Cash

Cash is being used in fewer transactions than ever before, and the pandemic has only accelerated the trend. Yet the U.S. is far behind some European and Asian countries in embracing digital payments and significant hurdles remain to its becoming completely cashless.

During a House hearing, Democrats advocated for measures that ensure businesses keep accepting paper money, while Republicans argued in favor of chartering more fintechs and promoted stablecoins to extend access to the underbanked.

The shift away from human contact increased the popularity of kiosks, ATMs and other technologies that allow for more flexibility in payment methods.

While money market funds are flocking to the Federal Reserve’s overnight reverse repurchase agreement facility for the yield, large U.S. banks are using the program to shed unwanted deposits.

Resorts World is building its entire customer experience around a digital app, hoping to eliminate the need for — and costs of — handling paper money.

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.

The company is bringing more sports betting sites onto its platform for accepting cash payments for digital sellers.

Mexico’s central bank is set to announce Monday that it will lend money to local banks that can’t find U.S. financial institutions to take their stashes of bulk cash in dollars, according to a draft of a statement seen by Bloomberg News.

Venues are piloting payment technology as a way to promote less contact and shorter lines.

This is in stark contrast to perceptions that cash can spread pathogens, a concern that has caused many consumers and merchants to downplay its usage.

The Bank of France will shut down more than a third of its cash handling centers by the end of 2022 as the Covid-19 pandemic accelerates a decline in the use of notes and coins.