Our foundational ideas are contained in the white paperSee Banknote paper. More “CashEssentials – Beyond Payments”, by CashEssentials chair and founder Guillaume Lepecq.
The foundational ideas of the CashEssentials think tank are contained in the white paper “CashMoney in physical form such as banknotes and coins. More Essentials – Beyond Payments”, by Guillaume Lepecq.
Every day, billions of banknotes and coins changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More hands, enabling all kinds of transactions to be carried out. The role of cash as a payment instrumentDevice, tool, procedure or system used to make a transaction or settle a debt. More is well known and volumes of economic literature deal with the resilience of cash, its efficiency compared to non-cash payments and the role of cash amid alternative paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments. Undeniably, cash continues to play an important, often dominant role in retail payments.
However, cash has numerous other attributes beyond payments. Children solve their first algorithm problems by counting coins. In times of economic hardship, many consumers rely on cash to manage their budgets more carefully. For many countries, banknotes reflect their national heritage and values. When natural or man-made disasters strike, cash is often the fall-back solution.
The objective of this white paper is to identify the unique attributes of cash and understand how they contribute to the demand for cash. Cash faces ever-increasing competition from alternative payment instruments, ranging from debit and credit cards to credit transfers and direct debits, as well as emerging payment instruments such as electronic and mobile payments and even virtual currencies. All these instruments challenge the payment function of cash. Despite this disruptive evolution, the demand for banknotes and coins has continued to grow at a significant pace around the world.
This white paper could not have been done without the insight, expertise and guidance of:
Cash is used by all, young or old, rich or poor. It does not lead to discrimination as everyone uses the same notes and coins.
Security consists above all, in providing an environnment in which consumers feel confortable to transact.
Cash can be used by everyone, regardless of age, gender or financial situation.
Cash remains the most commonly used method of payment, accounting for 85% of transactions worldwide.