Most often overlooked in the fintech space is the world’s most scalable and private payment system: cash. It is used in every country around the world and despite its much exaggerated demise, according to the G4S Global Cash Report 2018, cash circulation has risen to 9.6% of GDP across developed and emerging market countries since 2000, up from 7%. Cash is still king for now, despite concerted attempts to usurp it.
The War on Cash Is in Full Swing
Cash settlements are direct and final, with particular usage for smaller value transactions accounting for 60-80%, as per the same GS4 report. Overall it is an essential pillar of civilization as cash is the primary mechanism by which the world conducts payments and trade. Were cash to disappear suddenly, the economy of various countries would be severely affected.
Having recently attended the ESTA forum 2019 in Vienna, an annual event for Europe’s cash management industry, I was able to get a grasp on the situation:
The War on Cash is in full swing and many cash management providers don’t know how to react to this development. A