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Forget about cash. Experts have no doubt that it is coming to an end

During the European Economic Congress in Katowice, many experienced financiers made no secret of the fact that the end of cash was fast approaching. The EU is already making clear moves on this issue.

Let us recall that in April, the European Parliament adopted a package of laws aimed at intensifying the fight against money laundering and terrorism financing. In practice, this means that limits for cash settlements above certain amounts are to enter into force in 2027.

This topic is not new, however, because he has already discussed the issue of cash settlements, although ultimately without consequences among others government of Mateusz Morawiecki as part of the Polish Order. There is no need to be overly surprised by the government's moves. After all, they leave cashless payments digital trace of each transactionwhich simplifies not only the mechanisms for combating the most serious criminals, but also fiscal supervision over every citizen.

Cash is a luxury good or insurance for a rainy day

During the debate organized as part of the ECE, experienced Polish financiers tried to prove that the decline of cash is only a matter of time. Although the exact form of payment that will replace paper money remains an open question for now, the general conclusion is clear.

Joanna Erdman, president of the management board of the Polska Bezgotówkowa Foundation, believes that now soon cash will be treated “as a premium service”. It should be understood that the possibility of such settlement will become a luxury, while normally the seller or service provider will show us the terminal.

It all depends on which technologies we trust in the future. According to our research, one of the most important elements of cashless payments is trust. Whichever way gains the customer's trust will maintain a dominant position on the market

– explains Erdman, quoted by

Szymon Wałach, vice-president of InPost, has a similar opinion. He estimates that in the long run, cash will become “protection for a rainy day.” According to this vision, it will not disappear completely, but we will probably not take it to the store, or at most keep it safely hidden.

The days of cash are numbered

In contrast, Wojciech Murawski, member of the Autopay management board, is not so radical, but he also sees a future without cash. Maybe not yet, because in his opinion, many transactions still require physical money, but at the same time, the behavior of the average consumer is supposed to indicate a progressive change.

There is no doubt that we will be facing a world without cash. Looking at how the market behaves and how we pay for services, we see that we are increasingly short of cash and need it less and less

– says Murawski.

In this context, Marcin Kościński, managing director of ING Bank, and Dariusz Mazurkiewicz, president of BLIK, have no doubts. According to the former, “the cash is in a war that he will probably lose.” – The days of cash are numbered. We can only discuss how long it will take and which payment method will win. This is evidenced by companies from the e-commerce sector. There is simply no room for cash – says Mazurkiewicz.

Of course, it is not certain that the EP's ideas in the proposed form will actually come into force. The decision still needs to be approved by the Council, assuming there are no amendments along the way. However, it is clear that the financial industry is somewhat resigned to the changes and does not seem to be opposed to them.

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