Where Cash and Digital Technology Meet

CashEssentials – the cash and payments think tank – has launched the CashTech Forum to promote innovation and technology, thereby ensuring a sustainable and future-proof cash ecosystem.

CashTech brings together innovators, start-ups, scale-ups, and incumbent organisations, to leverage technology that facilitates access to cash, improves its acceptance, and generally improves the efficiency of the circulation of cash.

The argument against cash 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, says CashEssentials, 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?

CashTech is designed to do just that.

CashTech has already assembled a fastgrowing group of transnational technology companies. Its founding members are: 

Cashway – a Paris-based provider of cash services, including virtual banking agency, bill payment in cash, and cash payment for online shopping.

Kasssh – a UK-based start-up that allows consumers to pay online purchases with cash.

Pipit Global – provides a digital platform connected with payment institutions in developing nations to accept cash payments from their diaspora.

Shrap – offers a digital alternative to coins that allows people to pay in cash and receive change for low-value transactions free of charge, conveniently and anonymously.

Socash – a Singapore-based start-up building Asia’s largest distribution network for cash.

Sonect – a Swiss company that turns every cash register into an ATM. Thanks to the Sonect platform, cash can be withdrawn easily, largely independent of infrastructure, and therefore cost-effectively.

Viafintech – headquartered in Germany, offers a wide range of services from cash withdrawals and deposits to cash payment options for bills and online purchases, cashless payment methods, and gift-card solutions.

The CashTech Forum is open to all

interested in further promoting innovation in the cash cycle. More information can be found at www.cashessentials.org.