On June 19, 2019, the Reserve Bank of New Zealand issued a consultation paper on the future of cash in the country, which assesses the significance of cash in society and its trends as the demand for cash declines.
The paper analyses the role of cash, as well as issues to be considered, including:
- Cash acceptance: what happens if cash becomes less accepted and its impact on those who are financially or digitally excluded who could be severely negatively affected.
- The cost of the cash infrastructure: moving toward a society with less cash could increase efficiency and reduce the overall transaction costs of payments.
Some of the findings identified by the paper are: