Power outage chaos highlights need for cash
At the end of April wide-reaching power outages across parts of Europe, Spain and Portugal in particular, served as a stark reminder of our huge reliance on technology and the disruption we face when the systems we rely on for day-to-day living fail or become unavailable.
Trains came to a halt, traffic lights shut off, Metros closed and businesses shuttered. And people joined queues to get cash as card payments did not work.
When technology goes offline, even briefly, the disruption is far-reaching.
In moments like these, people turn to what they know they can count on - cash.
Although digital payments are entrenched in society and have many benefits, there are scenarios which render them unavailable. Here, the resilience and reliability of physical cash notes and coins ensures the ability to purchase and pay for essentials vital to all of us.
Although, events on the scale of the April outage are rare, smaller scale system failures can have an impact on the ability of retailers to accept digital payments.
A compelling reason why cash must remain protected as a pillar of financial access and inclusion.
We have often quoted “just because we now have elevators, we shouldn’t demolish all the stairs”.
The same is true of cash and the situation in Europe would have been markedly worse if cash (and, indeed, stairs!) no longer existed.
At Loomis, we’re proud to play a critical and pivotal role in keeping cash moving - ensuring that banks, retailers, and communities can access cash whenever it’s needed.
Our teams work every day to protect this essential infrastructure, so society can keep running even when systems fail.
Because in a world that’s constantly evolving, reliability is non-negotiable - and that’s what Loomis delivers.
When technology goes offline, even briefly, the disruption is far-reaching.
In moments like these, people turn to what they know they can count on - cash.
Although digital payments are entrenched in society and have many benefits, there are scenarios which render them unavailable. Here, the resilience and reliability of physical cash notes and coins ensures the ability to purchase and pay for essentials vital to all of us.
Although, events on the scale of the April outage are rare, smaller scale system failures can have an impact on the ability of retailers to accept digital payments.
A compelling reason why cash must remain protected as a pillar of financial access and inclusion.
We have often quoted “just because we now have elevators, we shouldn’t demolish all the stairs”.
The same is true of cash and the situation in Europe would have been markedly worse if cash (and, indeed, stairs!) no longer existed.
At Loomis, we’re proud to play a critical and pivotal role in keeping cash moving - ensuring that banks, retailers, and communities can access cash whenever it’s needed.
Our teams work every day to protect this essential infrastructure, so society can keep running even when systems fail.
Because in a world that’s constantly evolving, reliability is non-negotiable - and that’s what Loomis delivers.