ICA White Paper on Cash Policy
With its KINEGRAM® technology, KURZ contributes to banknote security worldwide. Cash has been the cornerstone of trade, business and society for hundreds of years. Just as banknotes are protected against counterfeiting, so should access to cash be guaranteed. A new White Paper from The International Currency Association (ICA), that KURZ is a founding member of, provides important background information and food for thought on this matter with key recommendations to policy makers and stakeholders.
“For over 5,000 years, cash has been the cornerstone of trade, the economy and society. Today, the ability of people to access and to use cash is under threat. Global electronic payment companies, which make huge profits by selling customer data or by charging per transaction, are lobbying to restrict the supply and the use of cash and to persuade people to change their payment habits. Against this background, policy makers should recognise that the benefits of cash to society may be lost without practical steps to protect the supply and acceptance of cash in society and promote its further development.” said the ICA.
The new Cash Policy White Paper outlines some of the key questions that are being asked today through eight concrete recommendations:
- Ensure that retailers accept cash
- Ensure that everyone can access cash easily
- Provide easy-to-use cash deposit touchpoints
- Give consumers transparency on costs of all forms of payment
- Promote a sustainable cash cycle
- Embrace diversity in the development of payments landscapes
- Remove restrictions on high-denomination banknotes and caps on the use of cash
- Educate the next generation, redesign cash and communicate about its value
The ICA aims for the White Paper to inform the debate on cash and wishes to engage even further in dialogue with stakeholders and policymakers on the recommendations that it presents here.
The Cash Policy White Paper can be downloaded here.
About the International Currency Association
The International Currency Association exists to create a coherent voice for the currency industry – covering design, production, manufacturing and distribution. They are the first industry body of its kind with a membership made up of businesses that span the sector.