The Green Sheet Online Edition
February 9, 2026 • 26:02:01
GS 10 Years Ago
Cash at a crossroads
The first issue of February 2016 captured a payments industry wrestling with one of its most enduring questions: Is cash becoming obsolete, or does it still have a meaningful role to play? The lead article, "Cash: Tomorrow's Currency or Yesterday's Paper?", anchored the issue by examining how technological innovation, consumer habits and global economic forces were reshaping attitudes toward physical money.
By 2016, electronic payments were ubiquitous, but fresh investments in infrastructure and security were reshaping how transactions happened at the POS. Merchants were upgrading terminals, card networks were expanding acceptance, and digital transactions were increasingly viewed as faster, safer and more efficient. The article traced this momentum back decades, noting that predictions of a card-based society had existed since the late 1960s—yet cash, despite repeated forecasts of its demise, continued to endure.
The push toward cashless commerce
The lead feature further explored how major card brands were not only competing for wallet share but also working collectively to reduce reliance on cash worldwide. Research initiatives, pilot programs and innovation centers were already focused on understanding what it would take to transition consumers and merchants away from paper currency. These efforts emphasized economic efficiency, reduced handling costs and improved transparency.
At the same time, the article acknowledged that cashless conversion was uneven across regions. While digital payments had accelerated in North America and parts of Europe, cash usage remained dominant in many global markets. ATM deployment and withdrawal volumes were still growing in Asia-Pacific, Africa and the Middle East, reinforcing the idea that cash was far from disappearing on a global scale.
The personal side of cash acceptance
Also, despite growing enthusiasm for digital payments, the issue highlighted the strong emotional and practical attachments many consumers had to cash. Privacy, simplicity and independence were recurring themes, with critics of cashless initiatives arguing that removing physical money could marginalize certain populations or limit personal autonomy.
For small merchants and service businesses, cash still offered speed and certainty. For consumers, it remained tangible, familiar and universally accepted. This pointed to a growing understanding that progress in payments would likely involve coexistence rather than replacement, at least for the foreseeable future.
Industry developments shaping the moment
Beyond the lead article, the issue's news coverage painted a broader picture of a payments industry in transition. Security and compliance were prominent concerns, with updates on stricter PCI requirements and growing expectations around merchant data protection. Industry consolidation also made headlines, as acquisitions and partnerships reshaped the processing landscape.
Other news items reflected the rise of prepaid and stored-value products, early momentum in mobile payments and continued investment in EMV technology.
Together, these developments underscored how rapidly the ecosystem was evolving, even as fundamental debates, such as the future of cash, remained unresolved.
Contributor perspectives and practical guidance
Contributor articles in the February 2016 issue expanded the conversation beyond cash, offering insights into operational strategy, global payments and business growth. Topics ranged from mobile and "pocket banking" concepts to the complexities of European payments infrastructure, highlighting how regional differences shaped adoption and regulation.
Practical guidance pieces addressed profitability, workforce classification and value-added services, highlighting the day-to-day concerns of ISOs, merchant level salespeople and other merchant service providers. These articles emphasized diversification, efficiency and long-term planning, principles that remain relevant today.
A snapshot of an industry in motion
The first February issue of The Green Sheet in 2016 serves as a revealing snapshot of an industry balancing innovation with tradition. Digital payments were clearly accelerating, yet cash remained deeply embedded in global commerce. Fraud, security and compliance were gaining prominence, while consolidation and mobile innovation signaled the next phase of growth.
Ten years later, many of the questions raised in that issue still resonate. The technologies have advanced, the threats have evolved and the stakes have grown. But the central challenge remains the same: how to modernize payments while ensuring access, trust and resilience across the entire ecosystem. 
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