G4S World Cash Report launched in Asia
Led by Paul Van Der Knaap, Strategy and Business Development Director for G4S Global Cash Division, the session 'Cash Makes the World Go Round' discussed the role of cash and how it has been affected by the emergence of modern payment methods.
“Cash is the oldest and still the most widely used payment instrument in the world” said Paul Van Der Knaap. “It is a common misconception that cash is less important to modern society due to the rise of electronic and mobile payments, but the G4S World Cash Report definitively finds that people all over the world still like to use cash and will continue to do so for many years to come.”
The G4S World Cash Report, originally launched in Europe in April this year, surveyed 47 countries covering 75 per cent of the global population and over 90 per cent of the world’s GDP. The findings showed that demand for cash continues to rise globally, despite the increase in electronic payment options in recent years.
Paul Van Der Knaap, G4S Global Cash Division, presenting at ICCOS Asia
The report highlights the variety of payment habits across Asia. In Indonesia, India and Thailand over half of financial transactions are made using cash, while in China there has been a marked shift towards electronic payments. In comparison to other parts of the world; in Europe 80 per cent of point-of-sale transactions are conducted in cash, while in North America, where card payments are most regularly used, cash use still accounts for 31 per cent.
Chief Executive of G4S’ Global Cash Division, Jesus Rosano, said: “Cash remains fundamental in our day to day global economy. The evidence shows that contrary to popular opinion, demand for cash is growing in absolute terms and relative to GDP. People trust cash; it’s free to use and readily available for consumers, it’s confidential, it can’t be hacked and it doesn’t run out of battery power– these unique qualities continue to hold significant value to people living on all continents.
"Above all, the World Cash Report highlights that wherever people are in the world, they use and value a range of payment options. There is no region where everyone chooses the same way to pay and cash remains hugely important all over the world."
Group Chief Executive of G4S Plc, Ashley Almanza, said: “At G4S we focus on making cash management easier and more efficient for our customers. Our cash management technology enables us to deliver these benefits to customers through solutions such as Cash360 and G4S Pay”.
The G4S’s World Cash Report launch in Indonesia is part of a series of regional launches across 2018/19. The report was first launched at the Cash Cycle Seminar (ICCOS) in Dublin on 17 April and further ICCOS events are planned for Los Angeles and Ghana.