The interconnectedness of financial systems is such that the failure of an individual systemically important financial institution can reverberate globally. The dramatic changes in the global financial landscape over the past year have been historical in their proportions.
But to write off the role of banknotes and coins in the economy would be a mistake. Non-cash payment options have been proliferating in recent years. Credit cards, online transfers, and direct-debit payments are already well established. Now, smartphone-enabled digitalpayment solutions and mobile wallets are also gaining ground.