Cash Circulation and Payment Systems
Introduction
As the saying goes ‘Money makes the world go ‘round’. This has been true for a very long time. But what constitutes money, or rather the shape and form of money, has changed over time. In the early days, money was a physical representation of value like a lump of gold. This evolved into banknotes and coins as a medium of exchange that we still use today. This is what we now call cash. Notes and coins have been around for centuries.
On this timeline, only recently have electronic forms of money been introduced as a means of exchange alongside cash. At first, there were the ‘hybrid’ form of cheques (paper-based giro payments), but card payments and interbank payments, such as credit transfers and direct debits, evolved shortly thereafter. Today, innovations in electronic payments are rapidly developing thanks to increasing availability of internet and mobile communication technology. In this Course, we focus on what was the main payment method for centuries and still is today: cash. Given the enormous growth in electronic payments today, it begs the question: what is the position of cash, as a payment method, around the world, today and in the future?
Its also for Central bank experts involved in managing the process of cash supply and circulation and/or payment systems.
Objectives
- Answering or gaining insight into key questions regarding the use of cash and the organization of cash cycle organization throughout the world.
- Analyzing the findings (similarities/differences) across countries/continents to understand and potentially explain differences/similarities.
- Providing an objective overview of cash and cash cycle organization across the world to stimulate an open discussion about cash, its future use, and organization.
- The Future of Money-Like Things – Past, present, and future overview of consumer payment systems.
- An overview of the use of cash and cash cycle organization at a global and inter-continental level.