The Future of Cash Conference – 2025 Review

A research seminar, led by Franz Seitz from the Weiden Technical University of Applied Sciences, highlighted the critical role of ATMs to guarantee access to cash. However, in spite of declarations and efforts to preserve a sufficient cash infrastructure from many central banks and governments, ATM numbers are continuing to decline in most mature economies. One key factor is that ATM interchange fees – the underlying business model for  ATMs – no longer ensure their economic viability.

Cash Essentials’ Guillaume Lepecq and CPT Group’s Matt Sykes stressed that ATMs are a dynamic and evolving pillar of financial access. They provide a critical fail-safe during crises, support financial inclusion, and serve as a bridge for those underserved by digital payments. However, the current business model is broken. Interchange fees – which are generally set by card schemes with no involvement in the cash cycle and little interest in cash – were designed to foster interoperability of ATM networks. They now often undermine the very operators they were meant to support. Reform is urgently needed to align fees with costs, increase transparency, and restore fairness.

De Nederlansche Bank’s Roel van Anholt shared how the Dutch interchange strucure, which saw an unexpected increase in ATM interchange fees in 2024 through regulation. Nicholas Smedley of Findi presented the Indian  model, an obvious outlier in terms of ATM growth. Thethe RBI raised regulated interchange 27% over four years enabling 10-15% growth of ATM numbers. Graham Mott from Link explained how in the UK, LINK sets interchange via board discretion but also provides targeted subsidies for low-volume rural sites. The UK has seen a significant rise in the average value of cash withdrawals since the pandemic. Euronet’s Marek Szafirski explained how Poland’s ATM interchange fees finally reformed after a 15-year regulatory process involving the Central Bank, the Ministry of Finance, payment schemes (Visa, MasterCard, Blik), and Independent ATM Deployers.

The seminar concluded on a call to action. The solutions exist, as demonstrated by successful models in the Netherlands or Poland, where public-private partnerships, regulatory intervention, and innovative commercial arrangements have helped sustain ATM access. The priority is to raise awareness of policy makers and regulators on this important issue.

In the opening session, Olivier Strube (ECB), Shaun O’Brien (FedCash Services), and Ronan McClintock (Bank of England) discussed how cash demand and access are evolving their respective areas. In all three areas, cash in circulation is rebounding after a period of low growth following the pandemic. In the euro area, two draft regulations are currently in the hands of the European Parliament; the first would revise the concept of legal tender and impose the mandatory acceptance of cash; the second would empower the ECB to launch a digital euro, which it says would complements cash. In the United States, transactional demand for cash remains consistent while precautionary holdings are increasing. The Federal Reserve is analysing the impact of ATM recyclers on cash volumes to identify the difference between demand and efficiencies. In the UK, the Bank of England is currently in the process of overhauling the  wholesale cash cycle to monitor its effectiveness, resilience, and sustainability..

Focus then shifted to cash in the context of crises, with Barbara Jaroszek (Narodowy Bank Polski) presenting Poland’s extraordinary response to surging cash demand and recent logistical challenges.  The daily value of cash withdrawals increased 17 times their usual level at the beginning of the war in Ukraine.

Diederik Bruggink (ESBG) shared his views on evolution of money and the rise of CBDCs. CBDS could represent an evolution, not a replacement of cash but it requires a fine balancing act. Public trust and inclusion must guide design choices. Andrzej Nowak explored what radical banknotes of the future may look like and shared thought-provoking concepts including personalised notes, till- or ATM-printed notes and crisis notes.  Piotr Dymała (PWPW) detailed innovations aimed at minimising the ecological impact of cash from a manufacturing perspective. Sina Grebrodt (Koening & Bauer Banknote Solutions) presented the Moneybox a playful financial literacy toolkit designed to teach children how to earn, spend, save, borrow, and budget through tangible activities.

Matthee le Cointre shared the conclusions of GeldMaat’s scenario-planning exercise whch results in four radicall different scenarios: from government-led utilities to market-driven consolidation, from social inclusion to commoditization. Barry Röhrs touched on financial innovation in Africa and stressed thet many “digital” fintechs in Africa have significantly cash-heavy revenue models as Africa’s economies remain cash based. He noted that success often lies at the intersection of cash and digital.

Will Gen Z use cash?

Pascal Wicht (SICPA) explored of how Gen Z’s relationship with money signals a cultural and systemic transition, emphasising the diverse viewpoints and experiences found within this group. Alejandro Zamora-Pérez (ECB) detailed how age, time period, and cohort can be decoupled from euro cash use, with young adults in Europe continuing to use cash but in a different way compared to previous generations.

Monika Kowalewska (Narodowy Bank Polski) and Ophélie Bemelmans (Paris School of International Affairs) joined a panel discussion focusing on Gen Z’s unique perceptions and preferences regarding money and finance.

The winners of the 2025 CashTech Innovation Awards were announced at the conference.

Organised by CashEssentials, the awards recognise groundbreaking advancements to improve access to cash, acceptance of cash, and the efficiency of the cash cycle. They emphasise the growing importance of innovation to ensure a sustainable, resilient, and inclusive future for cash. The winner in each category were as follows:

• Best CashTech Innovation – Oesterreichische Nationalbank for its ‘ATMs for Austria’ initiative, which involved a nationwide expansion of the ATM infrastructure to close gaps in rural areas to enhance accessibility, financial inclusion, and security.
• Best CashTech – Bankomat AB for the bold and comprehensive transformation of its cash logistics operations in Sweden. The in-house cash-handling and logistics operation optimised cost efficiency, sustainability, and real-time cash management.
• Best CashTech Start-Up – Muney App for bridging digital transfers and cash to enhance efficiency and inclusion in the Latin American remittance market. The branchless digital infrastructure enables seamless conversion between cash and digital currency in Latin America.

A full review of the awards and winning initiatives can be found here.