Cash continues to play a critical role in maintaining business continuity during periods of disruption, according to insights shared at The Future of Cash Conference 2025 in Warsaw, Poland.
The event brought together cash industry leaders from across the globe, with a strong consensus that while digital payments continue to grow, cash remains an essential contingency payment method for consumers and businesses alike.
Data presented by the European Central Bank (ECB) showed that demand for cash peaked during three recent crises in the Euro area: the COVID-19 pandemic, Russia’s invasion of Ukraine and the 2025 Iberian blackout. While the nature of each crisis differed, all resulted in sharp increases in cash usage.
During the pandemic, consumers withdrew and held cash over a prolonged period to manage household budgets and maintain a sense of financial control. In contrast, the war in Ukraine triggered an acute, localised surge in cash demand in neighbouring countries, where cash was viewed as a safe store of value and emergency resource.
The Iberian blackout demonstrated cash’s role as a vital fallback payment method. With digital and online systems unavailable, cash enabled businesses to continue trading and consumers to access essential goods, underlining the importance of offline payment options during infrastructure failures.
These findings were echoed by Monnaie de Paris, France’s national mint, which stated that cash remains in high demand worldwide and is particularly valued in times of crisis.
James Harris, Managing Director at cash handling experts Volumatic, who attended the Future of Cash conference, said: “Here at Volumatic, we’ve long championed the benefits of cash and it’s really interesting to hear from others in the industry just how cash continues to prove its resilience in times of crisis – whether it be power outages or global pandemics.
“We have seen a resurgence in cash usage over recent years and it’s vital that both businesses and consumers embrace cash and fully support it, as it is an essential part of the payment infrastructure for so many and acts as an important contingency for everyone else.”
As payment ecosystems evolve, industry experts at the conference stressed that protecting access to cash alongside digital innovation is essential to ensure resilience, inclusion and continuity across the economy.
