Global Cash Report
Cash remains by far the most widely used form of payment in all regions of the world, and cash in circulation is growing, according to a new report published today by G4S.
The “World Cash Report” surveyed 47 countries covering 75 percent of the global population and more than 90 percent of the world’s GDP. The findings show that demand for cash continues to rise globally, despite the increase in electronic payment options, including mobile in recent years. Cash in circulation relative to GDP has increased to 9.6 percent across all continents, up from 8.1 percent in 2011.
The report highlights the variety of payment habits in different regions. In Europe, 80 percent of point-of-sale transactions are conducted in cash, while in North America, where card payments are most regularly used, cash use accounts for 31 percent. In Asia, the rise of online purchases does not mean that cash is taken out of the equation, with more than three out of every four online purchases in a number of countries paid for by cash on delivery.
Chief Executive of G4S’ Global Cash Division, Jesus Rosano, said:
“Cash remains fundamental in our day-to-day global economy. The evidence shows that contrary to popular opinion, demand for cash is growing in absolute terms and relative to GDP.
“People trust cash; it’s free to use and readily available for consumers, it’s confidential, it can’t be hacked and it doesn’t run out of battery power – these unique qualities continue to hold significant value to people living on all continents.
“Above all, the World Cash Report highlights that wherever people are in the world, they use and value a range of payment options. There is no region where everyone chooses the same way to pay, and cash remains hugely important all over the world.
“Because cash will continue as an important payment option it is essential that businesses and institutions continue to manage the cash cycle efficiently.”
Group Chief Executive of G4S Plc, Ashley Almanza, said:
“At G4S we focus on making cash management easier and more efficient for our customers. Our cash management technology enables us to deliver these benefits to customers through solutions such as Cash360 and G4S Pay.”
G4S’ World Cash Report will be presented at the Cash Cycle Seminar (ICCOS) in Dublin on April 17 and at further ICCOS events in Indonesia, Los Angeles and Ghana throughout 2018 and in early 2019.
More details can be found on the World Cash Report microsite.