News | Cash & Payment News

John Winchcombe

2 Oct. 2022

5 min read

Payment News

Morning Consult has written an article challenging whether banks should redefine the terms ‘unbanked’ and ‘underbanked’. The article argues that banks should focus on customers’ specific needs if they want to draw more people into financial services.

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John Winchcombe

29 Aug. 2022

5 min read

News in Brief

In Australia, Armaguard Group has reached agreement to merge Prosegur Australia into their business. The merger will include cash in transit, technical services and ATM networks within Australia.

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John Winchcombe

31 July 2022

5 min read

News in Brief

The Reserve Bank of India (RBI) has issued a report on India’s payment system. Part of that report benchmarks India against 21 countries.

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John Winchcombe

31 July 2022

5 min read

Payment News

Mobile money systems, of which M-Pesa is the best known, are evolving to the detriment of the network of agents who handle their transactions, according to a recent article in The Economist magazine.

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John Winchcombe

3 July 2022

2 min read

Smart Contracts – What Does the Law Say?

There is much talk of smart contracts in the National Bank of Denmark paper on payments. Whether in the context of CBDCs or other payments, they are frequently put forward as an attractive ‘prize’ worth pursuing.

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John Winchcombe

3 July 2022

5 min read

Payment News

The UK’s Financial Conduct Authority is concerned that some banks and building societies are closing branches without considering carefully enough the impact on their local communities. It is looking at updating guidance to rectify this.

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John Winchcombe

3 July 2022

4 min read

News in Brief

At the end of May a new law in Spain made it mandatory for retailers to accept cash, with refusal to accept cash becoming an offence. Under certain conditions it can be regarded as a severe, rather than a minor, offence.

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John Winchcombe

7 June 2022

4 min read

News in Brief

A recent article by RBC demonstrated that in Canada the use of cash as a proportion of GDP decreased from 4.8% in 1961 to 2.9% in 1981. From then until about 2008/9 it held steady at about the 3% level. Since then it has risen steadily reaching 4.4% in 2021.

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John Winchcombe

7 June 2022

5 min read

Payment News

Cryptocurrencies are in a strange place. There were 18,465 cryptocurrencies as of March 2022, although perhaps only 10,363 are active. There are over 300 million users worldwide and more than 18,000 businesses now accept some form of crypto as payment.

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John Winchcombe

1 May 2022

5 min read

Payment News

Socash, the Singapore-based technology company with an app that connects consumers and merchants so that consumers can deposit, withdraw and make payments with cash at the point of sale in shops, has signed a definitive agreement to be bought by Nium.

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John Winchcombe

1 May 2022

5 min read

News in Brief

The Retail Industry Leaders Association, which represents a range of US retailers, has written to the US Treasury Department asking for help to get the public to spend their accumulated coins. The retailers are facing a shortage of coins similar to early in the pandemic.

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John Winchcombe

29 March 2022

5 min read

Payment News

In 2020 consumers made 15.5 billion debit card payments in the UK. Mastercard has just said that over half of the world’s in person payments are now made using contactless technology.

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John Winchcombe

29 March 2022

5 min read

News in Brief

In Denmark cash may only be used in 12% of transactions, but one in four person-to-person transactions are made in cash and one in three Danes hold cash at home as a reserve. How much people hold has also increased.

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John Winchcombe

4 March 2022

5 min read

Payment News

In 2020 Apple bought Mobeewave, a start-up working to enable contactless payments using smart phones. Bloomberg has reported that Apple will allow small businesses to use iPhones to accept payments ‘in the coming months’.

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John Winchcombe

22 Feb. 2022

5 min read

News in Brief

A new agreement has been signed between the UK’s Post Office and 30 banks and building societies to allow customers to continue to access basic banking services in post offices.

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John Winchcombe

22 Feb. 2022

5 min read

Payment News

In 2020 Apple bought Mobeewave, a start-up working to enable contactless payments using smart phones. Bloomberg has reported that Apple will allow small businesses to use iPhones to accept payments ‘in the coming months’.

News

John Winchcombe

28 Jan. 2022

5 min read

Payment News

Amazon has decided to continue to accept Visa credit cards in the UK, reversing its decision to stop on 19 January. The reason for the change of heart is not clear but it is assumed that Amazon will have negotiated price concessions from Visa.

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John Winchcombe

28 Jan. 2022

4 min read

News in Brief

Fear of COVID-19 transmission by banknotes remains in Taiwan despite the worldwide research that demonstrates the risks are extremely small, no more than touching any other object in a public space.

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John Winchcombe

21 Dec. 2021

5 min read

News in Brief

Westpac, a major Australian bank, has re-designed its point-of-sale (POS) terminals to help blind and visually impaired people use them more easily. 110,000 machines are being changed for Android-based devices with new functionality.

News

John Winchcombe

21 Dec. 2021

4 min read

Payment News

Amazon has announced that from 19 January 2022 in the UK it will stop accepting Visa credit card payments due to their high cost. This follows the post-Brexit removal of the interchange cap imposed by the European Commission. Amazon has also introduced surcharges on Visa credit cards in Singapore and Australia.

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Smart Contracts – What Does the Law Say?

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