ICA cash policy white paper with key recommendations to policymakers 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 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 use of cash and to persuade people to change their payment habits. Against this background, policymakers 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.
In its new cash policy white paper, the International Currency Association (ICA), the voice of the currency sector, presents its contribution to the discussions on what steps to take. It outlines its thinking on 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 cash policy white paper can be downloaded here.
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.
