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The ‘CashTech Forum’: building an innovative future for cash

Categories : CashTech, Innovation contributes to the efficiency of cash
September 13, 2021
Tags : Access to cash, Cash cycle efficiency, CashTech, Innovation
CashEssentials’ ‘CashTech Forum’ brings together innovators, start-ups and scale-ups leveraging software and technology, to provide improved cash services and enhance the efficiency of the cash cycle.
Guillaume Lepecq

Chair, CashEssentials

CashEssentials today launches the CashTech Forum, with the mission of promoting innovation and technology to ensure a sustainable and future-proof cash ecosystem, so safeguarding and improving the world’s dominant means of payment for the benefit of all: cash.

CashTech is an initiative of CashEssentials, the Paris-based transnational think tank specializing in payments and monetary systems.

CashTech is the encounter of cash and technology, bringing together innovators, start-ups, scale-ups, and incumbent organisations, who leverage technology, innovation, and creativity to facilitate access to cash, improve its acceptance, and generally improve the efficiency of the circulation of cash throughout the economy.

During a 2020 CashEssentials webinar, participants were invited to indicate which organisations they believed would be the main innovators in the cash cycle. 64% responded that start-ups and scale-ups would drive innovation well ahead of cash management companies and hard or software vendors.

Source: CashEssentials Webinar

Why CashTech?

The argument against cash runs is that digital payments have grown exponentially in the coronavirus pandemic, capping decades of sustained growth in new ways to shop and pay, ranging from contactless cards to payment apps and the recent explosion in cryptocurrencies. Cash, it is held, is under existential pressure.

But central banks have recorded exceptional spikes in cash demand during the pandemic as consumers boost their precautionary holdings, confirming the role of cash as a crisis safe-haven. Never has there been so much cash in circulation. And yet, public and investor interest focus more on those seeking to displace cash than innovators intent on facilitating its use.

But what if digital could be harnessed to preserve cash – instead of working to overturn it – by simplifying cash usage, shortening the cash cycle, and reducing handling costs for retailers?

CashTech seems to offer just that perspective.

CashTech means a three-way win for all consumers, retailers, and banks. Consumers get an additional high-density cash distribution network. Retailers get to offer new services, notably cash withdrawal, with the additional benefits of more cross-selling and foot traffic through the store. For commercial banks, CashTech allows them to expand their network at a minimal cost.

Who are we?

CashTech assembles a fast-growing group of transnational technology companies, mostly young start-ups, harnessing and variously adopting the technology of CashTech. Also involved is a range of supporting benefactors and professionals in academia, the corporate world, business, banking, and non-state actors like charities and non-government organizations. We are small, pragmatic, and unideological.

The founding members of the CashTech Forum are:

An open forum

The CashTech Forum is open to all interested in further promoting innovation in the cash cycle. If you would like to contribute to shaping the future of money, please be in touch.

The CashTech Forum is, first and foremost, a platform allowing innovators to showcase their solutions. We also encourage discussion and exchange of best practices among start-ups to identify opportunities and hurdles and encourage cooperation.

Guillaume Lepecq, Chair of CashEssentials, said: “CashTech is an indicator of the dynamism of the cash community. It illustrates how digital can be used to preserve and enhance – not displace – cash in a pluralist payments market.”

 

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