Payments News

On The Web

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Global

Card Payments Dethrone Cash In Australia

“Aussie consumers are increasingly embracing the card payments as they made more than 8.3 billion payments using cards in 2017 at a rate of nearly 23 million transactions per day. The revelation was made by the Australian Payments Network (AusPayNet) in its recently published report ‘Digital Economy’. Highlighting the popularity of card payments among Australian […]
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Global

Convenience Of Debit Card Payments Puts Cash In Second Place

“The popularity of contactless payments among UK consumers is a key driver of debit card growth. In total, across both debit and credit cards, the number of contactless payments increased by 97 per cent during 2017 to 5.6 billion. Almost two thirds (63 per cent) of people in the UK now use contactless payments, and […]
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Global

Sweden Tries to Halt Total Cashlessness With Lawmaker Proposal

“Parliament’s Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to […]
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Global

Will Contactless Payment Ever Take Off In Germany?

“Earlier this year the Bundesbank published a survey entitled “Payment behaviour in Germany” based on data from 2017 which revealed that Germans still prefer to pay for most of their purchases using their beloved Bargeld (cash). The survey also found that German consumers carry around an average amount of €107 in their wallets – nearly the same […]
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Global

Japan Pushes Use Of Cashless Payments As Olympics Approach And Banks Strain

“Earnest efforts are underway in both the public and private sectors to promote cashless payments ahead of the 2020 Olympics. Credit cards, electronic money and other cashless systems account for 20 percent of all consumer payments in Japan, compared with 40 percent to 60 percent in the United States, European countries and China. The government […]
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Global

Hungry Rat Shreds More Than $17,500 Of Cash Inside ATM In India

“At least one money-hungry rat broke into an ATM and chewed through nearly $18,000 in cash, authorities in India said. Officials at the State Bank of India (SBI) thought the machine was merely malfunctioning when patrons told them it was no longer dispensing money…Reports estimate the destroyed banknotes at between 1.2 and 1.3 million rupees ($17,662 to $19,000). “
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Global

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

“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. […]
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Companies

Uber Cash Payments Could Soon Be Accepted In More Global Cities

“It’s one of the key players in edging us towards a cashless society – but Uber cash payments could soon be available in more cities across the world. The ride-hailing app, whose business model has always been to offer quick and cashless payments, already offers the service in 51 countries. Now, the Uber cash payments system […]
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Systems

How The US Dollar Bill Has Changed Over The Years

While some people are in favor of eliminating the $1 bill, this common denomination has a fascinating history. The dollar’s design has undergone some interesting alterations over the years — from the “funnybacks” that emerged in the 1920s to the web-printed bills of the 1990s. Keep reading to learn how the buck has changed from the […]
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Companies

Mastercard Patents Method To Manage Blockchain Payments

“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 […]