The Manufacturers Association of Nigeria (MAN) has expressed concerns over the planned implementation of the cashless policy introduced by the Central Bank of Nigeria (CBN). The association stated that the new policy expected to kick off in 2020, will affect micro, small, and medium enterprises who are clearly the engine room for growth of the economy and employment generation. The apex bank, in a circular, directed Deposit Money Banks (DMBs) to charge on deposits, in addition to already existing charges on withdrawals, 3 percent processing fees for individual accounts, withdrawals in...
Canadians relying on Via Rail to get home for the holidays may need to double-check what they’re packing in their wallet. At the end of October, the passenger rail service started rolling out a new cashless policy on several routes. That means travellers on the Quebec City-Windsor corridor, the Ocean, between Halifax and Montreal, and other regional trains can only buy food or beverages on board with a credit card. Passengers were informed of the change during the ticket purchasing process, but as the holiday travel season starts to ramp up, it’s taken a number of...
Australian parents are raising concerns about the impacts of cashless society on their children, saying the absence of cash will leave them financially worse off. A survey by MyState Bank found 67% of Aussie parents believe a transition to a digital financial system, or a cashless society, will have this effect. A cashless society is a society where cash is not generally used or accepted as a means of payment, according to MyState. There are signs of this transitioning happening already – ATM withdrawals and cheque payment numbers are falling, couch banking is replacing branch banking,...
[TOKYO] Japan's measures for encouraging the spread of cashless payments will likely need more funding beyond the end of March and could be extended as part of a planned government stimulus package. The International Monetary Fund recommended on Monday that Japan consider lengthening the time frame of its measures to support consumption after an October sales tax increase to support the economy, citing the cashless-payment reward programme among the measures. The programme is aimed at supporting consumption in the wake of the tax hike and increasing efficiency at small and medium-sized...
ANSHA, China — As investors and technologists worry that the U.S. is falling behind in the race for dominance in blockchain, Beijing is trying to get ahead. “In a bear market for crypto we make friends; in a bull market we make money,” said Rae Deng, founding partner of Du Capital, a crypto investment firm based in Singapore. Deng said at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China she sees another flourishing crypto scene coming, with more Chinese investment striding to the market after Beijing suddenly announced plans to embrace...
The People’s Bank of China (PBOC) revealed that a new regulatory pilot program will be rolled out in three provinces seeking to limit the size of unregistered cash transactions allowed in the nation. This comes as the Chinese government is preparing to release an all-digital national currency. The story was originally reported by the Xinhua News Agency, but spread quickly through Twitter thanks to prominent cryptocurrency personality, Dovey Wan (@DoveyWan): Dovey 以德服人 Wan @DoveyWan · Nov 14, 2019 .... OK THIS IS HAPPENING PBOC announced...
A recent cyber-attack on a nuclear power plant has sparked a debate on the country's ability to protect itself in a cyber-war. But experts say Indians should be more worried about the vulnerability of its financial systems. The BBC's Ayeshea Perera finds out more. News that India's biggest nuclear plant - the Kudankulam facility in the southern state of Tamil Nadu - had been subject to a cyber-attack made headlines across the country last month. It sparked conversations about whether the country was "cyber-ready" and many questioned whether it would be able defend critical infrastructure...
The Japanese government is determined to promote cashless payments and has set a policy target to reach 40 per cent use of cashless payment by 2027, up from 18.4 per cent in 2015. This still lags far behind other countries such as South Korea and China, each with a higher rate of cashless transactions totalling 89.1 per cent and 60 per cent, respectively. The government’s outlook on promoting a cashless society includes the issuance in 2018 of a policy document titled ‘Cashless Vision’ and the start of a massive subsidisation program to promote cashless payments in October...
BEIJING -- On her first trip to China, 30-year-old Courtney Newnham from Portland, Ore., eagerly lined up at a street pushcart to buy a skewer of candied hawthorn berries, a traditional snack. Then she realized nobody was giving the pushcart guy money. "Everyone was just scanning and walking away, and I was like, 'Wait, what?' " she said. She left empty-handed. China was never an easy place for tourists, but lately just about everything seems to have gone square-shaped -- as in the payment-app QR code needed to unlock much of the Middle Kingdom. It's how people hail taxis, consult doctors,...
New Delhi: The Indian Government's core objective of carrying out -- demonetisation -- three years ago, has remained unfulfilled, with data showing an increase in the level of hard currency in the system. It was on November 8, 2016, that Prime Minister Narendra Modi initiated demonetisation, an action that took the country by surprise. It was envisaged with an aim of eradicating black money and curbing dependence on the cash economy. However, the Reserve Bank of India's data showed that cash with the public as of October 25, 2019, stood at Rs 21,89,781 crore, a 15.2 per cent higher...
