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Insights and Expertise

Creating a cashless Retailers draw the line on cash

As cash becomes less common in the general population,
society: Are we a growing number of retailers are following suit by
choosing not to accept it. Once an option predominantly
moving too fast? seen in small coffee shops, this shift is now being adopted
by larger, national brands. For instance, restaurant brands
such as Mulberry & Vine and Sweetgreen no longer accept
By Michelle Comfort cash payments (see http://bit.ly/4087bLo).
PSE Consulting The Case for Cash
The shift toward a cashless society has brought about
two primary concerns. With living expenses on the
rise, numerous consumers depend on cash to effectively
manage their budgets, as physical money serves to
reinforce their spending boundaries.

Furthermore, there were 5.3 million unbanked households
in the United States in 2024, per Capital One Shopping
Research. For this significant portion of the population,
cash remains a vital lifeline, bridging the gap to financial
inclusion for those without access to traditional banking.

Aside from its importance in personal finance, cash plays
a vital role as a safety net in times of crisis. As geopolitical
tensions and economic uncertainty rise, having access to
physical currency ensures security and stability. Sweden,
despite its push toward a cashless society, recently
he world is racing towards digitization, and advised citizens to keep cash on hand for emergencies,
the payments industry has seen the brunt force while neighboring Norway mandated in late 2024 that all
of this shift. Although cash usage is slowly businesses must accept cash (see http://bit.ly/4480ryg).
T decreasing globally, for many it remains essen-
tial for daily life—serving as both a budgeting aid and a These developments highlight the enduring importance of
protective measure during uncertain times. cash as both a financial management tool and a fallback in
periods of global instability.
As the availability of cash declines and an increasing Taking action – what’s next?
number of businesses stop accepting it, concerns emerge
about whether this shift is occurring too rapidly. Therefore, As cash use continues to decline, calls have grown louder
it's important to consider what measures can be taken to for intervention to ensure its continued availability—
ensure that cash remains accessible for those who need it especially for essential services. One area under pressure
the most. is the provision of ATMs, particularly those that are free
for consumers to use.
Cash is disappearing – and quickly

The shift toward a cashless society has gained significant Despite the presence of interchange fees paid by card
momentum in the United States. According to Capital issuers, the overall business case for ATMs remains weak.
One Shopping Research, cash purchases amounted to 48 These fees—charged when customers use ATMs operated
percent in 2025, falling from 76 percent in 2015 Meanwhile, by banks other than their own—generate only modest
in 2024, 85 percent of POS transactions globally were revenue for banks.
cashless with trends showing only 10 percent of POS
transactions being cash in 2028 (see http://bit.ly/4e9RFVe). Meanwhile, ATM operators must contend with the cost
of stocking cash (which earns no interest), maintaining
This downward trend is reflected in the number of hardware and ensuring security. Rethinking the economic
physical bank branches and automated teller machines model for ATM deployment may be key to sustaining
(ATMs) available to consumers. In the United States, the access to cash.
population of households using ATMs has fallen by 6.75 Reimagining cash payment procedure
million in the past five years, according to Capital One
Shopping Research. Advocates in the UK are pushing for legislation that
mandates all retailers to accept cash payments. However,
widespread adoption appears unlikely in the near future,
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