Governments world-wide say ‘no’ to the end of cash

“The end of cash.” Experts, pundits and consumers have been predicting it for years. Headlines say cash is dead and digital killed it, calling this a natural consequence of supply-and-demand market forces. Those who disagree—“No! Cash is NOT dead!”—reinforce the claim by protesting it without reframing it.

Both sides assume that consumer choice alone determines the fate of cash: if consumers prefer digital payments, we will see cash going away; if they choose cash, it will stay.

But this assumption overlooks the growing role of public policy in defending cash access. Governments around the world are stepping in—not just observing market trends but actively shaping them. Through legislation, infrastructure mandates and constitutional protections, policymakers are intervening to keep cash viable, equitable and available. They are defending cash as a public good.

Governments around the world are stepping in with robust new public policies to protect access to cash, defending it as a public good.

From constitutional amendments to ATM mandates, policymakers in both developed and developing economies are insisting that cash plays a vital role in financial inclusion, consumer choice, economic resilience and quality of life. The message is clear: cash isn’t disappearing—it’s being defended.

Here are some concrete examples.

Hungary leads with a constitutional right to cash

In a bold move, Hungary recently passed legislation requiring ATMs in every town and village. The law, enacted in May 2025, mandates that payment service providers install and operate ATMs nationwide. Municipalities must provide suitable locations and financial institutions face fines for noncompliance. This follows a constitutional amendment that enshrined the right to pay with cash as a fundamental civic freedom.

Hungary’s rationale is straightforward: digital payments may be convenient, but they’re not universally accessible. By guaranteeing cash access, the government aims to protect rural populations, elderly citizens and those who remain outside the digital financial system.

Europe's quiet cash revolution

And Hungary isn’t alone. Across Europe, countries are taking legislative steps to secure the place of cash in the payment landscape.‍

• ‍Slovakia amended its constitution to guarantee the right to use cash for goods and services‍
• Austria is considering similar protections following a public petition that garnered widespread support‍
• Belgium passed a law requiring financial institutions to ensure that ATMs are available within five kilometers of 95% of the population and that they offer access to cash deposits, not just withdrawals
• In Sweden, once a poster child for the cashless future, The Riksbank now advocates for laws requiring supermarkets, pharmacies and fuel stations to accept cash, citing digital outages and public concern
  

These policies reflect a growing awareness that digital-only systems can leave people behind.

Whether due to age, income, geography or infrastructure gaps, millions still rely on cash—and non-government associations (NGOs) are responding along with governing bodies. To cite one of many examples, in September of 2018, the United Nations, UNICEF, OCHA, UNHCR and WFP published the first Common Cash Statement Progress Report (UNCCS) to promote cash or voucher assistance as a dignified, efficient way to support vulnerable populations.

Guaranteeing the right to pay with cash

In the US, the push to protect cash is gaining traction at the state and city level. New York City, San Francisco and Philadelphia have passed laws requiring businesses to accept cash. Similar legislation has been introduced in 18 other US states. At the federal level, the proposed Payment Choice Act would mandate that retailers accept cash for transactions up to $500.

Other countries have passed—or are taking steps to pass—similar laws: in Belgium, it’s the Federal Cash Access Law; in Ireland, it’s the Access to Cash Act;  in Spain, it’s the Cash Acceptance Law, in Sweden, it’s the Riksbank Mandate. France, Denmark and Norway have longstanding national cash acceptance laws and many other countries have such laws moving through their legislative processes.

The rationale is rooted in equity. Cash remains essential for budgeting, privacy and avoiding fees—especially for people who don’t have accounts with financial institutions. As digital payments proliferate, lawmakers are recognizing that consumer choice must include the option to pay with physical currency.

Developing countries defend cash access

In developing economies, cash is more than a payment method—it’s a lifeline. Governments in these regions are taking proactive steps to keep cash accessible.‍

Kenya

Despite the success of mobile money platforms like M-Pesa, over 84% of point-of-sale transactions in Kenya are still conducted in cash. The Central Bank of Kenya (CBK) has resisted full digitization mandates, emphasizing the need for cash infrastructure in rural areas. The goal is financial inclusion, especially for those without smartphones or reliable internet.‍

Morocco

Morocco has implemented ATM expansion policies and financial literacy programs to make sure that rural populations can access cash. Surveys show that rural women and low-income groups score lower on financial capability metrics. Cash access is seen as a gateway to broader financial services.‍

Nigeria

After a controversial currency redesign and withdrawal limits in 2023, The Central Bank of Nigeria reversed course. The initial policy led to economic disruption, especially in informal sectors. The reversal was framed as a move to protect livelihoods and restore trust. Today, Nigeria is increasing cash availability and deploying more ATMs to stabilize its payment ecosystem.‍

Thailand

Thailand has embraced digital payments but continues to support cash, especially outside urban centers. The government promotes hybrid payment ecosystems and avoids cashless mandates. Officials cite the need to preserve consumer choice and support tourism and small vendors who rely on cash.‍

China

The People’s Bank of China (PBC) has fined businesses—including major chains—for refusing to accept cash. Authorities declared that rejecting cash violates consumer rights, particularly for elderly and rural populations. Even in one of the world’s most digitized economies, cash is being defended.

Why governments are stepping in

The reasons behind these policies are varied but interconnected. At their core, they reflect a commitment to inclusion, resilience and freedom.

First, cash remains essential for those without access to digital tools. Elderly citizens, rural communities and low-income households often rely on cash for daily transactions.

Another reason for government intervention is to improve digital resilience: Outages, cyberattacks and infrastructure failures have exposed the fragility of digital-only systems; cash provides a reliable fallback.

Governments are increasingly framing cash access in terms of consumer rights or civil liberties. The ability to choose how to pay is becoming a protected right.

And finally, economic equity: cash supports informal economies, helps people budget and avoids fees. It’s a tool for empowerment, not just convenience.

These rationales are driving a new wave of legislation that treats cash not as outdated, but as essential.

The role of self-service financial access

As governments defend cash, the infrastructure to support it becomes more important than ever. ATMs, cash recyclers and other self-service technologies are critical to ensuring that cash remains accessible, especially in remote and underserved areas. ATMs can also provide the access point for a wide variety of financial services, such as bill payments and loans—including microloans, which have been shown to help lift women out of poverty. These tools offer a scalable way to deliver self-service financial access.

By investing in self service, financial institutions can align with public policy goals while meeting consumer demand. The result is a more inclusive, resilient and flexible payment ecosystem—one that respects the role of cash even as digital options expand.

A future with freedom of choice

The global movement to defend cash is not a rejection of digital innovation. It’s a recognition that progress must be inclusive. As payment technologies evolve, the infrastructure and policies that support them must do so, as well. Cash and digital can coexist, offering consumers the freedom to choose what works best for them.

In this context, the phrase “cash isn’t disappearing—it’s being defended” captures more than a trend. It reflects a shift in mindset, one that values accessibility, equity and resilience. Governments are leading the charge, but businesses and financial institutions have a role to play, as well.

By embracing this vision, we can build a payment landscape that works for everyone—not just those who are digitally connected and financially secure. And that’s a future worth defending.