Review of 2022

Cash – a Means of Payment and So Much More!


Central banks, commercial sector cash industry professionals and delegates from the world of academia gathered in Madrid the 2022 edition of the Future of Cash, a much-anticipated event originally scheduled for April 2020.

Led by Guillaume Lepecq, Chair of CashEssentials, the two-day event was book-ended by two other important initiatives.  First, a three-part Futures Literacy Lab, which, in association with the UNESCO Chair for the Future of Finance, aimed at imagining the role of cash in the Future Monetary Landscape. Second, and to conclude. a half-day research seminar seeking to better Understand the Cost of Payments.

Access to the presentations is limited to FOC 2022 attendees, please use the password which was provided by the

Setting the Scene

Day One of the conference welcomed three senior central bank representatives – Helena Tejero from the Banco de España, Paloma Varela from the European Central Bank and Kathleen Young from the US Federal Reserve.  All three are relatively new to their current senior posts (Kathleen was appointed to the role of Chief of FedCash Services for Federal Reserve Financial Services just a few days earlier!), but all brought a wealth of industry experience and information from their respective organisations, providing delegates with rich insights on the continually evolving cash environment.

Each central bank speaker remarked on the significant growth of currency in circulation since the start of the COVID-19 pandemic, but also highlighted in Europe a further spike in demand at the onset of the Russian invasion of Ukraine, reinforcing how in times of adversity and uncertainty, people still turn to cash.

More recent returns of excess cash to central bank branches were also noted as inflation and interest rate rises start to bite, a trend together with an increased focus on the cost of holding cash stocks to watch in the coming months.

The trends relating to the two major US dollar and euro currencies were not alone, as Antti Heinonen, member of the CashEssentials Steering Committee and former Director, Banknotes at the ECB showed through the data he regularly compiles from more than 100 central banks and issuing authorities.  Growth in banknote demand throughout the height of the COVID-19 pandemic averaged more than twice the long-term trend rate and that, while trends in 2021 reverted to closer to the norm in most countries, currency issue remains robust.

The disparity between increased currency issued and declines in actual transactional currency use was a repeated theme of the conference, as was the increasing focus being taken by central banks to better understand the dynamics of the commercial cash infrastructures in their countries.

Banco de España and the Federal Reserve both shared their research on changes to cash access as commercial bank branches and ATMs continued to close.  Alex Bau, VP Data and Policy Analysis at the Federal Reserve drilled down on this data in the CashEssentials’ research seminar, describing the analysis and simulation work done to estimate the consumer impact and cost of further reductions in cash access.

More Cash but less Cash Payments

Further central bank insights on Day Two reinforced many of the key themes already surfaced, with specific focus on cash trends in Germany being presented by Heike Wörlen from the Deutsche Bundesbank, Gianluca Maddaloni from Banca d’Italia sharing his cash supply chain management analysis in operatic fashion and Ian Woolford from Te Pūtea Matua, the Reserve Bank of New Zealand (RBNZ), providing an update on the work being undertaken as part of the Bank’s Future of Money – Te Moni Anamata – programme.

Heike shared findings from the Bundesbank’s sixth 2021 study on payment behaviour in Germany, reporting declines in cash, the payment method accounting for 58% of respondents’ purchases of goods and services, compared to 74% back in 2017. Online shopping and growth in debit card (primarily domestic Girocard) use are all playing their part to erode Germany’s historic preference for cash use. Ian noted findings from the RBNZ research which included widespread public support for cash even if the individuals weren’t particularly heavy users of cash in their own right.

Other central bank presentations came from Wim Goyens, who provided insights into the construction of the National Bank of Belgium’s new cash centre consolidating their cash operations in a purpose-built facility on the outskirts of Brussels. Carlos Gonzalez at Banca de España shared its work on addressing the environmental sustainability of cash in Spain.

Making the Case for Cash

Building on the growing focus on the environmental impact of cash use, Leeann Shanks – Sustainability Lead Cash & Self Service Operations at NatWest Group – described the work at her bank (both an issuer of banknotes in Scotland and a major participant in the British wholesale and retail cash supply chain) and the broader United Kingdom Cash Industry Environmental Charter Group which is working towards a greener cash cycle. Key takeaways were the need for better data points to measure tangible targets and how practical steps such as the reduction of plastic banknote packaging are having not just real environmental but also significant cost-saving benefits.

In his presentation,  Diederik Bruggink of the European Savings and Retail Banking Group reported on findings from the European Retail Payments Board Report on Access to and Acceptance of Cash, while Graham Mott from the LINK ATM Scheme provided insights into changing ATM demand in the United Kingdom in a presentation entitled ‘Emerging from the Pandemic, but into the Cost of Living Crises’.

Issues discussed here –  including access to cash, acceptance of cash and cash and crises – were three of six themes debated later in a series of ‘speed dating’ style round table discussions.

Three other speakers, Javier Rupérez from Spanish cash campaign Platform Denaria, Brett Scott Author of Cloudmoney and Zennan Green at Glory Global Solutions all made forceful presentations in defence of cash.

Denaria, which was set up last year and is funded by the Spanish CIT sector, has already been successful in the campaign to give Spaniards the right to pay in cash, which was enshrined into law this summer.  In demonstrating the success of advocacy at a local level, it perhaps provides a blueprint for advocacy groups in other countries and their efforts to maintain cash as a public good.

Brett Scott , who as well as an author is described as a monetary anthropologist , gave a fascinating view on what drives consumer payment behaviour, and how BigTech exploits this. Humans, he said, are essentially mimetic – i.e. they subconsciously follow one another – and payment companies, by driving out choice, are nudging the public into following the path to cashless.

On a more practical note, Zennan Green demonstrated that solutions are there to facilitate access to and availability of cash given the rapid closure in many countries of bank branches and ATMs. Glory – traditionally a supplier of automation technology for those bank branches – provides many of the new generations of solution, having recently embarked on a round of investment into companies that are harnessing digital technology to ensure physical access.

Cash, Innovation and CashTech

Marcel Ficken from ATMIA provided an update on the progress of the association’s Next Gen ATM project that aims to future proof the most important cash access channel.

Barry Röhrs offered a fascinating round up of innovations across the cash cycle in Africa, highlighting how a number of non-traditional players are enabling cash and payments access to the previously unbanked, harnessing new technologies at breathtaking speed.

Ahead of the inaugural CashTech Innovation Awards three CashTech entrepreneurs Sandipan Chakraborty of Sonect, Sergio Kvaternik of viafintech and Julian Schubert from Koenig & Bauer debated the topic ‘Can CashTech Solve the Cash Conundrum?’ While the CashTech industry is still nascent, the innovations to provide alternative cash access, acceptance and, in the case of Koenig & Bauer’s ValiCash™, an easy way of authenticating banknotes via a smartphone app, all offer important contributions to support the future of cash.

Role of Cash in the Future Monetary landscape

As mentioned, ahead of the Madrid gathering a number of participants took part in a Futures Literacy Lab to imagine the role of cash in the future monetary landscape.  To the wider conference delegates, Lab moderators Martin Calnan, UNESCO Chair for Futures Literacy and Riel Miller, Senior Fellow at Ecole des Ponts Business School provided insights into the Lab learnings, together with Antti Heinonen, Guillaume Lepecq and Richard Wall (Chairman of the International Association of Currency Affairs) – who were three of several group facilitators.

What was evident from the Lab feedback and conference as a whole is that though cash is one of a growing range of competing payment methods IT IS SO MUCH MORE!  Yes, while cash is a unit of account, store of wealth and demonstrably turned to for contingency purposes, cash has so many other intrinsic and intangible characteristics, many deeply rooted in culture and tradition.

These unique properties and attributes can’t be taken for granted and, left to market forces and aggressive payments industry competition. Cash access, acceptance and use may all diminish, being payments system agnostic is not good enough!

Two comments emerged from the Lab sessions – ‘if we start thinking about the future of cash, we’ll spend less time discussing its short-term demise’ and ‘Money is like an army. If you don’t have your own, you will have someone else’s!




Banca d’Italia


Banco de España


Banco de Portugal


Bangko Sentral ng


Bangor University


Bank of Canada


Bank of Finland


Bank of Uganda


BNP Paribas


BNP Paribas Polska


British Retail Consortium

United Kingdom





Central Bank of Seychelles


Central Bank of Sudan


Chuo University



United Kingdom

CUNEF Business School and Bangor University


De Nederlandsche Bank


Demos Helsinki




Deutsche Bundesbank


Ecole de Ponts Business School


Erste Bank


Euro Automatic Cash


European Central Bank


European Savings and Retail Banking Group


Federal Reserve Bank of San Francisco


Federal Reserve Board


G+D Currency Technology Iberia SL




Glory Global Solutions


International Association of Currency Affairs


JCM Global


Koenig & Bauer Banknote Solutions



United Kingdom



Masterwork Automodules


Monea Coin Technology


MPT Security Zrt.


Mühlbauer GmbH & Co. KG


National Bank of Belgium



United Kingdom

Oesterreichische Nationalbank



United Kingdom

Orell Füssli Security Printing




PiP iT Global




Reserve Bank of New Zealand

New Zealand

Rohrs and Associates

South Africa

Royal Bank of Scotland


SBV Services (Pty) Ltd

South Africa


United Kingdom





Swiss National Bank


University Of St.Gallen




Weiden Technical University of Applied Sciences



Access to the presentations is limited to FOC 2022 attendees, please use the password which was provided by the

Wednesday 14 September 2022

Hover on the presentation title or speaker to see if more information is available.

9:00 – Setting The Scene


Opening Remarks

Guillaume Lepecq

CashEssentials (France)


Cash in Spain in a Changing Environment

Helena Tejero

Banco de Espana (Spain)


The ECB 2030 Cash Strategy.

Paloma Varela

European Central Bank (Germany)


Meeting Demand for Currency: Estimating and Measuring Cash Usage and Cash Access in the US

Kathleen Young

Federal Reserve Bank of San Fransisco (USA)

10:10 Panel discussion and Q&A
10:40 Break – Refreshments


A Global Update on Cash Demand in Turbulent Times.

Antti Heinonen

Bank of Finland, External (Finland)


The European Retail Payments Board Report on access to and acceptance of cash

Diederik Bruggink

European Savings and Retail Banking Group


The Cash Industry Environmental Charter: Towards a Greener Cash Cycle.

Leeann Shanks

Natwest (Scotland)


How BdE is addressing the environmental sustainability of cash.

Carlos Gonzalez

Banco de Espana (Spain)

12:30 Panel discussion and Q&A
12:50 Lunch

14:00 – Round Table Session 1

Participants will join a table dedicated to an open discussion on the topics below. The discussions will be facilitated by a subject matter expert and will last for 40 minutes. The Futures Literacy Lab are only open to those who will have participated in the two remote sessions on 7 and 8 September. 

  • Access to Cash
  • Acceptance of Cash
  • CashTech and Innovation
  • Environmental Sustainability of Cash
  • Cash and CBDC
  • Cash and Crises

14:45 – Round Table Session 2

A continuation of the Round Table, with delegates choosing to join two of the options.

15:30 – Round Table Session 3

A continuation of the Round Table, with delegates choosing to join two of the options.

16:15 Break – Refreshments

16:45 – Making The Case for Cash


Cash and Financial Inclusion in Spain.

Javier Rupérez

Denaria (Spain)


Cash, Cards, Crypto and the War for our Wallets.

Brett Scott

Author of Cloudmoney (UK)


“Cash is Dead”. Rinse and Repeat

Zennan Green

Glory (UK)

17:45 Panel discussion and Q&A
18:00 Welcome Reception

Thursday 15 September 2022

9:00 – Towards a New Normal? The Role of Cash in the Future


Cash Demand in Germany: Past, Present and Future.

Heike Wörlen

Deutsche Bundesbank (Germany)


Te Moni Anamata (the Future of Cash) – A Case Study from Aotearoa (New Zealand)

Ian Woolford

Reserve Bank of New Zealand (New Zealand)


Emerging from the pandemic but into the cost of living crisis

Graham Mott

Link (UK)


Cash cycle functioning: a supply side perspective.

Gianluca Maddaloni

Banca d'Italia (Italy)

10:20 Panel discussion and Q&A
10:50 Break – Refreshments

11:20 Panel Discussion – The Role of Cash in the Future Monetary Landscape

In a round table discussion the futurists and facilitators from the Futures Literacy Lab will share their learnings from the lab as well as thoughts on the way forward. 

  • Riel Miller, Ecole des Ponts Business School
  • Antti Heinonen, Banknote Ethics Initiative
  • Richard Wall, International Association of Currency Affairs 
12:30 Lunch

14:00 – Cash, Innovation and CashTech


A New Cash Centre for NBB.

Wim Goyens

National Bank of Belgium (Belguim)


Next Gen ATMIA – Cash Bundling Use Cases.

Marcel Ficken

ATMIA (Netherlands)


Cash Cycle Innovation in Africa.

Barry Röhrs

Röhrs Associates (South Africa)

15:00 Panel discussion and Q&A
15:30 Break – Refreshments

16:00 Panel Discussion – Can CashTech solve the Cash Conundrum?

CashTech is the confluence of cash and technology. CashTech gathers companies which leverage software and communications technology to provide improved cash services – including access to cash and acceptance of cash payments – as well as to enhance the efficiency of the cash cycle.

The panelists will discuss how new players can impact the cash cycle. Will they challenge or partner with traditional players? Will they compete with existing bank branches and ATMs or will they offer an alternative channel? Can they disrupt the trend towards increasing use of digital payments? Or can they turn cash into a digital payment? Can Cashtech play a more prominent role in the future cash cycle? How can their business model be more attractive for retailers and other stakeholders? Should central banks and retailers encourage their expansion?

  • Sandipan Chakraborty, Sonect
  • Sergio Kvaternik, Viafintech
  • Julian Shubert, Koenig & Bauer Banknote Solutions

17:00 Presentation of CashTech Innovation Awards

17:15 Drinks Reception

Friday 16 September 2022

9:00-13:30 Research Seminar – Understanding the Costs of Payments

Measuring the costs of payments has always been a complex issue, and various studies have reached very different conclusions. At a time when the payment landscape is undergoing radical and potentially disruptive change, the Costs of Payments Seminar offers a unique opportunity to debate the issue with researchers, academics, payments experts and economists.

Chair: Franz Seitz, Weiden Technical University of Applied Sciences


Opening Remarks

Franz Seitz

Weiden Technical University of Applied Sciences (Germany)


Estimating the Cost to US Consumers to Access Cash.

Alexander Bau

Federal Reserve System (USA)


SNB Presents A Survey of Swiss Companies on Payment Methods.

Giannina Elsaid

Swiss National Bank (Switzerland)

10:15 Q&A
10:45 Break – Refreshments


The Cost of Retail Payments in Germany.

Fabio Knümann

Deutsche Bundesbank (Germany)


Cost of Retail Payments – an Overview of Recent National Studies in Europe.

Kerstin Junius

European Central Bank (Germany)


The Cost of Retail Payments in Switzerland – A Methodological Approach.

Tobias Trütsch

University of St Gallen (Switzerland)

12:45 Q&A