Cashtic - Peer ATM Network

Carrying cash comes with serious risks, as a recent shocking incident in Budapest has shown. Last year’s Hungarian boxing champion, Valentin Koloszár, shared on his TikTok account how he became a victim of a criminal group at the Népliget bus station. The athlete was tricked out of 20,000 Hungarian forints (about 50 USD) in cash and then threatened with a knife, highlighting the dangers of handling cash.

The Cash Trap

Three years after the onset of the Covid-19 pandemic, cash continues to assert its resilience in France’s payment landscape, standing strong against the burgeoning tide of digital transactions. According to Banque de France Bulletin no. 245: Article 5, and supported by the European Central Bank's latest SPACE II survey covering October 2021 to June 2022, cash remains the most widely used payment method at points of sale in France, accounting for 50% of transaction volumes.

In a stunning twist, China, the global leader in digital payments, is hitting the brakes on its rapid transition to a cashless society. The mighty renminbi is reclaiming its throne, as Beijing implements measures to make cash payments easier amidst mounting difficulties faced by tourists and elderly citizens in navigating the country’s dominant digital payment landscape.

Frankfurt, 17 January 2024 - In a groundbreaking study, the Bundesbank has painted a vivid picture of the future of cash, unveiling three potential scenarios for its use by 2037. As digital payment methods gain ground, the fate of physical currency hangs in the balance, prompting urgent calls for action to preserve cash as a viable option.

The Digital Domination Scenario: Cash Becomes Obsolete

In a dramatic and unforeseen move in November 2016, India annihilated two of its highest-denomination banknotes, effectively obliterating 86% of the nation’s currency in circulation overnight. This bold maneuver, dubbed Demonetisation, aimed to dismantle rampant corruption and siphon out hidden wealth. The immediate aftermath was a pandemonium of serpentine queues outside banks and ATMs, with critics decrying the policy for disproportionately afflicting the impoverished and crippling India's vast informal economy.