Reka Geld

Complementary Voucher Currency

Swiss Travel Fund cooperative currency operating since 1939, sold at discount with 6,000+ acceptance locations.

Type	Complementary Voucher Currency
Region	Switzerland
Status	Active
Links	Website Wikipedia

M69 Score

M69 Alignment2.5

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.1

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.4

Sovereignty + Governance + Resilience

Universal Adoption3.6

Traction (2x) + Inclusivity

Iss Mod3x

2.0

Stability2x

3.3

Fia Ind & Int2x

1.0

Traction2x

4.1

Sovereignty

1.5

Governance

2.4

Resilience

3.2

Inclusivity

2.7

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Key Findings

Traction is Reka's standout strength (4.1/5.0)An 86-year operating history, 600,000+ active users, 11,000+ acceptance points, 500 cooperative members including Swiss National Bank and UBS, and record-breaking CHF 505.9M transaction turnover in 2024 make this one of the most successful complementary currencies ever created. Its employer integration model (4,660 participating companies) is a template for any currency project seeking real-world adoption.

Fiat Independence is the weakest category (1.0/5.0) and defines Reka's M69 ceilingEvery dimension of fiat independence scores 1 because Reka is, by design, a CHF-denominated voucher system with 100% fiat reserves, no independent unit of account, and no interoperability with other monetary systems. This is not a bug but a feature of its design -- though it is antithetical to the M69 vision.

The tension between adoption success and monetary sovereignty is the defining paradoxReka achieves massive real-world traction precisely because it does not challenge the fiat status quo. Its 1:1 CHF peg, employer tax advantages, and integration with Swiss payment infrastructure make it frictionless to adopt -- but these same features make it a derivative of fiat money rather than an alternative to it.

Resilience benefits enormously from simplicity and institutional depth (3.2/5.0)The core mechanism (buy at discount, spend at face value) is elegant enough for anyone to understand. Self-sustaining funding (merchant commissions, float income) and survival through WWII, multiple recessions, and COVID-19 demonstrate genuine durability. The cooperative structure with 500 institutional members provides deep institutional resilience that most crypto projects cannot match.

Governance is adequate but not participatory for end-users (2.4/5.0)The Swiss cooperative structure provides formal governance with annual General Assembly meetings and institutional checks. However, the 600,000+ cardholders have zero governance rights -- only the ~500 institutional cooperative members can vote. Monetary policy changes (like eliminating paper checks) are executed by management without user input.

Big takeawayReka Geld is proof that complementary currencies can achieve extraordinary adoption and multi-generational durability, but it succeeds as a fiat-compatible voucher system rather than as an independent monetary system. For M69-aligned projects, Reka's lessons are in its adoption mechanics (employer integration, sectoral focus, cooperative structure, social mission) rather than its monetary design, which is the antithesis of fiat independence.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-12

Reka Geld (Reka Money) is one of Europe's oldest and most successful complementary currency systems, operated by the Schweizer Reisekasse (Swiss Travel Fund), a non-profit cooperative founded on June 22, 1939. The currency functions as a closed-loop voucher system pegged 1:1 to the Swiss franc, purchased at employer-subsidized discounts of up to 20% and redeemable at over 11,000 acceptance points across Switzerland's tourism, transport, catering, and leisure sectors. In 2023, Reka-Geld achieved CHF 489.1 million in sales volume and serves over 600,000 active cardholders through approximately 4,660 participating employers. From an M69 alignment perspective, Reka Geld excels in traction and resilience -- an 85-year track record with deep institutional embedding, cooperative governance, and demonstrated survival through multiple economic crises including COVID-19. Its social mission of making holidays affordable for Swiss families is genuine and well-documented. However, its monetary design is fundamentally at odds with M69 principles: issuance is centrally controlled by a single cooperative, the unit of account is entirely borrowed from the Swiss franc (1:1 peg), and the system is fully custodial with no spending power stability mechanism independent of CHF. It operates as a loyalty/voucher system within the Swiss economy rather than as a sovereign monetary system, and has no fiat independence, no open-source infrastructure, and no blockchain or decentralized technology. Reka Geld represents a highly successful model of complementary currency within an existing fiat framework, demonstrating that alternative money systems can achieve massive real-world adoption. Its strengths -- cooperative structure, social purpose, employer integration, and multi-decade durability -- are instructive for M69-aligned projects. But its complete dependence on the Swiss franc, centralized custodial model, and closed proprietary infrastructure mean it scores poorly on the monetary sovereignty and sovereignty dimensions that are central to the M69 vision.

Issuance Model3x

2.0

Code	Question	Score
IM-01	Is issuance permissionless?Reka-Geld is issued exclusively by the Schweizer Reisekasse cooperative. No other entity can create Reka money. Employers can purchase it for distribution, but issuance authority rests solely with the cooperative -- a single-issuer monopoly. [1][2]	1
IM-02	Is new supply created through debt?Reka-Geld is created through direct purchase: employers or individuals pay Swiss francs (at a discount) and receive Reka money at face value. The cooperative issues the currency against CHF deposits. No borrowing or collateralized debt is involved in issuance -- it is a prepaid voucher model, closer to debt-free issuance. [1][2]	4
IM-03	Is issuance tied to measurable real-world economic activity?Issuance is demand-driven: Reka-Geld is created when employers or individuals purchase it. While this loosely ties supply to economic demand (employer benefit budgets), there is no algorithmic link to a real-economy index. Supply is determined by purchase volume, which is a form of market signal but not a formal economic backing mechanism. [1][2]	2
IM-04	Does the issuance model have a supply cap or hard ceiling?There is no hard supply cap. Reka issues as much currency as is purchased. However, there is no elasticity mechanism -- supply does not contract automatically. It expands with demand but contraction depends on redemption at acceptance points. This is uncapped discretionary supply, though constrained by purchase demand. [1][2]	1
IM-05	Can supply contract (burn/redemption) as well as expand?Reka-Geld is redeemed when spent at acceptance points, and Reka does not exchange Reka money back into francs for consumers. This means supply effectively contracts through spending/redemption at merchants. However, this is not a designed monetary contraction mechanism -- it is simply the consumption of prepaid vouchers. The cooperative pays merchants in CHF upon redemption. [1][2]	2

Spending Power Stability2x

3.3

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?Reka-Geld maintains its 1:1 CHF peg through institutional management by the Schweizer Reisekasse cooperative. The peg is enforced through controlled issuance (purchased at discount), guaranteed redemption at face value, and the cooperative's 85+ year institutional commitment. This is a reactive mechanism with institutional enforcement -- the cooperative adjusts issuance and manages reserves to maintain parity. [1][2]	3
SPS-02	What benchmark is used to measure spending power?Reka Geld is pegged 1:1 to the Swiss Franc, a single well-defined reference that delivers low inflation and stable prices. The CHF is one of the strongest and most stable fiat currencies globally, providing a concrete, proven stability target. [1][2]	3
SPS-03	How transparent and verifiable is the stability measurement?Reka is a Swiss-regulated cooperative subject to FINMA oversight with published annual reports and third-party audits. The stability measurement (1:1 CHF parity) is verified through regulatory compliance and cooperative governance. Off-chain institutional transparency with periodic third-party audit. [1]	3
SPS-04	What is the protocol's historical deviation from its stability target?Reka has maintained perfect 1:1 parity with CHF for 85+ years (since 1939). Within the context of its own peg (1 Reka = 1 CHF), deviation is effectively 0% -- far below 2% annualized over 3+ years of live operation. This is among the longest-running perfect pegs of any complementary currency. [1][2]	5
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?The CHF peg targets short-term price stability only. Long-term purchasing power drift (Swiss inflation, which has historically been very low) is fully inherited. Reka makes no independent attempt to address long-term purchasing power preservation beyond what the CHF delivers. [1]	3
SPS-06	Is the stability mechanism accessible globally?Reka Geld is restricted to Switzerland. It can be purchased and used only within Switzerland at participating businesses and for domestic travel/leisure. Access requires Swiss residency or employment. [1]	2

Fiat Independence & Interoperability2x

1.0

Code	Question	Score
FI-01	What is the protocol's unit of account?Reka's unit of account is explicitly the Swiss franc. 1 Reka = 1 CHF. Prices at acceptance points are denominated in CHF, and Reka is spent at CHF face value. The unit of account is fully borrowed. [1][2]	1
FI-02	What is the fiat composition of the protocol's collateral or reserves?Reka-Geld is backed 100% by Swiss franc deposits. When employers or individuals purchase Reka money, they pay in CHF. The cooperative holds these CHF funds and pays merchants upon redemption. Reserves are entirely fiat. [1][2]	1
FI-03	Does the protocol depend on fiat banking infrastructure to function?Reka depends entirely on Swiss banking infrastructure. CHF deposits, merchant settlements, employer payroll integrations, and the Reka-Card payment processing all require active bank accounts and fiat payment rails. The system cannot function without them. [1][2]	1
FI-04	Are the protocol's price feeds and oracles fiat-denominated?There are no price feeds or oracles -- the system operates at a fixed 1:1 CHF peg by design. All pricing is inherently fiat-denominated. No oracle infrastructure exists. [1]	1
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?If the Swiss franc collapsed, Reka-Geld would become worthless because its value is entirely derived from CHF. The system has no independence from CHF systemic risk. However, CHF is one of the world's most stable currencies, making this a low-probability scenario. [1][2]	1
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?No consideration of fiat transition. Reka has operated as a CHF-pegged voucher system for 85 years and its entire business model assumes permanent CHF dominance. The digital transition (Reka-Check to Reka-Card) modernizes the payment medium but does not alter the fiat dependency. [1][2]	1
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?Reka-Geld is itself a sectoral currency (tourism/leisure) but does not support other currencies denominating in or settling against it. It is a monolithic, closed-loop system. No local currency composability exists. [1][2]	1
FI-08	Does the protocol define open standards for interoperability with other monetary systems?Reka is a closed system with no interoperability standards. It does not define protocols for cross-system settlement or exchange rate discovery. Integration with payment processors (Worldline, Payrexx) is proprietary. There is no open monetary interoperability. [1][2]	1

Traction2x

4.1

Code	Question	Score
TR-01	Is the project still active?Fully active and growing. In 2024, Reka achieved record consolidated net revenue of CHF 124.5 million. The Reka-Card transaction turnover reached CHF 505.9 million. New gift card launched April 2025, ongoing infrastructure investment. [1][2]	5
TR-02	How long has the project been in existence?Founded June 22, 1939 -- 86 years of continuous operation. One of the longest-running complementary currency systems in the world. [1][2]	5
TR-03	How many active users does the project have?Over 600,000 active Reka-Card customers as of fiscal year 2025. Earlier sources cite approximately 500,000 active users, and up to 1 million total customers who have used the system. The 600,000 figure represents active cardholders. [1][2]	4
TR-04	How many businesses or organizations accept the project's currency?Over 11,000 acceptance points as of 2023, across public transport, fuels, holidays, travel, sports, culture, hotels, restaurants, and leisure. This includes SBB (Swiss Federal Railways), Coop, mountain railways, and thousands of tourism businesses. [1][2]	5
TR-05	Is the currency used as a unit of account?Reka-Geld is used as a unit of account within its network -- merchants display Reka acceptance and prices are understood in Reka terms (1 Reka = 1 CHF). However, because the unit is identical to CHF, this is not truly an independent unit of account. Prices are denominated in CHF, and Reka is simply an accepted payment method at par. [1][2]	2
TR-06	Is the founder or core team still actively working on the project?Active professional management with clear continuity. Director Roland Ludwig leads operations, Board President Marcel Dietrich provides oversight, and 799 employees operate the business. Leadership succession has been managed smoothly across 86 years. [1][2]	5
TR-07	What partner organizations or institutions support or integrate the project?Approximately 500 cooperative members including ABB, AXA, Coop, Novartis, Roche, Swiss Post, SBB, UBS, Raiffeisen, Swiss National Bank, Swatch Group, Swiss Life, Syngenta, and Unia. Over 4,660 employers distribute Reka money. Integrated with payment processors Worldline and Payrexx. [1][2]	5
TR-08	Is the project covered or recognized by credible external sources?Covered by major Swiss media (BlueWin, SwissInfo), referenced in international complementary currency research (IJCCR), featured in academic analyses of Swiss monetary pluralism, ranked 9th in GemeinwohlAtlas (common good atlas) 2019, Family Score certified, Swiss Solar Prize recipient. [1][2][3]	5
TR-09	Is adoption organic -- not dependent on subsidies, incentives, or mandates?Adoption is partially incentive-driven: the 20% employer discount is the primary adoption driver. However, this is not a subsidy in the M69 sense (no token emissions or artificial yield) -- it is a genuine employer benefit with real economic value. Users continue to use Reka because it provides genuine utility (discounted leisure spending). Mixed organic/incentive model. [1][2]	3
TR-10	What is the growth trend over the past 12 months?Strong growth: 2024 saw record revenue (CHF 124.5M, +6% YoY), record profit (CHF 3.2M, ~5x 2023), and Reka-Card turnover of CHF 505.9M. Fiscal 2025 continued with CHF 107M gross income. Reka Rail+ saw 251% growth from new customers. Digital transition accelerating. [1][2]	5
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?Strong founding narrative rooted in social partnership -- making holidays affordable for Swiss families since 1939. The cooperative identity (employers, unions, tourism industry working together) creates a cultural identity beyond financial incentives. The Reka Foundation for Holiday Aid and CHF 8M annual social subsidies reinforce the mission. However, community engagement is primarily transactional (discount-seeking) rather than ideological. [1][2][3]	3

Sovereignty

1.5

Code	Question	Score
SO-01	Can any single entity shut down the project?The Schweizer Reisekasse cooperative is the sole operator. Swiss regulatory authorities (FINMA) or the cooperative's own board could shut down Reka-Geld. While the cooperative structure provides some collective protection, the system is fundamentally controlled by a single legal entity. [1][2]	2
SO-02	Is the project's core infrastructure permissionless and self-hostable?Fully proprietary. Reka's payment infrastructure, card processing, account management, and merchant settlement systems are all proprietary and closed. No open-source code exists. Users cannot self-host or verify any component. [1][2]	1
SO-03	Is the project subject to the jurisdiction of a single nation-state?Reka is a Swiss cooperative registered in Bern, operating exclusively within Switzerland. It is fully subject to Swiss law and regulation. One Italian resort (Follonica) exists but the monetary system operates solely under Swiss jurisdiction. [1][2]	1
SO-04	Does the project control or custody user funds?Fully custodial. Users deposit CHF and receive Reka-Geld credits in a Reka account managed by the cooperative. Users cannot withdraw or convert Reka back to CHF. The cooperative holds all funds and controls all account balances. There is no self-custody option. [1][2]	1
SO-05	Is the project resilient to key-person risk?The cooperative structure with 500 institutional members, professional management, and an 86-year institutional history means no single individual is critical. Leadership has transitioned many times. Institutional memory is deep and distributed across the organization. [1][2]	4
SO-06	Does the project depend on any third-party service that could be revoked?Reka depends on Swiss banking infrastructure, payment processors (Worldline), card networks, and hosting providers. These are critical dependencies. However, as a major Swiss institution with 86 years of operation, switching providers is feasible though disruptive. [1][2]	2
SO-07	Can the project be censored -- can specific users or transactions be blocked?As a centralized custodial system, Reka has full technical capability to freeze accounts, block transactions, or deny service to any user. Swiss AML/KYC regulations likely require compliance capabilities. No evidence of arbitrary censorship, but the capability clearly exists. [1][2]	2
SO-08	Does the protocol protect transaction privacy as a monetary right?No privacy protection. Reka maintains full visibility into all account balances, transactions, and spending patterns. As a centralized system processing digital card payments, comprehensive transaction surveillance is inherent to the architecture. Swiss data protection laws provide some legal protection, but the operator has full access to all data. [1][2]	1
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?No technological enforcement. Reka's monetary rules (1:1 peg, discount rates, acceptance criteria) are policy decisions that can be changed by the cooperative's management at any time. There is no smart contract, immutable code, or cryptographic enforcement. Rules are enforced by organizational process and Swiss law, not technology. [1][2]	1

Governance

2.4

Code	Question	Score
GO-01	How are decisions about the project made?Reka operates under Swiss cooperative law with a formal governance structure: General Assembly of cooperative members, Management Board, and operational management. The General Assembly meets annually (e.g., April 2024 in Solothurn). Decisions follow the Articles of Association and Operation Rules. This is formalized governance for a cooperative entity. [1][2]	3
GO-02	Who has voting or decision-making power, and how is that power distributed?Approximately 500 cooperative members hold voting rights. Members include major Swiss corporations, unions, and tourism organizations. Under Swiss cooperative law, each member typically has one vote regardless of capital contribution. However, end-users of Reka-Geld (the 600,000+ cardholders) have no governance rights. Decision power is concentrated among institutional members. [1][2]	3
GO-03	Is the governance process -- and the monetary mechanism itself -- transparent and publicly auditable?Annual reports are published and the General Assembly proceedings are documented. Financial results are publicly reported. However, the detailed monetary mechanism (how much CHF is held in reserve, redemption accounting, discount subsidy flows) is not publicly auditable in real time. Governance transparency is moderate -- public outcomes but limited process visibility. [1][2]	2
GO-04	Can governance be captured by a small group or hostile actor?The cooperative structure with 500 diverse institutional members (corporations, unions, government entities) makes hostile capture difficult. Swiss cooperative law provides structural protections. However, the membership is by invitation/qualification (institutional only), not open. A coordinated group of major members could theoretically influence direction. Moderately capture-resistant. [1][2]	3
GO-05	How are upgrades and changes to the protocol or project proposed and executed?Changes to the cooperative's operations require Management Board approval and potentially General Assembly ratification for major decisions (per Swiss cooperative law). The transition from paper Reka-Checks to digital Reka-Card was managed through a multi-year transition announced publicly. However, end-users have no formal input mechanism. [1][2]	2
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?No formal separation. The same Management Board and General Assembly govern both monetary parameters (discount rates, acceptance criteria, fee structures) and operational decisions (resort management, marketing). No structural distinction exists between monetary and operational governance. [1]	2
GO-07	Does the project have a constitution, charter, or set of immutable principles?The cooperative has Articles of Association (Statuten) that define its non-profit purpose and social mission. These founding principles have guided the organization for 86 years. However, they are amendable by the General Assembly and are not immutable. The social partnership model and non-profit commitment are deeply embedded but not formally protected against override. [1][2]	3
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?Issuance rules (discount rates, which forms of Reka money exist, merchant fees) can be changed by management decision. The discontinuation of paper Reka-Checks in favor of digital-only was a significant monetary policy change executed by management. No stronger constraints exist for monetary vs. operational changes. [1][2]	2

Resilience

3.2

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?Reka has survived World War II aftermath, multiple recessions, the 2008 financial crisis, and the COVID-19 pandemic (which devastated Swiss tourism with a 39.4% drop in hotel nights in 2020). The system continued operating through all of these. In 2023, Reka-Geld sales exceeded pre-pandemic levels for the first time. The 86-year track record across multiple major crises is remarkable. [1][2][3]	5
RE-02	Does the project have redundancy in its critical infrastructure?As a centralized system with proprietary infrastructure, redundancy details are not publicly documented. The digital Reka-Card operates through payment processor integration (Worldline, Payrexx), providing some vendor redundancy. The cooperative's 86-year operation suggests adequate operational redundancy, but there is no public documentation of disaster recovery or redundancy architecture. [1][2]	2
RE-03	Can the project recover from a catastrophic failure?The cooperative's institutional depth (500 members, 799 employees, physical holiday villages) provides substantial recovery capability. However, the proprietary digital infrastructure means a total technology failure would require rebuilding from scratch. No public disaster recovery plan exists. Recovery would depend on the cooperative's resources and institutional knowledge. [1][2]	2
RE-04	Is the project's design simple enough to be maintained and understood long-term?The core mechanism is extremely simple: buy Reka at a discount, spend at face value at participating merchants. This is easily understood by anyone and has been maintained for 86 years. The simplicity of the voucher concept is a significant strength. The digital card adds some technical complexity but the underlying economic model remains elegantly simple. [1][2]	5
RE-05	Is the project dependent on a specific technology that could become obsolete?The concept (prepaid vouchers/cards) is technology-agnostic. Reka successfully migrated from paper checks to digital cards over recent years. The underlying economic model does not depend on any specific technology stack. Payment processing partners can be replaced. The concept could survive any technology transition. [1][2]	4
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?Because Reka is 100% backed by CHF deposits, there is no bank run risk in the traditional sense (users cannot convert back to CHF). Economic stress in the tourism sector (like COVID) reduces spending volume but does not threaten the peg or mechanism. The system has demonstrated resilience across multiple economic cycles. However, it imports CHF macro risk entirely -- no independent stress mechanisms exist. [1][2]	3
RE-07	Does the project have sustainable funding for long-term maintenance?Self-sustaining: Reka generates revenue from merchant commissions (3% for Reka-Pay, 2.5% for Reka-Rail), the float on CHF deposits, and its holiday operations. In 2024, annual profit was CHF 3.2 million on CHF 124.5M revenue. The cooperative has been self-funding for 86 years with no external fundraising dependency. [1][2]	5
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?Not designed for disconnected or high-latency operation. The digital Reka-Card requires real-time payment processing infrastructure. However, the paper Reka-Check system (now being discontinued) could operate with higher latency. The concept itself is simple enough to survive multi-century timescales even if the technology changes. [1][2]	2
RE-09	Is the system designed for a world where AI agents are primary economic actors?Not designed for AI participants. The system requires human identity verification for account opening and is designed for human consumers. No API or programmatic interface for autonomous agent participation exists. The system assumes human participants exclusively. [1][2]	1

Inclusivity

2.7

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?Restricted primarily to Swiss residents. The system is designed for the Swiss domestic market -- employers must be Swiss, acceptance points are in Switzerland, and a Swiss address is required for the Reka-Card. Non-residents cannot meaningfully participate. This is intentionally a Swiss-only system. [1][2]	2
IN-02	What is the minimum cost to start using the project?Low cost to start. The Reka-Card itself is free, and users can load it with a minimum top-up (details vary but the 2% discount is available even for individual purchases). No prohibitive minimum balance. The main "cost" is the purchase of Reka money itself, which is the point of the system. Transaction fees are borne by merchants, not users. [1][2]	4
IN-03	Does the project actively serve underbanked or financially excluded populations?Reka was explicitly founded to serve lower-income Swiss families who could not afford holidays. The Reka Foundation for Holiday Assistance subsidized 950 families in fiscal 2025. CHF 8 million in annual social subsidies support disadvantaged populations. However, users need a bank account and Swiss address, so the truly unbanked are excluded. [1][2]	3
IN-04	Does the project distribute economic benefits -- including seigniorage -- broadly, or concentrate them among insiders?The cooperative is non-profit; members waive returns on their shares. Economic benefits flow broadly: employers receive tax-advantaged benefits, employees get 20% discounts, merchants gain tourism revenue, and the cooperative reinvests in social programs (CHF 8M/year). Seigniorage (the float on deposits and merchant commissions) funds the cooperative's social mission. This is a genuinely broad distribution model. [1][2]	4
IN-05	Does the project treat all participants equally under the same rules?Not equal treatment. Employers purchasing through corporate programs receive 20% discounts, while individuals buying directly receive only 2% discounts. Different merchant sectors pay different commission rates (3% for Reka-Pay, 2.5% for Reka-Rail). Employer employees receive significantly better terms than direct consumers. Tiered access is fundamental to the model. [1][2][3]	2
IN-06	Does the project require identity documentation or surveillance to participate?Account opening requires personal information and likely Swiss identification. The digital Reka-Card is linked to a personal account with transaction tracking. While not as invasive as full KYC for banking, the system creates a surveillance relationship where the operator can see all spending activity. Swiss data protection laws provide some privacy protection. [1][2]	2
IN-07	Does the project have mechanisms to prevent wealth concentration over time?No anti-concentration mechanisms. However, the prepaid voucher nature limits accumulation -- Reka money can only be spent, not invested or compounded. The non-redeemable design (no conversion back to CHF) naturally discourages hoarding. These are not designed anti-concentration features, but they have a mild anti-concentration effect by design. [1][2]	3

Frequently Asked Questions

What is Reka Geld (Reka Money) and what problem does it solve?

How is money created in Reka Geld (Reka Money)?

Reka-Geld is issued exclusively by the Schweizer Reisekasse cooperative. No other entity can create Reka money. Employers can purchase it for distribution, but issuance authority rests solely with the cooperative -- a single-issuer monopoly.

How does Reka Geld (Reka Money) maintain stable spending power?

Reka-Geld maintains its 1:1 CHF peg through institutional management by the Schweizer Reisekasse cooperative. The peg is enforced through controlled issuance (purchased at discount), guaranteed redemption at face value, and the cooperative's 85+ year institutional commitment. This is a reactive mechanism with institutional enforcement -- the cooperative adjusts issuance and manages reserves to maintain parity.

Is Reka Geld (Reka Money) independent from fiat currencies?

Reka's unit of account is explicitly the Swiss franc. 1 Reka = 1 CHF. Prices at acceptance points are denominated in CHF, and Reka is spent at CHF face value.

Who controls Reka Geld (Reka Money) and can it be shut down?

The Schweizer Reisekasse cooperative is the sole operator. Swiss regulatory authorities (FINMA) or the cooperative's own board could shut down Reka-Geld. While the cooperative structure provides some collective protection, the system is fundamentally controlled by a single legal entity.

How widely adopted is Reka Geld (Reka Money) today?

Over 600,000 active Reka-Card customers as of fiscal year 2025. Earlier sources cite approximately 500,000 active users, and up to 1 million total customers who have used the system. The 600,000 figure represents active cardholders.

Is Reka Geld (Reka Money) still active and growing?

Fully active and growing. In 2024, Reka achieved record consolidated net revenue of CHF 124.5 million. The Reka-Card transaction turnover reached CHF 505.9 million.

What are the main risks or weaknesses of Reka Geld (Reka Money)?

Fiat Independence is the weakest category (1.0/5.0) and defines Reka's M69 ceiling: Every dimension of fiat independence scores 1 because Reka is, by design, a CHF-denominated voucher system with 100% fiat reserves, no independent unit of account, and no interoperability with other monetary systems. This is not a bug but a feature of its design -- though it is antithetical to the M69 vision.

What makes Reka Geld (Reka Money) unique from an M69 perspective?

Strongest category: Traction (4.1).

How is Reka Geld (Reka Money)'s M69 Score calculated?

Reka Geld (Reka Money) scores 2.5/5.0 overall. Pillar scores: Monetary Sovereignty 2.1, Civilizational Durability 2.4, Universal Adoption 3.6. Strongest: Traction (4.1). Weakest: Fiat Independence (1.0).