Cash

The move furthers the retail giant's strategy to become a one-stop shop for payments and financial services.

Japan is one of the most cash-centric of all developed nations, with about 80% of consumer transactions conducted with paper or coins, but the pandemic triggered some shifts that Adyen wants to capitalize upon.

The Federal Reserve Bank of Atlanta is enlisting banks, payment companies, retailers and universities to address problems that digital commerce creates for cash-reliant consumers.

Michael Moeser, senior analyst at PaymentsSource, talks to Simon Powley, head of advisory services at Diebold Nixdorf, about the importance of cash as the economy recovers from the coronavirus pandemic.

While German consumers prefer using cash in stores and are accustomed to paying for products after delivery, the global nature of e-commerce is sparking a change in payment habits.

Despite Japan being a heavily cash-based economy, e-commerce has created significant opportunities for banks and mobile wallet providers.

The country has lots of smartphones, few plastic cards, and it's just starting to get rid of cash.

Despite digital payment advancements and the availability of mobile wallets in most countries, cash remains a prominent payment form — especially in Romania, where 78% of transactions are still made with cash.

Cold, hard cash is inevitably going away. Banks have a responsibility to help consumers who don’t have smartphones or even email addresses be prepared, says Shawn Rose, chief digital officer of Scotiabank.

Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to move more services online. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Institute estimates.