The recent announcement of VISA Inc. to accelerate migration to EMV in the United States and to institute a shift in liability for counterfeit card-present point-of-sale transactions can thus be considered a real breakthrough. Cash Before I turn to innovation, let me first say a few words about cash, taking into account that banknotes are issued by the Eurosystem itself.
In practice today, cash is still by far the most frequently used means of payment for retail (i.e. point-of-sale) transactions in the euro area. Society is neither willing nor ready to do without cash. The continued availability of cash as an easy-to-use, reliable and cheap means of payment requires a resilient and efficient cash cycle.