Payments News
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Systems

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

“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

German Banks Are Hoarding So Many Euros They Need More Vaults

“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

“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

“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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Opinion

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

“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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Regulation

Budget 2020: Chancellor Set to Protect Access to Cash Under New Laws

“The chancellor is set to commit to new laws to protect the future of cash in next week’s budget, which comes as bank branches and free-to-use ATMs are disappearing from the high street. Rishi Sunak’s measures will aim to ensure people who rely on cash, including vulnerable groups and local communities across the UK, can […]
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Systems

Russian Banks Act to Decontaminate Cash

“The Russian central bank already keeps banknotes for up to 14 days before distributing them and is now asking other banks to do the same, Vladimir Demidenko, deputy head of its cash circulation department told Reuters.”
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Industry

Metlink Bans Cash Payments for Transit Tickets

“Metlink , the transportation agency for the Greater Wellington region of New Zealand, has ceased accepting cash payments on all buses, trains, ferries and stations “to stay one step ahead of Covid-19 and give our passengers and staff more peace of mind”.”

On The Wires

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Systems

7-Eleven Partners With Arcus to Launch Modern Fintech Payment Solutions

“- Arcus , a leading fintech platform, today announced a partnership with global retail chain 7-Eleven to introduce a suite of modern fintech payment solutions to their mobile app, focused on cash-centric consumers. 7-Eleven is leveraging Arcus’ technology to power a more seamless, integrated payment experience for Latin American customers paying with cash.”