On The Web

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Systems

NatWest Leverages Open Banking to Cut Transaction Fees by 25%

May 28 2019

• in
• Faster payments

“The UK’s NatWest bank has launched a new service that will let consumers pay online merchants directly from their bank accounts, “saving merchants at least 25% of card processing costs”. “The service removes the need to input long card numbers; customers can simply select the payment type and their bank during the checkout process, at […]

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Systems

Facebook Plans to Launch Crypto-currency

May 24 2019

• in
• Cryptocurrencies

“Facebook is finalising plans to launch its own crypto-currency next year. It is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020. The social media giant wants to start testing its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this […]

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Systems

The New Rules of Conduct in a World Without Cash

May 24 2019

• in
• Cash

“As more people swap funds via apps—over $21 billion was sent using Venmo in the first quarter of 2019, up 73% from the same time last year—cash is starting to burn a hole in people’s pockets. From takeout spots to Amazon Go markets to your buddy Carl, paper money is increasingly being rejected. However, the […]

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Reports

Making Change: Payments, Perspectives, and Politics

May 24 2019

• in
• Cash

“Depending on where you live, the concept of “cashless” is either a heated debate, the wave of the future, or a term you’ve never heard of. New Square data shows American consumers have grown less reliant on cash in the last four years, and the trend is spreading from coastal coffee shops to rural restaurants.”

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Systems

In the UK, Getting Cash Often Costs More If You’re Poor

May 28 2019

• in
• Cash

“More than 80% of cash machines in the UK are free to use. But if you are poor, no matter where you live in the country, the chances are higher that a machine in your area will charge a fee, according to Link ATM network and parliamentary constituency data compiled by Quartz. This discrepancy is […]

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Systems

Cashless Stores Are the Hot New Thing. Now Politicians Are Stepping in

May 28 2019

• in
• Cash

“Cashless stores and events are just starting to crop up in the retail landscape with much hoopla — consider the splashy launches of Amazon Go stores —  but they’re already running into hurdles from legislators in cities and states around the country. These governments are concerned that what some see as technological innovation could actually widen […]

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Systems

New Payments Platform Ropes in QR Codes

June 3 2019

• in
• Faster payments
• QR codes

“The days of fumbling for loose change at the school fete or footy match sausage sizzle could soon be numbered, after the New Payments Platform (NPP) revealed it’s working quickly with banks, merchants payment services providers to hook-up scan-to-pay QR codes to its real time network.”

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Providers

Scotland Is on the Front Line in the Fight Against “cash deserts”

May 31 2019

• in
• Banks
• Cash

“Communities like the villagers of Castlebay have been rising up in protest all over the UK to oppose the waves of bank branch closures and spread of so-called cash deserts. An average of 460 cash machines vanished every month in 2018, and the country has fewer than 8,000 bank branches now, down from nearly 18,000 […]

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Systems

Bundesbank Sees Dangers in Digital Central Bank Money

May 30 2019

• in
• Central bank digital currencies (CBDC)

“Central banks must exercise caution in introducing digital currencies that could potentially destabilize the financial system during times of crisis, Bundesbank President Jens Weidmann said on Wednesday. Central banks around the globe are examining the benefits of digital money, spearheaded by the Swedish Riksbank with its e-krona pilot scheme, a potential response to the rapid […]

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Systems

SBI Announces Demo Trial of In-store Payments With Ripple-powered ‘Money Tap’ App – TokenPost

June 3 2019

• in
• Faster payments

“SBI Ripple Asia , a joint venture between blockchain startup Ripple and Japanese financial services giant SBI Holdings, last week announced the launch of a demonstration test of its Money Tap app that would allow in-store payments. Launched last October, Money Tap offers real-time settlement for domestic payments in Japan. It uses xCurrent – Ripple’s […]