News 

Riksbank predicts Sweden will be ‘cashless’ within five years

“Sweden will probably become cashless in 3-5 years,” Riksbank deputy Skingsley said at a London banking conference” writes Midwest Communications Inc for 95kqds.com. LONDON (Reuters) – Sweden is likely to become cashless within the next five years, the deputy governor of the country’s central bank, Cecilia Skingsley, predicted on Tuesday.Alternatively they may develop into something that regulates and controls “privately created” money by firms looking to dominate global payment markets.”If we don’t do anything we are looking at a future where money will be spontaneously privatized,” Skingsley said. Source: 95kqds.com Share…

Read More
News 

More retailers go cashless to cut costs, theft during holiday shopping

“And average orders are hundreds of dollars, making cash payments even less likely, the company says” writes Usa Today for suntimes.com. In an effort to cut costs and hassles, a small but growing crop of retailers have stopped accepting the tried-and-true paper currency.Visa last year awarded $10,000 to each of 50 businesses that produced videos explaining how going cashless would benefit them.Despite the pushback, IDC analyst Rivka Gewirtz Little predicts “significant and continued year-over-year growth (in cashless retailers) over the next 10 years.” Many, she says, could follow Walmart, which…

Read More
News 

Council bill aims to stop businesses from going cashless

“Businesses in gentrifying communities can fuel or exacerbate displacement by going cashless, Torres said” writes Janaki Chadha for politico.com. As commercial transactions grow increasingly cashless, a new City Council bill would prohibit restaurants and retailers from refusing cash to ensure those who lack traditional banking options aren’t left out of the fold.The bill, which will be introduced on Wednesday, would require all food service and retail establishments to accept cash from patrons or be subject to fines.All businesses that sell food, beverages or other consumer products would be covered.Prominent establishments…

Read More
News 

Sweden’s Cashless Drive Hits A Speed Bump

“In Sweden, the move to a cashless society has been marked by a quickened pace” reports pymnts.com. In another telling example of the shift to cashless, several thousand Swedes have been microchipped, with implants helping them to transact across goods and services.Regulators are now prodding banks to keep notes in circulation, as they mull what happens in various scenarios tied to the country’s digital eKrona currency.The younger generation has especially embraced the cashless mindset, with 18- to 24-year-olds — to the tune of 95 percent — using debit cards or…

Read More
News 

America moves closer to being a cashless society

“Forces will undoubtedly continue nudging us toward a cashless life, which comes with plenty of benefits” writes Bob Sullivan for marketwatch.com. The dollar value of cash transactions sank 7% from 2010 to 2015, according to The Nilson Report, while credit and debit card payments rose nearly 50%.In other words, they live an all-cash life, so would be entirely shut out in a cashless society. Source: marketwatch.com Share This:

Read More
News 

Homeless people are wearing barcodes under new project to increase donations in cashless society

“Homeless people are wearing barcodes around their necks in an attempt to increase donations in a cashless society, under an Oxford University backed initiative” writes Camilla Turner for telegraph.co.uk. A new social innovation project, called Greater Change, sees homeless people handed a QR code, similar to the kind issued for online tickets.Passersby who wish to give money – but may not have any change in their pocket – can scan the code using their smart phone, and make an online payment to the person. The donation goes into an account…

Read More
News 

More and more restaurants and stores are going cashless, to the delight of credit card companies

“For years, small businesses have asked customers to pay cash, set credit card minimums, or added a surcharge onto card transactions, in an effort to defray the premiums imposed by companies like Mastercard and Visa” writes Henry Grabar for businessinsider.com. He still uses cash with his dry cleaner — a kind of credit card guilt.At that point, the various hassles of dealing with cash — employee training, banking fees, armored-truck pickups, and the occasional robbery — outweighed the cost of credit card fees on those transactions.”After talking to the team…

Read More