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Why is use of cash persisting? Critical success factors for overcoming vested interests
Journal of Payments Strategy & Systems,
5
(3),
246-272
(2011)
Abstract
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.
Keywords: cash; innovations; online; mobile; payments
The full article is available to subscribers to the journal.
Author's Biography
Michael Salmony is Executive Adviser at Equens SE, the first and leading pan-European full-service payment service provider, which processes more than 13 trillion euros per year. He recently managed, at the Board of Directors/Holding level, the post-merger integration of previously national organisations (achieving synergies and efficiency gains of more than 400FTE) to help create Equens as a panEuropean player. From his position at Equens, he represents national geographies, banking consortia and international industry sectors within such bodies as the European Commission (e-Invoicing Expert Group), the European Payments Council and the European Association of Cooperative Banks. He is much in demand as a keynote speaker at international conferences, has published extensively in books, newspapers and periodicals, and appears regularly on broadcast media. Born in 1956, he studied at Cambridge University, obtaining first-class honours in engineering and the Lord George Carter scholarship in computer science before beginning a long management career in the application of innovation to business value to become an internationally recognised leader on business innovations, especially in the internet and financial services space.
