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Why is use of cash persisting? Critical success factors for overcoming vested interests
This paper examines the extent of cash usage and analyses the reasons for its continued success, indeed resilience, against modern — superficially more convincing — alternatives. While it is well known that cash handling causes significant financial and social burdens upon all economies, many of the incentives to each involved stakeholder group (government, central banks, retail, consumers) that keep cash alive are not so well known. Hence, critical success factors for at least partial displacement of cash — which must overcome all stakeholders’ interests to make electronic alternatives a success — are developed. Technological innovations in different geographies are analysed to show possible future development of payment innovations that can add value and lead to a more efficient, less costly and more secure business and society.
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Michael Salmony is Executive Adviser at equensWorldline SE, the largest pan-European payment provider. He is an internationally recognised leader on business innovations especially in the digital and financial services space. In this capacity he is board-level adviser to banks and other industry associations and works with numerous European bodies, including the European Commission, the European Payments Council and the Euro Retail Payments Board, and is in numerous national and international boards.