PREMIUM — Digital payments are on the rise across the globe. In the U.S., the world’s largest economy, the use of mobile payments has increased significantly in the past two years. Add to that mix the prevalence of e-commerce and, the growing popularity of P2P apps, such as Venmo and Zelle, as well as digital banking. […]
Bank Innovation
#Many #Americans have doubts about #cashless #payments. That’s because they don’t #think it is a #secure method. A new report commissioned by eWallets-focused startup GATE titled, “The Future of Payments Report: Cash is No Longer King,” showed that 43% of Americans #don’t believe cashless payment methods to be secure. Then, 38% of Americans worry about […]
Bank Innovation
Walt #Disney #World is piloting a #cashless resort at its Animal Kingdom Lodge next month. According to a WDW report, starting Feb. 12, Jambo House at the Animal Kingdom Lodge Resort will be the first location to go cashless for both purchases and services. Forms of payments that will be acceptable at the resort includes […]
Bank Innovation
The #cashless movement is growing in cities like New York and San Francisco, where, paradoxically, a number of #businesses remain “cash-only.” But as more stores go cashless — with good reason &8212; there may be another consequence: the shutting out of the #underbanked. The good reasons to go cashless are that no counting change means […]
Bank Innovation
Behold, the rise of IoT—plus, the rise of the #cashless economy? #Visa, the payment processor responsible for over half of the world’s electronic transactions, will be integrating its credit card tokenization #technology with Watson’s Internet of Things network. Watson is the crown jewel of IBM’s work in artificial intelligence, forRead More
Bank Innovation
#Permissionless, permissioned. #Cashless, cash-filled—two of the larger discussions currently underway in the #fintech world. However, a recent paper by Coin Center’s Peter Van Valkenburgh suggests that the most beneficial way forward may be to merge the two. The paper, which can be viewed here, postulates that #blockchain is ideally suited toRead More
Bank Innovation
In 1661, Stockholms Banco, the precursor to the Swedish central bank, issued Europe’s first banknotes, on thick watermarked paper bearing the bank’s seal and eight handwritten signatures.
Last year – as Britain did last week – #Sweden launched a new series of notes, cheery affairs featuring 20th-century Swedish cultural giants such as Astrid Lindgren, the creator of Pippi Longstocking, Greta Garbo and filmmaker Ingmar Bergman. But like its Nordic neighbours Norway, Denmark and Finland, Sweden is fast becoming an almost entirely #cashless society.
“I don’t use cash any more, for anything,” said Louise Henriksson, 26, a teaching assistant. “You just don’t need it. Shops don’t want it; lots of #banks don’t even have it. Even for a candy bar or a paper, you use a card or phone.”
Swedish buses have not taken cash for years, it is impossible to buy a ticket on the Stockholm metro with cash, retailers are legally entitled to refuse coins and notes, and street vendors – and even churches – increasingly prefer card or phone payments.
According to central bank the Riksbank, cash transactions made up barely 2% of the value of all payments made in Sweden last year – a figure some see dropping to 0.5% by 2020. In shops, cash is now used for barely 20% of transactions, half the number five years ago, and way below the global average of 75%.
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