Payments News

On The Web

nbsp;

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.”
nbsp; nbsp;

Use

Bill Gates Foundation eyes Kenya with software that allows mobile money interoperability

“The Bill and Melinda Gates Foundations is seeking to launch a free software that will enable Kenyans transact money across different banks and telcos. The Business Daily reports that the foundation plans to hold talks with Kenya’s Central Bank in order to rollout the software known as Mojaloop. The software will be expected to connect the six mobile money […]
nbsp;

Use

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 […]
nbsp;

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 […]
nbsp;

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 […]
nbsp;

Use

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 […]
nbsp;

Use

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 […]
nbsp;

On The Wires

nbsp;

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 […]