Payments News
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Systems

Cash May Not Be King, but It’s Still Royalty

January 31 2020

“Yet digital’s gain isn’t necessarily coming at the expense of cash. The overall pie still appears to be growing. Only two countries, Russia and Sweden, had a net substitution of cards for cash from 2007 to 2016, with cash in circulation shrinking as card payments grew, according to the Bank for International Settlements. In other […]

On The Web

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Systems

Consumers Make More On-Us ATM Cash Withdrawals, Fed Data Show

January 10 2020

“Despite the decades-old rise of electronic payments at the expense of cash, the rate of decrease in ATM cash withdrawals has slowed down, and more consumers are avoiding fees by using their own financial institution’s ATMs, according to the Federal Reserve. The Fed’s latest triennial payments study released last month says ATM cash-withdrawal transactions declined […]
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Systems

Japan Cashless Incentives Could Be Extended as Part of Stimulus

November 27 2019

“Cash is still king in Japan partly because the nation’s low crime rate makes it safe to carry and use bank notes. Promoting cashless transactions is one way for the country to boost productivity and deal with its chronic labor shortage as its population grays and declines. The government’s cashless incentives are part of a […]
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Regulation

New York City Bans Cashless Businesses

January 24 2020

“The New York City Council on Thursday voted to ban businesses in the city from only accepting credit, debit or digital payments, amid concerns such policies discriminate against lower-income customers. “Whatever your reasons, consumers should have the power to choose their preferred method of payment,” councilman Ritchie Torres, who drafted the bill, said at a […]
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Opinion

Banning Cashless Stores in New York Won’t Fix the City’s Deeper Problem

January 27 2020

“New York’s ban has at least highlighted a critical issue: A surprisingly large number of Americans still don’t have a bank account. Around 11% of New Yorkers are bankless , and some 22% use alternatives like check cashing stores, according to the Department of Consumer Affairs. In the US overall, about 6.5% of households (pdf) […]
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Systems

German Banks Are Hoarding So Many Euros They Need More Vaults

February 3 2020

“Right now, there isn’t enough space for the cash that many banks want to hold. Pro Aurum , a Munich-based precious metals trader, received several requests from banks to store notes in its vaults. However, the firm had to turn them down because of a lack of capacity. “The ECB’s negative interest rates make hoarding […]
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Systems

Mastercard Wants to Give You Fast Access to Cash — Using Only Your Cell Phone

January 31 2020

“Americans may soon be able to withdraw cash from ATMs around the country using only their phones. While there are several clear benefits, especially for those without a bank account or debit card, there may also be security risks, according to some experts.   Mastercard and a technology partner, Pin4, have been rolling out a […]
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Regulation

Examining the US Cashless Stores Backlash

February 6 2020

“The aim is to stop discrimination against customers who lack access to credit and debit cards, according to councilman Ritchie Torres , who led the bill. There is no federal legislation that governs this issue, leaving responsibility largely up to states. New York is following in the footsteps of Philadelphia and San Francisco, while Washington […]
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Global

Mobile Payment Accelerates Demise of Coins, Banking Branches

January 27 2020

“Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday.The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value, the lowest since comparable […]