can be saved by implementing cash automation solutions.

Some businesses may be concerned about investing in cash solutions with the way payments have been trending. We believe it’s clear that while many of us we are living in a less-cash society, we are a long way from a cash-less one. And while cash remains an important choice of payment, we can provide solutions to make it more secure, more efficient, and ultimately more profitable for your business.