Payments News » Cash

Paying by card? You’re less likely to remember the amount spent

August 16 2018

in
Cards
Cash

““We were able to show that individuals who pay by card have a less accurate recall of the amount paid than individuals who settle their bill with cash”, the authors summarise, who say that the results are relevant for the financial wellbeing of everyone. “A precise recollection of past spending has an effect on the […]

Systems

The cashless society myth: PayPal, Square, and bitcoin have not stopped cash from being a growth business

August 7 2018

in
Cash

“Cash in circulation has growth at a 5 percent rate for the past 20-plus years, with the number of notes in circulation doubling to 40 billion between 1996 and 2016. That annual growth rate has ticked up a little higher recently and matches the growth of euro notes in circulation — roughly 6 percent growth, […]

Companies

Mastercard Patents Method To Manage Blockchain Payments

July 19 2018

“Mastercard has secured a patent for a method, which will enable it to manage fractional reserves of blockchain currency. The system will connect blockchain-based assets including Bitcoin to fiat currency accounts in order to allow cryptocurrency payments through credit cards. The new system will comprise a central database, an account database, a receiving device and […]

Global

As China Goes Increasingly Cashless, PBOC Says Cash Payment Is Still Alive

July 16 2018

in
Cash
China

“The central bank in China, the world largest mobile payment market, is urging individuals and companies to not refuse or discriminate against cash payment. The People’s Bank of China notice on Friday to dial down what it calls an “overhype” of a cashless society comes as mobile payment volumes continue to soar to new heights. […]

Systems

Abolition of 1p and 2p coins would mean small change for UK shoppers

August 22 2018

in
Cash

“Bank of England economists believe that removal of 1p and 2p coins from circulation would have a limited impact on pricing at the checkout, re-igniting a debate over the future of small value copper change.”

Global

China’s central bank cracks down on merchants who refuse to take cash

August 23 2018

in
Cash
China

“China’s central bank has stepped up action against merchants refusing to accept cash payments, on concerns over financial stability amid a surge in the use of mobile payment systems across the country.”

Systems

There are now more $100 bills than $1 bills in the world

September 20 2018

in
Cash

“A funny thing happened on the way to a world of cryptocurrencies and mobile payments. Cash became more popular than ever. The main reason? The one hundred dollar bill. In 2017, for the first time ever, the one hundred dollar bill became the most popular US bill in circulation, beating out the one dollar bill. It is quite […]

Systems

Pub stops taking cash payments ‘in UK first’

September 19 2018

in
Cash

“A traditional pub in the Britain has stopped taking cash payments and is the first in the UK to do so, its landlord has claimed. The Boot in Freston, near Ipswich, no longer has tills and customers have to either pay by card or through their phone. Having been derelict for nine years, the 1530s pub was […]

Global

Going Cashless: What Can We Learn from Sweden’s Experience?

September 4 2018

“Sweden is regarded as the poster child of cashless countries and is expected to become the world’s first cashless society by March 2023. This means that cash will not be a generally accepted means of payment in Sweden. This journey has been powered by various factors such as a robust card payment system, strong internet […]

Regulation

Should cashless retail stores be banned?

September 21 2018

in
Cash

“If you own a retail store, should you be required to accept cash? That’s what lawmakers in New Jersey hoped to make you do. Until Amazon stepped in. The e-commerce giant, who just opened another of its cashless Amazon Go grocery stores in Chicago, has joined other big retailers like Walmart to force a delay in a bill […]