A decade ago, the future of money seemed predictable, almost self-evident: digital was in, cash out and crypto a confidence trick that sensible money avoided. For banks, fintechs and companies processing payments, expectations were clear and linear – but in many cases have been proved wrong.
Digital is still very much the future, of course, with Gabriel Makhlouf, governor of the European Central Bank (ECB), observing in December that ‘the way we pay for goods and services is shifting rapidly, reflecting the broader digitalisation of our economy’.
Among the bank’s next frontiers is the launch of the digital euro, planned for 2029 and set to create a cash-like experience online by removing the dependence on commercial banks for money transfers.
The digital euro is one of several government-backed payment initiatives emerging globally
While certainly a part of money’s long-term journey, it is also a response to recent and increasingly urgent concerns, from cybersecurity and personal privacy to global political uncertainty.
RTE News reported in October an ECB source reflecting on current EU payment vulnerabilities: ‘Should a future MAGA-style president put pressure on Visa and Mastercard to limit their use in Europe, then 13 out of 20 eurozone countries would be unable to operate basic electronic payments.’
Fragmentation and control
The digital euro is one of a number of government-backed payment initiatives emerging globally, among them the Pan-African Payment and Settlement System and Brazil’s PIX. Payment technology company HPS says this trend is both ‘reshaping the landscape of digital payments’ and ‘fragmenting the global payments system’.
The digital euro is also tacit acknowledgement that, for all the risks and official misgivings, cryptocurrencies are here to stay. Silicon Valley Bank reported in December that ‘Morgan Stanley, PNC and JPMorgan are developing crypto trading and settlement products’, while stablecoins – privately backed digital currencies pegged to fiat currencies, typically the dollar – ‘are becoming the backbone of digital money’.
‘We should not underestimate the resilience and utility of cash’
One explanation for why the ECB is pushing the digital euro with some urgency is that it offsets the risk of a ‘stablecoin euro’ emerging, over which regulators would have no control. ‘The ECB isn’t marketing it like that because they think that that’s a negative story, and a hard story to tell, so they’re marketing it as a payments revolution,’ Rebecca Christie of Brussels thinktank Bruegel told RTE.
‘This is not just a technical project but a collective effort to future-proof Europe’s monetary system,” says ECB executive board member Piero Cipollone, who chairs the high-level task force on a digital euro. ‘A digital euro will ensure that people enjoy the benefits of cash also in the digital era. In doing so, it will enhance the resilience of Europe’s payment landscape, lower costs for merchants, and create a platform for private companies to innovate, scale up and compete.’
Cash is back
However, Makhlouf sounds a cautionary note, saying in December: ‘In the rush to embrace a digital world, we should not underestimate the resilience and utility of cash.’ This is a marked contrast to how paper money was viewed at the start of the decade when a 2021 report from PwC could confidently speak of a steady shift to digital payments ‘that might ultimately lead to a cashless global society’, something that is now looking unlikely.
A 2024 ECB survey found that 62% of consumers ‘considered it important or very important to have cash as a payment option’, and worldwide PwC reported in 2025 that ‘48% of US consumers expect to use cash among their top three payment methods this season’, while Forbes says ‘several major emerging Asian economies still use cash for a significant percentage of transactions’.
Ireland has legislation to ensure sufficient and effective cash access
Recognising the continued importance of cash to small businesses and individuals who may not be tech-savvy, Ireland’s recently implemented Finance (Provision of Access to Cash Infrastructure) Act 2025 is intended to ensure sufficient and effective access to cash across the State. The legislation follows the departure of major banks (Ulster Bank and KBC) from the Irish market, which reduced the available cash infrastructure.
New regulations require certain banks (notably AIB, Bank of Ireland and PTSB) – referred to as ‘designated entities’ – to maintain the cash infrastructure network at specified minimum levels, to ensure that any further evolutions in the use of the cash are managed in a fair, orderly, transparent and equitable manner for all stakeholders.
Key criteria include the minimum percentage of the population across eight geographical regions that must be within 10km of an ATM and a cash service point, as well as the minimum number of ATMs per 100,000 people in each region. The Central Bank is tasked with monitoring this framework, and its first quarterly report published in February indicates these targets are largely being met.
93% of financial institutions are in the midst of modernising their payments infrastructure
The report shows that there are just over 4,000 ATMs in Ireland, and just over 1,200 cash service points. The Banking & Payments Federation Ireland (BPFI) says ‘the overall picture reflects a consistent level of access to cash services nationwide, with the majority of regions effectively meeting the access‑to‑cash criteria as set out in legislation.’
While noting that ATM cash withdrawals have fallen by over a third (37%) since 2019, the BPFI also stated it is ‘fully committed’ to working with the designated entities to support implementation of the legislation. From July onwards, anyone can make a submission to the Central Bank if they believe there is a local deficiency in relation to access to cash.
Those who believe themselves ahead of the curve in the current environment will recognise there is no finishing line in store. With a 2025 KPMG report finding 93% of financial institutions in the midst of modernising their payments infrastructure, Owen Lewis, head of AI and velocity with KPMG, says that this ‘is not just about keeping pace with current trends but preparing for the future’. He adds that the introduction of quantum computing, generative AI and tokenisation all mean that ‘the payments space will continue to evolve’.
More information
Find out about the Central Bank of Ireland’s Access to Cash consultation, which closes on 4 March 2026
