What is Corrency?

The Corrency project is an innovative system for the efficient distribution of money through corrents — a currency with adjustable convertibility, to revive the hibernating economy as quickly as possible caused primarily by the household liquidity crisis due to COVID-19. The aim is to mitigate the economic impact on citizens and society while supporting the fastest possible restoration of the original state of society before COVID-19. The basic idea of Corrency is that the citizen will receive financial support from its provider, such as the municipality, in the form of corrent currency, which they can spend at local merchants.


Who is the operator and provider of finance for the project in Kyjov?

The company I, FOUNDATION, s.r.o. stands behind the idea and implementation of Corrency. It is also the operator of the entire system and a donor for the pilot project.


What is corrent?

Corrent is a currency with adjustable convertibility issued by the Corrency system in digital form under the abbreviation “COR” in the ratio of CZK1 = COR1. Corrent is covered by the crown. The financial donation to citizens in crowns generates the same amount of corrents in electronic format, which will be distributed among citizens.


What is corrent adjustability?

Corrent has several parameters that are set by the provider of financial support, in Kyjov it is the local city hall. Each parameter is adjustable independently of the others:


What are the parameters of corrent in Kyjov?

The Kyjov town hall has decided to support its citizens with 400 corrents, which they will be able to spend during one month with local cultural institutions, merchants and service providers. It has stipulated that the citizen’s participation will be 50 %, meaning that the purchase of goods or services worth, for example, CZK 200 will be paid by COR 100 and CZK 100 of their own money. A citizen will receive corrents if they meet the conditions set by the city hall, which is a permanent residence in Kyjov and a registration with the Corrency system. Corrents can only be used with merchants who have registered with the system. You can find their list at kyjov.corrency.cz on the Corrency Facebook page, in the Kyjov Infocentre and on the notice board and in the filing office of the Kyjov city hall. The establishments will be marked with the Corrency logo. It is important to monitor the validity of corrents, they can no longer be used after their expiration. In the case of Kyjov, corrents can be used from January 11, 2021 to February 11, 2021.



The Resident Asks

What are the conditions I need to meet for being allocated corrents?

Your permanent residence must be in Kyjov, otherwise, it is not possible to get involved and the registration will not be successful. Furthermore, you need to have a valid ID card and fill out a simple electronic form on the website kyjov.corrency.cz. Before saving the form, please read the General Terms and Conditions and information on how we handle personal data. It is not possible to apply for Corrency without consent to both documents. We will immediately confirm your registration directly on the website or via an SMS.


Where and by when can I register as a citizen?

You can register via an online form at kyjov.corrency.cz. If you do not have access to the Internet or you do not know how to work with it, you can apply for registration during normal opening hours at the Kyjov city hall filing office and the Kyjov Infocentre in Svatoborská Street. Registration will take place from December 11, 2020 for 30 days until the start of Corrency operation in Kyjov on January 11, 2021.


Why should I enter my phone?

We recommend that you enter your mobile phone when registering. After each purchase, we will send you an SMS with your corrent balance and a one-time code, which you will show to the merchant during the next purchase. If you do not enter a telephone number, you will prove your identity with your ID card at the time of the purchase and the corrent balance will be provided to you by the merchant upon request.


Can I add my phone during the project?

Yes, you can add your phone number at any time during the project. Just send an SMS in the form of REGISTRACE and THE NUMBER OF YOUR ID CARD (e.g. REGISTRACE 123456789) to the number 736 370 158. You do not need a smartphone.


How can I apply corrents?

The list of merchants who accept payment with corrents in Kyjov will be published on the Corrency Facebook page and the city of Kyjov Facebook page on an ongoing basis. You can also find them online on the website kyjov.corrency.cz and as a physical list in the Kyjov Infocentre and at the city hall filing office. Participating merchants will be marked with our logo. Before the purchase, please state that you want to apply corrents. When paying, the merchant will ask you to provide him with your ID card number or a one-time code received via an SMS. The merchant will send information about the amount of the purchase to the Corrency system together with the ID card number or code, and will immediately receive information on how much to pay in CZK and what is your corrent balance. If you have entered your telephone number into the Corrency system, we will send an SMS with a new balance to you as well, including a new one-time code for the next purchase.


Do I have to apply all corrents at once?

You don't have to. You can break down available corrents into multiple purchases during the project duration. You cannot apply more corrents than you have been allocated. Corrents cannot be applied after their expiry date.


What if I accidentally delete an SMS with a one-time code?

Nothing happens. During purchase, you will be identified by an ID card number. After the purchase, you will receive a new SMS with your current corrent balance and a new one-time code for the next purchase.


Can I pay by card for the non-corrent part?

It depends on the merchant whether they accept payments by card, meal vouchers or just in cash. The Corrency system enables you to pay for your share in any of the above ways.


What if my Corrent account balance is insufficient?

If you have to pay e.g. your own CZK50 and COR 50, but the balance on your corrent account is smaller, e.g. only COR 30, you have two options. You can either apply COR 30 and your surcharge will increase proportionally, i.e. to CZK 70, or you can refuse the purchase. In this case, the merchant cancels the payment and you can apply the remaining COR 30 at any time during their validity at any merchant involved in Corrency.


For how long are corrents valid?

In Kyjov, the validity of corrents is set at 30 days. The validity starts from the project start date, which is set for January 11, 2021. This may change with regard to current epidemiological measures. We will inform you about the changes on the website kyjov.corrency.cz. On the day of the project start, the final list of merchants, where you will be able to apply corrents, will be published.


What happens to corrents that I do not use?

Corrents that you do not use will be cancelled after the expiration of the specified period and will be returned to the provider in the form of CZK. They cannot be paid in cash.



The Merchant Asks

How can I join Corrency?

You must be a legal entity or a freelancer based in Kyjov. Then just register in Corrency by filling out a simple electronic form on the website kyjov.corrency.cz. After you fill it in carefully and send the data, we will send you a draft Agreement on the Reimbursement of Corrents and the Agreement on the Transfer of Personal Data to the e-mail you entered in the form. Please read both documents carefully. You can approve them by clicking on the link that is part of the e-mail. It is not possible to join Corrency without your consent. The link for approval is valid for 14 days. We will immediately confirm your successful registration directly on the website.


I have several employees in the establishment, can I have more telephone numbers?

Of course. You can add and remove phone numbers at any time during the project. You can add a new phone number for entering payments by sending an SMS in the form of REGISTRACE and THE PHONE NUMBER YOU WANT TO ADD (e.g. REGISTRACE 608123456) to 736 370 158. You can cancel the phone number by sending an SMS in the form of ZRUŠIT and THE PHONE NUMBER YOU WANT TO CANCEL (e.g. ZRUŠIT 777123456) to the same number 736 370 158. Both change requests must be sent from the telephone number you entered when registering with Corrency. Otherwise, it will not be possible to make the required change.


How do I accept payment in corrents?

When paying, the citizen will prove their identity with their ID card or a one-time purchase code, which they receive in the form of an SMS to their phone. You then send an SMS in the form of ID CARD NUMBER and A TOTAL PURCHASE AMOUNT IN CZK (e.g. 123456789 200) to the Corrency system. The system will immediately return an SMS to you with the amount that the citizen has to pay you from their own money, and with their current corrent balance. The citizen will also receive an SMS from the Corrency system with their corrent balance and a one-time code for the next payment.
Another option is to enter the payment via the web application. To log in, you need a password, which you get by sending an SMS from your phone number entered during the registration in the form of HESLO to the number 736 370 158. With the password, you log in to the payment entry form, in which you just need to enter the ID card number or the one-time code, the total amount and send it. The Corrency system in the web application immediately informs you as in the case of SMS.


How do I enter a corrent payment into my cash register?

It depends on the settings of your cash register. Most commonly, a corrent payment is entered as “other means of payment“.


The payment has not been approved, why? What to do with this?

If the Corrency system does not approve the payment after sending, it will also inform you why this is the case. This is usually due to one of the following reasons:


What if the citizen refuses to pay?

A citizen may refuse to make the payment, e.g. due to a higher surcharge in CZK due to an insufficient corrent balance, or for any other reason. If the payment has already been approved by Corrency, you can cancel it by clicking the “storno” button in the web application or by sending an SMS in the form of STORNO to the number 736 370 158. You can always cancel the last payment no later than 10 minutes after sending it to Corrency.


How will my corrents be reimbursed?

The Corrency operator will pay you the amount in CZK corresponding to the corrents that citizens used in your establishment when paying for goods or services to your bank account entered during registration no later than the next working day. At the same time, the operator will send you a list of sales for accounting control to your contact e-mail.


What to do in case of problems?

Not sure? Contact us on our e-mail podpora@corrency.cz or the telephone number 608 882 737.