The Bank of France to shut down a third of cash handling centres

Monday 25 January 2021 12:14 CET | News

The Bank of France has announced it will shut down more than a third of its cash handling centres by the end of 2022 as the pandemic accelerates a decline in the use of notes and coins.

Operations will cease at 14 of the 37 centres that stock currency and replace damaged notes and coins. The central bank estimates the network would be 40% underused if it remained as expansive as it is now.

That has given extra impetus to the decline in cash usage, which already fell 20% between 2012 and 2019, as PaymentSource says. The central bank expects a further 25% drop by 2022 from last year’s levels.

France, along with the Netherlands and Finland, is one of the euro-area countries where consumers have traditionally favoured cards over cash. In contrast, Germany, Spain, and Italy have been much slower to move away from notes and coins.

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Keywords: The Bank of France, cash, online payments, digital payments, cards, banknotes, banking
Categories: Banking & Fintech
Countries: France
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