Coin and Banknote Suppliers Examine Environmental Impact of Payments

A group of organisations from both the coin and banknote sectors have joined forces to support a first-of-its-kind in-depth study into the environmental impact of cash versus digital payments.

The initiative was spearheaded by the Mint Directors Working Group (MDWG), which comprises 28 mints and National Central Banks in Europe. Speaking at the Coin Conference in October, current President of the MDWG since 2016, Pascal Rencker of Monnaie de Paris, presented the background to the study. With cash under pressure, the MDWG wants to ensure there is a level playing field when it comes to sustainability. There have been a number of studies into cash but hardly any into payments. It seeks to redress the balance, he explained.

The study will include an analysis and comparison of the production, life, use and end of life for coins, banknotes, credit cards and smartphones. It will take a year to complete at a cost in the region of €200,000, funded by16 organisations from the banknote and coin industries, providing a rare and welcome example of collaboration between two of the stakeholder groups in the cash community.