Cash has been around for over 5,000 years, with the first coins being used in China around 770 BC. Today, cash remains a fundamental aspect of daily life for many consumers, offering a tangible and universally accepted form of payment. In Spain, as in many other European countries, the role of cash for retail payments has evolved in response to new technology and changing consumer ...

Digital payment methods are gaining in popularity in Germany, but the country is unusual among its European neighbours. Cash is still the dominant payment method and is used for 58% of everyday transactions when paying for both goods and services. Debit cards are the second most popular method of payment.In this article, we explore the reasons and cultural preferences for continued cash usage in Germany ...

The short answer is: Yes. Businesses and shops in the UK can refuse cash payment. They can also reject other forms of payment. The 'legal tender' misconception There is common misconception that cash is 'legal tender' that cannot be refused as payment.However, 'legal tender' has a narrow definition...For example, if a court rules that you owe a debt, and you offer to pay in legal ...

There are estimates that predict there’s around $40 trillion in physical money circulating worldwide today, so in these circumstances it is difficult to see physical cash becoming obsolete. However, most people will likely have heard of or used the term ‘cashless society’. This was fuelled more recently by the Covid-19 pandemic with cash payments falling from 54% to 14% between 2012-2022, according to UK ...

The digital divide refers to the continuously growing gap between those who have ready access to digital technologies—such as the internet, computers, and mobile devices—and those who do not.This fragmented divide is shaped by factors such as varying socioeconomic groups and digital literacy - which collectively determine how individuals and communities engage with digital technology.While much of the discussions surrounding the digital divide focus on ...

In business operations, every minute counts. So, imagine the time saved by accurately counting stacks of cash in mere seconds. Money counters enable this. They are indispensable to a wide range of industries, even in today's digital age. But how do these machines work? Let's find out. What is a money counter? A money counter (sometimes known as a coin counter or cash counting ...

In recent years, the use of cashless transactions has skyrocketed on a global scale - with the annual number of cashless transactions per person rising from 91 to 135 - making the concept of a cashless economy an ever apparent possibility. A cashless society is an economic system in which all financial transactions are conducted through digital means rather than using physical money like ...

Understanding Coin Sorters: How They Work and Their Importance in Cash HandlingA coin sorter is a vital tool for businesses and financial institutions that deal with large volumes of coins.Unlike coin counters, which simply tally the total value of mixed coins, coin sorters take cash handling to the next level by physically organising and separating coins based on their denomination.This blog delves into the intricacies ...

Counterfeiting, the production of fake paper currency, is an ancient practice that has evolved alongside money itself. From early coin forgeries to counterfeit bills spanning from ancient coinage to paper money, counterfeiters have continually adapted to advancements in currency security features. This illicit activity undermines economies, reduces trust in financial systems, and imposes significant costs on governments and consumers. In the 1700s it even ...

To answer your question ... is the pound backed by gold? Put simply, no, the British Pound Sterling is not backed by gold, like other major currencies, in fact it operates on a monetary system called fiat money. Instead of being tied to a physical commodity, like gold coins, this monetary system derives its value from British government regulation and confidence in the British economy. ...