The future of cash is hanging in the balance and many societies are seeing radical change in the payments and monetary landscape.
An international conference will soon be held to urge policymakers to adopt “bold and imaginative measures” to secure access to cash and its acceptance in the future.
The Future of Cash Conference – which will be held on 21-22 April in Madrid, Spain – will see central bankers and decision-makers from financial institutions and other stakeholders within the cash cycle across the world, consider the drivers behind the demand for cash and new technologies that are helping to transform the cash cycle.
As cash demand continues to grow alongside developments in alternative payment methods, a ‘Future Makers’ workshop facilitated by experts from international think tank Demos Helsinki, will see delegates design scenarios for the future of cash and develop roadmaps to secure its smooth and efficient distribution.
How cash is undergoing a transformation will be examined under the ‘CashTech’ project – a new forum that will see innovators, start-ups and fintechs examine how disruptive technologies can be applied to enhance the competitiveness and convenience of cash as payment tool for consumers, retailers and wider communities. They will enable consumers to pay cash for their online shopping or use lifestyle apps to access cash from their local shop.
Other sessions cover ways to improve cash collection, cash handling and recirculation. Presentations will also compare business models, such as ATM pooling or utility models, can make cash more efficient. Central bank perspectives on cash will showcase how technical processes are transforming the way cash is used and handled.
Most countries have been seeing continued growth in demand for banknotes and coins. Worldwide, cash is the leading payment instrument, even if there are significant differences between countries.
“Cash possesses unique attributes, which are mostly unmatched by alternative payment instruments,” said Guillaume Lepecq, conference chair. “Cash also generates benefits for society that are not directly linked to its payments function: it ensures financial inclusion, it protects users’ anonymity and it also works when the power is down or in case of computer outages.”
The event will set out to shape a dynamic and future-focused roadmap for cash at a time when economies across the globe are seeing far-reaching changes in payment and monetary eco-systems as technology, regulation and demographics combine to enable societies to move wealth differently.
“The bold and imaginative futures that this conference will design come as timely and unique opportunities for all involved in payment technologies and how they can actively shape the future of cash,” he added.
Details of the conference programme are available here.
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