In this section you can access third-party reports and publications on topics relevant to currency and the secured transportation industry. These documents are not the property of CAST and any content referenced must be properly sourced as per the requirements of publication authors.

Central bank digital currencies: foundational principles and core features

Joint report by The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements.

October 9, 2020

The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements have collaborated on a report setting out common foundational principles and core features of a CBDC. These principles emphasise that, in order for any jurisdiction to consider proceeding with a CBDC, certain criteria would have to be satisfied. Specifically, authorities would first need to be confident that issuance would not compromise monetary or financial stability and that a CBDC could coexist with and complement existing forms of money, promoting innovation and efficiency

Money and Payments in the Digital Age

Remarks by Timothy Lane – Deputy Governor

CFA Montréal FinTech RDV2020, Montréal, Quebec

February 25, 2020

The Deputy Governor of the Bank of Canada shared some thoughts on how technological innovations are transforming the world of money and payments, and how the Bank of Canada is responding to this evolving environment. He also made an argument for cash, which has stood the test of time because of its several important advantages.

Does the Cashless Society Discriminate?

By Ross MacDiarmid, Secretary-General, Mint Directors Conference

August 13, 2020

Recent research undertaken by the Mint Directors’ Conference and member mints has confirmed that Covid-19 has accelerated the use of digital payments – and that the move to contactless transactions has thrown the spotlight on inequalities.

Cash and COVID-19: The impact of the pandemic on demand for and use of cash

By Heng Chen, Walter Engert, Kim Huynh, Gradon Nicholls, Mitchell Nicholson, Julia Zhu

Bank of Canada Staff Discussion Paper, July 2020

Data shows that the value of notes in circulation grew sharply in March and April 2020 in both dollar and percentage terms compared with previous years. Increased demand for cash was spread across the country, but the changes were greatest in Canada’s major economic and population centres, as would be expected. Several factors contributing to this increase including increased consumer demand for cash.


Working with Ipsos and Statistics Canada, the Bank surveyed Canadians in April 2020 to better understand demand for and use of cash during the pandemic. It found that Canadians continued to have good access to cash, were generally (but not universally) able to use cash at merchants and increased their cash holdings somewhat. Finally, most people (74%) have no plans to go cashless.

Central banks and payments in the digital era

BIS Annual Economic Report | 24 June 2020

Central banks play a pivotal role in maintaining the safety and integrity of the payment system. They provide the solid foundation by acting as guardians of the stability of money and payments. The pandemic and resulting strain on economic activity around the world have confirmed the importance of central banks in payments. Digital innovation is radically reshaping the provision of payment services. Central banks are embracing this innovation. They promote interoperability, support competition and innovation, and operate public infrastructures – all essential for easily accessible, low-cost and high-quality payment services – with cash, card or debit.

Fraud in cash and electronic payments: taxonomy, estimation and projections

By Santiago Carbo-Valverde, Francisco Rodriguez-Fernandez

Report for the International Security Ligue, April 2020

Fraud is a significant and mounting problem for global economies made worse by non-cash methods of payment, according to new research. The data suggest a dire warning: Societies must support cash to counterbalance rampant electronic payment fraud. The study found that use of cash and payment cards have both grown since 2014. But while fraud with cash is falling 1.7% annually, fraud with cards has been exploding—rising 16.2% every year.

Covid-19, cash, and the future of payments

By Raphael Auer, Giulio Cornelli and Jon Frost

Bis Bulletin n°3, April 2020

The Covid-19 pandemic has fanned public concerns that the coronavirus could be transmitted by cash. Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads. To bolster trust in cash, central banks are actively communicating, urging continued acceptance of cash and, in some instances, sterilising or quarantining banknotes.

Addressing Disruptions in the Banking Sector: Creating a Liquid Organization

By Dr. Arun Sharma

White Paper, January 2020

Banks must create value while addressing dramatically increasing competitive attacks and disruptions. To effectively implement offensive and defensive strategies, banks must increase their liquidity—their speed, flexibility, and scalability. For banks to increase liquidity they must move towards team structures, focusing on value-added products and services, and improve their adaptability through transformation, improving the liquidity of their delivery, their infrastructure and their people. This is a blueprint for increasing liquidity to better create and address disruption through the implementation of the three “R”s: restructure, reskill and rescale.

Making Change: Payments, Perspectives, and Politics

White Paper by Square, May 2019

As more and more consumers use credit cards and mobile payment technology—and more businesses accept them—there’s increasing chatter about America’s future as a cashless society. But are we barreling toward a cashless society or is it just hype? American consumers may have become less reliant on cash, but it’s not going away anytime soon.

An international approach to the cost of payment instruments: the case of cash

By Santiago Carbo-Valverde, Francisco Rodriguez-Fernandez

May 2019

This study estimates and compares the cost of cash and debit cards in 52 countries. The results show that the unit cost of debit cards is 2.8 times larger than the cost of cash globally. The biggest share of the cost of cash for consumers corresponds to ATM fees although foreign fees are also quite relevant.


The results are in line with international public/independent studies suggesting cash remains the cheapest payment instrument for small denomination transactions. The study also shows that ATM revenues exceed ATM costs at banks, suggesting that the idea that cash is subsidized by banks is merely a myth.

Dirty Money: New Research Reveals the Filthiness of Our Cash, Cards and Coins

By Mike Brown
LendEDU, May 21, 2019

Using a scientific device that tests for the amount of germs on a given surface, the team at LendEDU tested debit and credit cards, cash, and coins to put some hard data behind just how dirty our money really is. After testing debit and credit cards, bills and coins, and calculating the average germ scores for each payment, debit and credit cards turned out to be the dirtiest payment method.

FDIC National Survey of Unbanked and Underbanked Households

By the Federal Deposit Insurance Corporation
October 2018

To assess the inclusiveness of the banking system, and in partial fulfillment of a statutory responsibility, the FDIC conducts biennial surveys of U.S. households to estimate the proportion of households that do not fully participate in the banking system. In 2017, 6.5 percent of U.S. households were considered unbanked, and an additional 18.7 percent were considered underbanked.

Cash Essentials – Beyond Payments

By Guillaume Lepecq
White Paper, May 31, 2018

The objective of this white paper is to identify the unique attributes of cash and understand how they contribute to the demand for cash. Cash faces ever-increasing competition from alternative payment instruments. All these instruments challenge the payment function of cash. Despite this disruptive evolution, the demand for banknotes and coins has continued to grow at a significant pace around the world.

World Cash Report 2018

by Ewout Boesenach, Paul van der Knaap and Taco de Vries
April 2018

The G4S World Cash Report addresses the following key questions: What is the current status of cash throughout the world? What will the future of cash look like? What are the key developments in current and future cash logistics and cycle organization? The report finds that wherever people are in the world, they value a range of payment options and cash remains hugely important all over the world. Cash in circulation relative to GDP has increased to 9.6 per cent across all continents, up from 8.1 per cent in 2011. Globally, the value of ATM withdrawals experienced a positive growth rate in 2015. In North America, the value of ATM withdrawals has largely stabilised, growing only marginally, however cash is still used for over 50 per cent of small-value transactions under $25.

Acceptance and Use of Payments at the Point of Sale in Canada

By Ben Fung and Kim P. Huynh, Bank of Canada, and Anneke Kosse, Nederlandsche Bank
Autumn 2017

This article studies how consumers and merchants interact with each other to determine which payment methods are accepted and used at the point of sale. Merchants in Canada almost universally accept cash. While nearly all large businesses accept debit and credit cards, only two-thirds of small or medium-sized businesses do. The analysis suggests that merchant’s perceptions and the costs they incur from accepting payment methods are not the only factors that determine which methods they accept. Merchants also consider which payment methods consumers are likely to carry and prefer.