Reliance on bank notes growing(again) due to savers’ financial instability fears
by CTMfile
Overall cash usage continues to decline as consumers usage of mobile and other methods grow, but decline is slowing. Will cash make a comeback?
Cash, bank notes and coins, are the oldest payment system and coins were first used some 2,500 years ago. Cash is used for the majority of payments in almost all countries. In Europe in 2008 78% of…
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Overall cash usage continues to decline as consumers usage of mobile and other methods grow, but decline is slowing. Will cash make a comeback?
by CTMfile
NO, not really, but here are some interesting stats
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Less: YES, disappearance: NO, particularly since many retailers feel that cash is cheapest form of payment
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Bank of America Merrill Lynch now provide a continuum of solutions to address the various challenges companies face when managing large volumes of cash and check receivables
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Square is making a register that will takes Bitcoin and Apple Pay, so retailers will never miss a sale
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BNY Mellon’s ‘Global Payments 2020’ report misses the point: Payments are not just about transformation and convergence they are about the whole sales and purchasing experience
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UK’s British Retail Consortium estimate that cash is by far cheapest costing just 43% of debit card, and 14% of credit cards
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New efficiencies in collecting the inevitable cash transactions
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Cash is still used for the majority of transactions in UK (52%)
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BRC warn about increasing use of new technologies & cards in payments at POS is increasing overall costs as cash payment continues to decline, now at 1.3p/transaction v. 41p for credit cards
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Visa expect that 50% of their transactions will made be made through a mobile device by 2020
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Improves Working Capital by freeing up trapped cash, lowering costs and increasing efficiency
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Card fees to be cut by almost half
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Use mobile point of sale terminals and mobile software
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The new UK Cash & Cash Machines 2013 report from the UK Payments Council shows that cash use increased in the UK last year, with consumers and businesses making 20.8 billion cash payments in 2012, compared with 20.6
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Fundamental changes in the UK retail industry as customers embrace new technology and new ways to shop are producing major changes in the relative importance of different payment methods.
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Around one in seven card payments of under £20 are now contactless at UK retail giant Marks & Spencer (M&S), which is processing more than 230,000 tap and pay transactions every week.
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It is a great idea - to replace the expensive cash transactions under $10 by chips holding the cash digitally, but it is expensive to set up the infrastructure and make it work. RBS/NatWest spent a
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Since the start of the recession in December 2007 and throughout the recovery, the value of US currency in circulation has risen dramatically. It is now fully 42% higher than it was five years ago.
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The Payment Council's report on the way the UK pays always makes interesting reading. Some of the key findings from the report are:
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The Canadian Mint has now ceased distributing pennies to financial institutions and the circulation of the currency will begin to decline. The transition data was announced in July 2012 after consultations with smal
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The latest example of the expansion of e-cash in Africa is in Rwanda where the mobile payment platform MobiCash and financial institution KCB Bank has launched BioCash, a financial service that uses the national ID
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The Bank has confirmed, Sky News claim, that a proviso is included in a new bank note printing contract to replace paper with polymer-based cash. They may be following Australia, who introduced flexible plastic bank
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Old fashioned personal service is returning to the point of sale (POS) using a combination of mobile phones, iPads and the card schemes.