Presentation of the Euro Cash 360 Degree Platform

Stability, security and accessibility in times of uncertainty

Together with representatives of Münze Österreich, the social partners and relevant interest groups, the Oesterreichische Nationalbank (OeNB) presented the new Euro Cash 360 Degree Platform at a press conference in Vienna today. By facilitating open dialogue, the platform intends to further strengthen and safeguard the role of cash in Austria.

Cash fulfills important functions. In particular, it ensures secure, stable and accessible payment transactions even in difficult times. In a world facing multiple crises, it is essential that both established and new payment systems work smoothly and thus help create trust in currencies and money.

As an integral part of the Eurosystem, the OeNB plays a key role in this respect. It initiated the Euro Cash 360 Degree Platform to anchor euro cash even more firmly in society. By bringing together Münze Österreich (Austria’s mint), the social partners and relevant interest groups, the platform will capture all different perspectives and aspects of cash and cash use.

It will not be a closed shop but promote an open dialogue to ensure that all needs and new developments will be considered, thereby acknowledging the importance of diversity in payment systems for stability, security and accessibility.

Together, we will create attractive framework conditions that support the use of euro cash in Austria.

Statements

OeNB Governor Robert Holzmann:
“As a member of the Eurosystem, the OeNB is tasked with maintaining trust in the common currency and trust in cash. Our declared focus is on ensuring stability and security. We created this platform as a way to raise awareness in society, in particular in the current environment of multiple crises.”

Klaus Liebscher, former OeNB Governor:
“People are never closer to the common European project than when pulling out their wallets. Currencies help create a common identity. The euro is a peace project, and cash is its most visible symbol.”

Ewald Nowotny, former OeNB Governor:
Especially in times of crisis, it is advisable to be prepared and hold adequate amounts of cash – just like we keep candles, matches and drinking water in stock for emergencies like a power blackout. Cash is accessible to everyone, and it is resilient to crises. It also has the advantage of being anonymous; however, in the interest of its citizens, the state must ensure that all stakeholders in an economy play by the rules. Tax evasion – be it in cash or in digital transactions – must never be tolerated.”

Gerhard Starsich (Münze Österreich):
“Cash is cyber resilient. Cash payments are secure because they cannot become targets of hacking or phishing attacks; they are inexpensive because there are no fees; and they are easy and quick because they do not require log-ins or codes. This is true in particular when trained cash handlers are involved. So if you want to pay with money only – and not with your personal data – you should pay in cash.”

Executive Director Thomas Steiner (OeNB):
“Supplying cash to economic agents and thus also to citizens is one of the OeNB’s key tasks and covers cash, noncash and digital payments. Central banks always keep up with the times; they are pioneers in technology and innovation. In an increasingly digital world, we must guarantee the independence and soundness of payment systems. The OeNB acknowledges that cash is indispensable. The digital euro would not replace euro cash but rather complement it. It would be a useful alternative, not a substitute.”

Director Matthias Schroth (OeNB):
“The Euro Cash 360 Degree Platform facilitates a broader discussion that includes all stakeholders in this process of change, reflecting the different views and perspectives in society, generating ideas, identifying undesired developments early and initiating measures on both the individual and general level. Only diversity makes our payment system stable and secure without leaving anyone behind.”

President Harald Mahrer (Austrian Economic Chambers):
“Cash gives you independence, also and especially in the digital age. It protects citizens’ privacy and anonymity during payment. Cash gives consumers freedom of choice, providing for competitive prices in payment services, which is also particularly relevant not only for retailers but also for small and medium-sized enterprises.”

President Renate Anderl (Chamber of Labour):
It is important to us that consumers can choose freely between cash and card payments. For many, protecting their privacy is an issue, just as keeping an eye on their expenses. In any case, consumers should have the right to pay in cash. This also means that there must be enough ATMs for free-of-charge cash withdrawals.”

Bernd Lausecker (Consumer Protection Association VKI):
“Cash is an essential guarantor of freedom and data sovereignty: the freedom of making and receiving payments without depending on technical equipment or credentials, and sovereignty over my personal data as paying in cash does not make my shopping behavior transparent to anybody – neither to retailers nor to payment service providers or big IT companies. All consumers must have the option to pay in cash.”

President Ingrid Korosec (Senior Citizens’ Association):
“Especially for the older generation, cash is an absolute necessity that enables them to lead independent lives. Cash means security, privacy and autonomy. Cash is safe against cyber attacks, it is always available and it enables people who can or will not keep up with digital innovation to participate in society. This is why I will continue to fight like a lioness for the preservation of cash.”

Peter Kostelka (Alternate President, Senior Citizens’ Association):
“Austria’s Pensioners’ Association (PVÖ) represents senior citizens, and for us one thing is clear: Cash must remain a generally accepted means of payment. All consumers should  be able to choose freely how they wish to pay. Senior citizens, in particular, prefer using cash and wish to be able to do so also in the future. It is therefore essential that cash remains readily accessible. What we need, in addition, are effective measures against the gradual reduction of cash access points as more and more bank branches or cash desks are being closed.”

President Alfred Riedl (Association of Towns and Municipalities):
“For people living in rural areas, access to cash is an essential part of the public infrastructure. In many areas of life, digital transformation is a major opportunity, but it also brings about new challenges – more hacker attacks, for instance. Cash remains an important and necessary alternative to online banking. In Austria, cash is – and will remain – the most popular means of payment.

Especially in times of crisis, cash must continue to be available. The pandemic has shown how quickly things can change. With lockdowns restricting access to certain areas, what we considered certain and available at all times suddenly no longer was. It is therefore all the more important to ensure that cash can circulate also in emergencies. If electronic transactions are not possible because of a power cut or blackout, cash offers a safe alternative.”