For centuries, societies have relied on tangible payment methods, such as metal or paper money, for trade.

With the development of modern information technologies, numerous alternative payment methods have emerged. For several years now, given the increased use of electronic payments and the rise of cryptocurrencies and blockchain technology, many are predicting the end of cash.

And yet, the volume of cash in circulation continues to grow. “Cash will retain a strong position in the future mix of payment methods,” says Eric Boissonnas, CEO of KBA-NotaSys. “The banknote industry has a joint responsibility to ensure continuous improvement of the security of cash and the efficiency of the entire cash cycle. And we are committed to the work of the International Currency Association on initiatives such as cashmatters.org, which explain to our customers and the general public the role and importance of cash.”

The article below, published by cashmatters.org, reviews some of the cashless society myths.

It should come as no surprise that using cash is cheaper than any power-dependent payment forms. On a person-to-person level, cash does not require a card reader or an online network to process each transaction. The social cost of cash production and distribution does not compare to the economic and environmental costs of running digital payments infrastructures.

Part 1 of the Currency Research report The Case for Cash challenges misinformation regarding the cost of cash:

An occasional paper published by the European Central Bank (ECB) in 2012 found cash payments to have the lowest social costs per transaction.

A British Retail Council (BRC) study found in 2012 that “unjustifiably” high debit and credit card fees are carried over to retailers and consumers, and that the costs of credit and debit card transactions rose while those of cash fell.

Similarly in 2012, a US Federal Reserve Bank of Kansas study showed that cash and debit cards had the lowest social cost per transaction.

According to the Guardian newspaper, cryptocurrency produces as much CO₂ each year as 1 million transatlantic flights.

Sweden, home to the world’s oldest central bank, enjoys a lot of trust from its citizens and has inspired others to follow its cashless footsteps. Even though the vast majority of transactions are digital, however, this doesn’t mean that the public is ready to give up cash. An overwhelming 68% of Swedish people polled in a survey stated that they are not on board with a cashless future.

There are two big reasons why Sveriges Riksbank announced that they had turned back on their cashless plans: The needs of an elderly demographic which relies on cash and the acknowledgement that “being cash-free puts us at risk of attack.”