The expression was first coined by CashEssentials and is the encounter of cash and technology. It brings together innovative companies who leverage software and modern communications technology to improve cash services: access to cash; acceptance of cash; and the efficiency of the cash cycle for all stakeholders. More is, to A coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More a phrase, the confluence of Money in physical form such as banknotes and coins. More and technology. CashTech gathers companies that adopt software and communications technology to provide improved cash services – including access to cash and acceptance of cash payments – and enhance the efficiency of the Represents the various stages of the lifecycle of cash, from issuance by the central bank, circulation in the economy, to destruction by the central bank. More.
Some start-ups, scale-ups and innovators are explicitly focused on making it easier to pay and get paid in cash. Some are facilitating access to cash. Others are focusing on improving the acceptance of cash payments, including online and mobile channels. All are offering technology-based innovative solutions to make cash more efficient.
Whilst some CashTech companies are gaining traction and constitute undeniable success stories, the core question is whether they can offer a viable alternative to the traditional cash distribution channels and offset the diminishing network of cash access points, particularly bank branches and ATMs. The recent Euro Retail Payments Board report on Access and Acceptance of Cash concludes that these ‘cash supply alternatives’ only form a fraction of the cash supply and that A service whereby the customer pays electronically a higher amount to a retailer than the value of the purchase for goods and/or services and receives the difference in cash. It is also a reward system associated with credit card usage, whereby the consumer receives a percentage of the amount spent on the credit card. More and Service allowing a customer to withdraw cash from a payment account using a mobile application on a smartphone at a participating shop supporting the application. Also referred to as a “virtual ATM”. Unlike cashback, a cash-in-shop transaction does not require the consumer to make a purchase. More as alternative ways of accessing cash are scaling up very slowly, with limited data and a lack of incentives.
The panellists discuss how new players can impact the cash cycle. Will they challenge traditional players or partner with them to improve the cash distribution network? Will they compete with existing branches and ATMs, or will they offer an alternative channel? Can they disrupt the trend toward increasing use of digital payments? Or can they turn cash into a digital A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More? Can Cashtech play a more prominent role in the future cash cycle? How can their business model be more attractive for retailers and other stakeholders? Should central banks and retailers encourage their expansion?