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June 28, 2013updated 04 Apr 2017 4:11pm

DNB argues against cashless future

De Nederlandsche Bank (DNB) has spoken out against the possibility of a "cashless future" in a bulletin posted on its website.

By Billy Bambrough

De Nederlandsche Bank (DNB) has spoken out against the possibility of a "cashless future" in a bulletin posted on its website.

The Dutch central bank said it is committed to maintaining cash as a "universally usable" payment option and a "smoothly functioning" cash chain.

DNB acknowledges in its latest research that the use of debit cards continues to grow but that cash remains the dominant means of payment.

Its research found that the year 2012 saw 3.8bn cash payments made at Dutch counters, against 2.5bn card transactions.

In a claim that is sure to be disputed by contactless aficionados, the bank finds that a cash payment requires 20% less time than card.

The bank further defends cash saying it is anonymous, private and always available.

In order to make cash payments safer DNB intends to strengthen its supervision of market parties that re-circulate Euro banknotes through on-site ATMs.

DNB has also developed a banknote checking app for use by the public to check the authenticity of Euro bank notes.

 

Related articles:

Concerns over access to cash in the UK: Payments Council

Banco Sabadell’s banking app becomes mobile to mobile cash payment system

Dutch state takes control of DSB Bank

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