Virtually Irreplaceable: Cash as Public Infrastructure
The demise of cash has been predicted for at least 60 years. This despite the fact that the majority of payments worldwide are made in cash; cash payments are vital to everyday economic transactions around the globe.
Global Currency Forum
The GLOBAL CURRENCY FORUM, created by the ICA, is a future-focused, thought leadership event addressing the future role of cash in a rapidly changing payment landscape.
Cash Matters
Smart and online technologies are changing the way we pay, however, cash is still the most attractive means of payment for a huge majority of people worldwide. We look at 10 key reasons for the relevance of cash.
Latest news
ICA Information on Cash and Pandemic
News – April 29, 2020
The ICA is concerned by the rise of misinformation regarding the use of banknotes and coins as the effects of the Coronavirus (COVID-19) pandemic. The ICA would therefore like to …
Cash matters – now, more than ever, in the time of coronavirus
Press Release – April 15, 2020
Groups representing the currency, ATM, transportation and security sectors call on governments, central banks, media, business and society to stand up for cash to protect the resilience of the existing …
New Director General for the International Currency Association
Press Release – March 31, 2020
The Board of the International Currency Association (ICA) has appointed Ms Jutta Buyse as Director General, effective April 1, 2020. Dr. Wolfram Seidemann, Chairman of the ICA Board, comments: “The …
EBA recommendation of 25/3/2020
News – March 31, 2020
The ICA has expressed its concern regarding the EBA’s recent recommendation to use contactless payments in order to avoid contamination with the COVID-19 virus. Inaccurate links have been drawn between …
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During any crisis, cash demand goes up - and the COVID-19 pandemic is no exception. https://www.cashmatters.org/blog/cash-demand-spikes-during-coronavirus-crisis/
#factcheck #cashmatters #coronavirus #COVID19
"The reality is #cash from an ATM is completely sterile, it is quarantined for 3-4 days beforehand and cash is handled by one or two people in its lifetime, very unlike cards." -- Peter McNamara, CEO and Founder of NoteMachine https://www.thisismoney.co.uk/money/saving/article-8369171/It-safe-use-physical-cash-despite-coronavirus-says-ATM-boss.html
During the pandemic, one of the groups most vulnerable to the virus is the elderly. @ageuklondon says that lack of cash access is making the crisis even more difficult for this generation, and they have called on @TheFCA to ensure this group is supported.
http://shorturl.at/uPWY6
Amid the current furore about whether #cash is safe to use, it is also important to consider that for many people around the world, cash is also often their only readily available means of #payment.
READ: https://cashessentials.org/cash-is-not-just-a-dirty-word/ | #covid19 #coronavirus #financialnews
Cash Matters
Cash Matters, the pro-cash movement by the ICA
Cash Matters was launched in May 2017 and is a global movement which presents easily accessible, factual and well-designed content. Through its Cash Matters website and social media channels it has become the most popular and renowned source of information for anything on cash. Target groups are experts from the currency industry, decision-makers in politics and governments, analysts, journalists as well as the broader public.
Cash Matters has been driving advocacy for cash, building alliances and networks with other pro-cash movements and talking to many stakeholders and players in politics and central banks. It has been involved in the debate on cash payment limitations (CPL) by the European Commission and in the debate in Sweden for a better acceptance and handling of cash by Swedish commercial banks.
Among the content provided by Cash Matters are two videos on the role of cash in society, Cash Matters and Choice Matters. Cash Matters also issued studies in cooperation with the Institute for Money, Technology and Financial Inclusion (IMTFI) at the University of Irvine, California, which have proven instrumental in shaping the sociopolitical debate on cash such as “Keeping Cash: Assessing the Arguments about Cash and Crime” and “Virtually Irreplaceable – Cash as Public Infrastructure”.
Global Currency Forum
The GLOBAL CURRENCY FORUM, created by the ICA, is a future-focused, thought leadership event addressing the future role of cash in a rapidly changing payment landscape.
POSING THE RIGHT
QUESTIONS
Innovation has been at the heart of the industry for decades. As we continue to evolve as an industry, so too does technology, resulting in the fast-changing world we live in. And with change come questions:
- What is the future role of cash as a public good in economies across the globe?
- Can societies afford to lose the specific characteristics of cash, which acts as a form of power sharing between governments, central banks, businesses and individual citizens?
- How can we as the currency industry reduce our carbon footprint and contribute to sustainability?
- How will digitalisation increase the efficiency of the cash cycle?
- Will a combination of cash and digital payments soon require a completely different approach to a digital currency cycle
FINDING THE
ANSWERS
There are no simple answers to these complex questions. We believe in shaping the future of our industry together, and look forward to intense debates. Through collaboration, through open and constructive discussions and by involving a large number of players both inside and outside of the industry, we are putting together a program that will offer different views, outside perspectives and surprising insights.
The GLOBAL CURRENCY FORUM will champion 360º perspectives, inviting participation from beyond the traditional currency industry players in order to encourage meaningful debate, understand different perspectives and hold bigger and more controversial conversations.
Above all, it is an opportunity for all players – however large or small to have their voices heard. Wherever you sit on the currency supply chain – from central banks to cash management companies – the GLOBAL CURRENCY FORUM will empower you to challenge the status quo and help lead the industry into the future.
Code of Conduct
1. ICA members will comply with all applicable laws and regulations in the countries in which they operate. In the absence of adequate laws and regulations, ICA members will apply recognised international standards.
2. Each member of the ICA undertakes:
(a) to operate its business in a manner which enhances the reputation of the cash industry and the ICA;
(b) in all its dealings with its customers and suppliers and with all other members of the ICA, to observe high standards of business integrity and ethics, in accordance with the principles, but not necessarily as members of, the Banknote Ethics Initiative (BnEI) for example.
All ICA members undertake to abide by the ICA Articles of Association.
3. ICA members will respect the intellectual property rights of others and will not knowingly infringe or cause others knowingly to infringe others’ intellectual property rights. Members will undertake due diligence in the selection of suppliers and the acceptance of customers to ensure that they are legitimate providers or users of technologies and systems for the production and distribution of cash or the implementation of cash programmes.
4. Members will continuously seek to improve all aspects of the security of their supply and distribution chains.
5. ICA members which are producers of cash and/or suppliers of components will recognise that there are many different methods and devices available to help to produce, authenticate, code and track cash and will promote their system, device or other product on its merits.
6. Members will not knowingly misrepresent the characteristics and functioning of their products or their capabilities or those of other producers or suppliers.
7. ICA members which are producers of cash and/or suppliers of components will ensure that all their staff understand the risks facing their industry, and that they must operate accordingly so as not to put at risk the business or activities of customers.
8. ICA members will work constructively and closely with their customers to convey appropriate knowledge, training and equipment for the most efficient implementation of cash programmes.
9. ICA members will put in place risk management policies to ensure that they minimise health and safety risks to their staff, visitors and customers; that they minimise risk of compromise of their products used by customers; and they minimise risk to the environment.
10. Every member of the ICA accepts a responsibility to uphold this Code of Conduct and to strive to enhance the reputation of the ICA so that membership is seen to stand for quality and customer satisfaction.
11. A member in breach of this Code, or otherwise operating in such a way as to bring the ICA and the industry into disrepute, may be expelled in accordance with the terms of the ICA’s Articles of Association.
Want to Join Us?
Membership of the ICA is open to legally-incorporated companies and businesses (but not to individuals or consultants) that are suppliers of currency, or suppliers of products, technologies and equipment used in the design, production, handling and circulation of currency.
Trade or industry associations or other organisations and institutions such as universities, foundations and NGOs can be co-opted as associate members.
All prospective members must be a legitimate company and have an established interest and business in currency. All membership applications will be validated by the Board in a Board meeting.
All members must also agree to abide by the Code of Conduct.
Founded by leading currency suppliers, the ICA welcomes any company – providing it meets the conditions for membership – willing to contribute to achieve the goals of the association.
Take a leading role in the creation of industry forums which best serve the strategic business interests of currency service and product suppliers
Membership Fees
- (Annual turnover over €10m) €30,000
- (Annual turnover under €10m) €10,000
- Annual fee Associated members €1,000
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