WHEREVER WE LOOK IN THE WORLD, CASH CONTINUES TO PLAY AN IMPORTANT ROLE, WHETHER AS A STORE OF VALUE, OR AS A MEDIUM OF EXCHANGE.
Why do we differentiate? Because in many countries where cash payments may be declining (particularly during the pandemic) cash circulation has continued to increase. To give just one example, in the UK where the proportion of cash payments has fallen in recent years, the volume of cash in circulation has increased year on year since the early 1990s.
This pattern is repeated elsewhere ‘Cash is still a major player across the Middle East, North Africa and Pakistan. In the UAE, often touted as a leader in the charge towards a cashless society, consumers made 40 percent of their transactions with cash in 2019’. (checkout.com 8 December 2020 – What does the corrosion of cash across MENAP mean for merchants?)
In considering the continuing role of cash as a means of payment we will need to look at the situation in a number of individual countries and address issues particular to their circumstances. In this context we need to consider not just people’s attitude to cash but also the reasons they continue to use it when other payment methods are available.
Read the detailed white paper to learn more.
