Payments News

On The Web

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Amazon Cash Banks On Engaging African-American, Hispanic Consumers

“While Amazon’s overarching strategy is to engage these consumers, who represent 25.2% of the U.S. population, it is also an effort to attract more African-American and Hispanic consumers, who just so happen to be the most likely ethnic groups to be unbanked, according to an FDIC study. Several factors impact this disparity, including lower average […]
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Lack of bank access slows digital payment growth

“According to the World Bank’s 2017 Global Findex Database, 69 per cent of adults in the world have bank accounts, leaving around 1.7-1.8 billion people with no bank accounts. The figure was up from 62 per cent in 2014 and 51 per cent in 2011, driven by the rise of digital payment, which has emerged in […]
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Global

China Can’t Afford a Cashless Society

“The growing “cashlessness” of Chinese cities threatens to expose underlying issues of economic instability. Mobile payments are carving out lines between young and old, and between the prosperous urban middle class and those left behind by the boom times.”
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Digital Commerce Will Transform African Economies, Starting With Cheaper Phones

“There’s a $700-billion opportunity for African countries over the next five years if they can close the gender gap in mobile-phone ownership, according to GSMA, the global mobile-trade body. It bases that estimate on the commercial opportunity for mobile operators and the expected boost to GDPs as more women get phones. The smartphone, vital for internet connections on […]
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Systems

After Outrage, Sweetgreen Will Accept Cash Again

“Starting in December 2016, fast-casual salad chain Sweetgreen stopped accepting cash at restaurants across the U.S. The move was immediately controversial , but it took more than two years for the company to reverse the decision.     On Thursday, the company announced that its six Philadelphia locations will accept old-fashioned paper currency, beginning July 1.  By year […]
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Companies

Walmart Now Accepts SNAP for Online Grocery Orders at All 2,500+ Pickup Locations

“Walmart has been working to address the needs of low-income shoppers for some time. More recently, it’s been introducing new ways to serve customers on public assistance. In fall 2017, the retailer began a small test allowing customers to pay for online grocery orders using their SNAP (Supplemental Nutrition Assistance Program) benefits — more casually […]
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Big Issue Sellers Go Full Contactless

“The publisher has teamed up with iZettle to operate the system, which is selling the card readers at a discounted one-off price of £9 to any Big Issue seller who wants to get in on the contactless race. Apparently iZettle has negotiated a lower transaction fee per magazine sale too, as it’s all about appearing to be […]
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Reports

Fintechs and Financial Inclusion

“This paper documents CGAP’s work with 18 fintech pilots in Africa and South Asia. The goal of this paper is to explain innovations in a detailed way and generate insight on whether the services (i) work as stated, (ii) create value for underserved customers, and (iii) ease age-old pain points in delivering financial services to […]
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Social Entrepreneur Works To Bring 100 Million Underserved People Into Pakistani Financial System

““Financial inclusion in Pakistan is extremely low. The World Bank estimates 100 million adults, out of a total population of 189 million, lack access to formal financial services. Low income consumers in particular struggle to access credit, smooth cash flows, manage bumps and shocks, and save to meet their future goals,” says Tahira Dosani, managing […]

On The Wires

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Systems

DFS Lab Announces Open Applications for Fintech Hackathon Focused on the Mojaloop Software

“Digital Financial Services Lab (DFS Lab), today announced it was hosting a hackathon in Dar es Salaam, Tanzania April 8 to 12. The Hackathon will offer participants an in-depth look Mojaloop, which is open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion. Interested applicants can apply on the DFS […]