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ICA appoints new Chair and Board members

Banknotes, Currency, NewsBy SMI 23/05/2018

The International Currency Association (ICA) has appointed Wolfram Seidemann of Giesecke&Devrient Currency Technology as its new Chairman. The previous Chairman, Barna Barabas of JURA, stepped down from the position but remains a Board member. The ICA, founded in 2016, states it is “a voice for cash, promoting its continuing role as part of diverse, open and…

Cash Matters – Launched by the ICA

Currency, NewsBy SMI 16/05/2017

The International Currency Association (ICA) has unveiled a new online platform: Cash Matters. The global pro-cash movement provides facts and figures associated with the cash industry via their website. The organisation will also be active on social media to provide information regarding payments to the general public. According to their website, their aim is to: “…channel the voices that…

Cash rationing ends in India

Banknotes, Currency, NewsBy SMI 15/03/2017

India’s citizens are now able to make unrestricted cash withdrawals, ending the period of cash rationing imposed on the country by Prime Minister Modi. From Monday 13 March 2017, all cash withdrawal limits from Savings Bank accounts were withdrawn, allowing the citizens of India to withdraw cash freely. The country has been through a period of demonetisation whereby the ₹500…

Sweden’s Central Bank requests legal right to access cash

Cashless Payments, Currency, NewsBy SMI 23/03/2016

Sveriges Riksbank, the Central Bank of Sweden, has served a notice to the Swedish parliament calling for access to cash to be a legal right. The notice, which was submitted to the country’s Ministry of Finance on the 16 March 2016, asks for the nation’s banks to provide a cash service to ensure access to accounts…

Banknote demand grows in the UK

Banknotes, NewsBy SMI 15/09/2015

The Bank of England has announced that banknote demand for its notes is increasing. In an article released today, the Bank of England confirms that banknote demand is growing faster than nominal GDP. Banknotes with an estimated value of £62.6billion are thought to be in circulation, resulting in the equivalent of £1,000 in banknotes in…

Lithuania joins the euro

Banknotes, Coin, Currency, NewsBy SMI 02/01/2015

The new year brings a new currency for Lithuanians, as, on the 1st January 2015, Lithuania became the 19th member of the euro currency area, replacing the previous Lithuanian litas currency to the Euro at an exchange rate of €1= LTL 3.45280. Lithuanians have 2 weeks to continue paying for items using Lithuanian litas, but…

Contactless payments reach Glastonbury festival

Cashless Payments, NewsBy SMI 13/06/2014

Mobile network operator EE has developed a Glastonbury festival app which will include their “Cash on Tap” contactless payment service. The telecommunications company has paired with Glastonbury organisers to produce the official Festival app which will also provide users with music line-ups, interactive maps and real-time festival updates. Using cash at festivals such as Glastonbury, which drew crowds of 250,000…

London buses cashless from 6 July 2014

Cashless Payments, NewsBy SMI 03/06/2014

Transport for London (TFL) has today advised the public that their network of buses will stop accepting cash payments from Sunday 6th July 2014. Instead, pre-paid Oyster cards or contactless payment cards can be swiped against on-board card readers, and Travelcards continue to be available. Related stories: London buses to stop using use cash Source: Transport…

UK cash use declining but still the predominant choice

Banknotes, Cashless Payments, Currency, NewsBy SMI 02/06/2014

A report released today by the British Retail Consortium (BRC) shows that cash use in payment transactions is still the predominant payment choice but is one that is gradually declining. The BRCs Retail Payments Survey 2013 reports that cash has reduced in value, number of transactions and the average transaction value. When comparing to the 2012 figures, cash…