This article needs translation(s). If you are interested and able to translate to/from English, Dutch, French, German and/or Spanish, please visit this page to find out how you can help.

Time Credit

A Time credit is a special form of “timebanking” and refers to the reward (often a paper voucher) people receive for contributing time to their community as part of a time credit scheme or other voluntary projects. For every one hour of time that an individual gives to a community-focused project, group or activity, they will receive one Time Credit (worth one hour) which can be used to access a variety of different services or activities within the local community. People may use Time Credits to access events, training and leisure services, or to trade time with neighbours. 1

Time Credits is a popular forms of community currency, particularely in the UK and there often associated with the timebanks run by the social enterprise Spice.

Depending on the issuing organisation, Time Credits may take the form of paper notes or digital voucher. When printed the notes have been designed and printed to make counterfeiting or fraud extremely difficult. Generally, transaction costs are minimal since the system is coordinated by existing community facing staff, and because the redemption menu uses under-used community resources as well as direct exchanges between citizens.

Examples of Time Credit systems include:

–          West Norfolk Time Credits

–          Lancashire Time Credits

–          Wiltshire Time Credits

–          Lewisham time credits

Further reading

Spice Innovations, available at http://www.justaddspice.org/about-us/history-of-spice.html

References

  1. Spice Innovations, available at http://www.justaddspice.org/about-us/history-of-spice.html
0 0

Comment on this Article