In fresh years we have seen a crucial increase in the popularity of non-cash payments, both in Poland and throughout the European Union. Although cash is inactive a legal means of payment, signals are increasingly emerging that may propose that its importance will decrease systematically. Are we witnessing the beginning of the end of the cash?
Limitations on Payment from ATMs and increasing Procurement
One of the most crucial trends, which points to a possible decision towards cash elimination, is the gradual introduction of restrictions on ATM withdrawals. In Poland, one-off withdrawal limits are introduced in any ATM networks, which are frequently 800 PLN or 1000 PLN. In addition, banks increasingly charge customers with advanced cash withdrawal fees – in any cases up to 5% of the value of the amount paid.
These activities not only restrict access to cash but besides discourage the usage of cash on a regular basis. Consumers, seeing the rising cost of cash withdrawal from ATMs, can more frequently opt for card, telephone or BLIC payments.
European Union plans: Restrictions on Cash Transactions
In April 2024, the European Union approved fresh rules aimed at further reducing cash turnover. The most crucial of these are the ban on cash transactions above EUR 10 000 and additional supervision of transactions exceeding EUR 3 000 . Although these regulations concern only large-value transactions so far, they clearly signal that the EU institutions are seeking to reduce the function of cash in the economy.
It is besides worth noting that in Poland there is simply a cash payment limit of PLN 15 thousand, but only for entrepreneurs. However, there are increasingly voices that the introduction of akin restrictions for consumers is only a substance of time.
Consequences for Consumers
More and more retailers in Poland refuse to accept cash, which further complicates the situation for those who like conventional forms of payment. For example, couriers frequently have limited opportunities to spend the rest, which can lead to uncomfortable situations. In the face of these changes, consumers are increasingly encouraged to usage non-cash payments.
Although there are no plans for the complete withdrawal of cash from circulation in Poland, rising costs and restrictions can effectively discourage its use. This in turn can lead to a natural simplification in the function of cash in regular life and a faster transition to digital payments.
Shall we say goodbye to the cash soon? Although the full withdrawal of cash from trading in Poland inactive seems distant, the expanding restrictions on withdrawals from ATMs, advanced commissions and actions of the European Union may point to the direction in which the financial planet is heading. It is worth being aware of these changes and considering what forms of payment will be most profitable in the close future.
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