Over the last few years, thousands of Swedes have had a biometric microchip implanted into their hands so they do not have to carry keycards, IDs or even train tickets. It is another step in the move towards a completely cashless society which we have probably been heading towards since Frank McNamara, of Diners Club fame, introduced the first credit card back in 1950. Then again, US archaeologist Jonathan Mark Kenoyer says ancient civilisations in the Indus Valley used clay tablets in much the same way as credit cards over 5000 years ago. Read more
Lawmakers in New York City and New Jersey are working to pass bills that would require retailers to accept cash, alleging that the growing cashless trend discriminates against low-income customers. Low-income, minority and less-educated households are more likely to have no bank accounts or rely on financial products that come from outside the banking system. People who defend cashless commerce cite greater convenience for customers and lower risks for businesses. Although mobile payments and digital banking products are on the rise, many Americans still do not use a credit or debit card....
Indian banking customers are being made to pay a price for convenience with the spiral of crimes like phishing, identity theft, card skimming, cloning and vishing defrauding them of their hard-earned money. As the Government increasingly pushes for a cashless, digital economy, banks steadily adopt new technologies and online transactions shape what we buy and sell, the consumer is consequently becoming more vulnerable. This is borne out by a recent survey that says illegal transactions involving ATMs, credit and debit cards and internet banking have gone up by 50 per cent in 2018-19 with 27...
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...
