In defence of access to cash – counting the benefits

Loomis is a staunch supporter of cash in society – pretty much goes without saying since we spend our days moving it, banking and securing it…

Cash Jan 18, 2024

But from time to time we like to underscore our point of view and reiterate just how important access to cash is in an increasingly digital world.

We believe that cash is an important method of payment for all citizens. It’s the legal tender that facilitates the financial inclusion of all segments of the population on an equal basis, especially among the most vulnerable groups that don’t have access to bank services, or people  that cannot use digital or electronic payments. It’s also a very tangible means of managing household budgets; in recent times when households have faced challenges with rising food and utilities costs many people have taken to budgeting with cash – setting aside specific amounts for different aspects of the weekly and monthly spend. Budgeting with cash certainly provides control and a degree of peace of mind.

Access to cash also provides independence since it guarantees privacy from organizations or corporations accessing personal information – which these days goes hand in hand with digital and online payments and banking. Obviously necessary for the most part, but not everyone is comfortable with providing personal details so it’s good to have the option to use cash.

Essentially, all methods of payment should have their place in society so that individuals can choose freely their most convenient and preferred option.

For many small local businesses, accepting cash is integral to their business model; providing convenience and accessibility to customers and helping them to reduce point-of-sale terminal costs. For those in the hospitality industry, cash can provide a welcome boost to income by means of tips. 

Something that is perhaps not often thought about is the fact that access to cash is essential in the event of natural disasters, cyber attacks, scams or other technological mishaps. At a time like this, cash is a secure reserve of value. We read an interesting quote just recently which we think makes the point beautifully that we cannot be solely dependent on the digital world:   “When the elevator was invented, stairs did not disappear”.

In conclusion, Loomis suggests that all societies should preserve access to cash as a fundamental right, as a safeguard against the risks of financial exclusion, and as a vital resource in emergency situations.

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