5. Access to cash

5. Access to cash

Representing the oldest general means of payment[1], cash takes the form of physical notes and coin.

In its June 2022 submission to the RBR, the Central Bank outlined a number of important functions and benefits of cash, and the central roles it performs in society:

• Inclusivity – Cash provides payment and savings options for people with limited or no access to digital payments, making it crucial for the inclusion of socially vulnerable citizens such as the elderly or lower-income groups.
• Contingency – Cash is the only form of money that people can keep without involving a third party. No access to equipment, the internet or electricity is required in order to pay with cash, meaning it can be used when the power is down or in the event of an e-payment outage.
• Privacy – Cash transactions respect our right to have our privacy, data and identity protected in financial matters.
• Store of value – Cash is more than just a way of paying. It allows people to save without default risk.
• Legal tender – If offered, cash must be accepted in settlement of a monetary debt, unless both parties involved have already agreed on another way of paying.
• Budgeting – It helps you keep track of your expenses. Cash allows you to keep closer control of your spending, for example by preventing you from overspending.
• Security – As it is central bank money, cash is a secure means of payments for example in relation to cybercrime, fraud and counterfeiting.
• Speed – Banknotes and coins settle a payment instantly.
• Cultural symbol – Euro banknotes and coin are the most tangible symbol of European integration and our collective European identity.