Currency Research has released The Cash Industry in Transition report
The Cash Industry in Transition report, in wide release today by Currency Research (CR), explores the evolution of the cash industry as digital payments gain a stronger foothold worldwide. CR is the only independent global communications, consulting, and conferencing business operating in both cash and payments, and this report examines the impact of external and internal forces on the companies and government departments involved with the cash cycle as a whole.
“Much like the automobile disrupted the horse and carriage industry a hundred years ago, digital payments stand to disrupt the long-established cash industry,” according to Richard Haycock, Chairman of CR.
“This transition is something that may not at first seem significant to the average citizen. But if you consider just how widespread the impact will be, this report is a must-read for both cash and digital payments advocates alike. Just look at the reductions in cash availability that are already underway in places like the UK, Sweden, etc., even in the face of serious concerns for those who are unable to adopt digital access. On the plus side, the advancement of new digital payments solutions is transformational for not only consumers and businesses in established markets, but particularly for financial inclusion efforts in remote areas that now have internet access. No matter how you look at it, though, a big change is coming, and it’s sooner than the cash industry would like but not quite as fast as the payments stakeholders predict.”
Local and national-level initiatives to legislate cash availability are increasing around the world. To understand some of the reasons why governments are examining this question, The Cash Industry in Transition report provides relevant background.
The report outlines the internal factors influencing the cash industry today, such as more durable and secure banknotes, more efficient sorting solutions, and regulations that affect cash circulation. These factors have led to lower banknote and coin production volumes worldwide at the same time as more consumers are turning to digital means of payment. The report also examines the effect of external factors driving change for the cash industry, like the socialization of payments (Alipay, WeChat, and Facebook’s upcoming Libra, etc.), contactless payments, smartphones and e-wallets, and the billions of dollars in investments for new digital payments initiatives.
The 360° view provided by The Cash Industry in Transition report offers a holistic look at the state of the cash and payments industry today. It raises important points for global and local governments, central banks, cash management stakeholders, fintech, and payments stakeholders on what the future may bring for both cash and digital payments.
Currency Research (CR) is the world’s resource for currency knowledge with a far-reaching network of cash and payments experts and professionals. Through our initiatives (conferences, publications, consulting) supporting education and knowledge-sharing within the cash and payment industries, we help improve the lives of people by supporting their rights for faster, cost-effective, secure choices in payments. CR publishes the monthly digital publication, Central Bank Payments News, and, in a joint venture, Currency News, Cash & Payments News, and Mint News Quarterly.