News 

EDITORIAL: Looking out for those left behind in a cashless society

“The future, in this case, is a cashless society, where nobody will use paper dollars or metal coins” writes Sun-times Editorial Board for suntimes.com. What will they do in a cashless society?. Anybody who has ever used Uber or Lyft, which do not accept cash, knows how convenient a completely cashless society could prove to be.No cash means faster lines at the check-out counter.No cash means no armed hold-ups. Source: suntimes.com Share This:

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Cash crunch: how Venezuela inadvertently became a cashless economy

“Instead, Maduro tried to paint the cash crisis as an opportunity for Venezuela to ditch cash altogether” writes John Otis In for theguardian.com. Black-market money changers charge commissions of up to 20% to score paper money for small business people who pay their workers in cash.Empty shelves at supermarkets prompt many Venezuelans to seek out black-market vendors who sell milk, rice and other basic staples but accept only paper money.He said he saves his scarce bolívar notes for bus fares and other transactions that require cash. “I almost never use…

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Crypto News 

Pundi X ICO backed by angel investors including NEM President and OmiseGo investor

“About Pundi X Pundi X is a blockchain startup that aims to make cryptocurrency an enabler of ubiquitous cashless payment environments across South East Asia and beyond” reports newsbtc.com. Pundi X aims to solve the last mile challenge for access to reliable and trusted financial services for the next billion by enabling wide cryptocurrency adoption thanks to their POS smart device.Pundi X POS enables shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of consumers and builds on the success of Pundi-Pundi which is one of…

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Grab says you can now pay restaurant bills using its mobile wallet

“Southeast Asian ride-hailing company Grab on Wednesday said users can now pay for goods and services in shops and restaurants using GrabPay, the company’s mobile wallet” writes Edgar Su for cnbc.com. Still, merchants have not yet moved to cashless payment options “because it’s difficult and it’s expensive,” she said.There’s no dearth of digital-payment options in Asia due to a pickup in smartphone ownership and the widespread penetration of the internet.Moreover, Tan said, many businesses face high merchant discount rates (MDRs) — the transaction fee that is deducted by the payments…

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The 10 countries where apps like Venmo and Apple Pay could replace cash sooner than you think

“With the invent of mobile payment apps like Apple Pay, Google Wallet, Venmo, PayPal, and Square, our wallets and smartphones have become one” writes Finanzen Net Gmbh for businessinsider.com. Debit and credit cards have been around for a while, but mobile payment apps like Venmo and Apple Pay are quickly becoming commonplace.Canada is the world’s most cashless country, according to ForexBonuses, with 57% of consumers using non-cash payment methods.In some countries, a cashless economy is all but inevitable — and could happen sooner than you think.That’s according to new research…

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Shake Shack is opening its first-ever location that won’t accept cash

“Shake Shack isn’t the only chain exploring the potential of cashless payments” writes Kate Taylor for businessinsider.com. Customers will order via phones or kiosks and then receive a text from the location when their order is ready for pickup.Shake Shack CEO Randy Garutti told CNBC that the location will serve as a testing site to see if certain aspects of cashless ordering could be applied at other restaurants. Further, about 7% of the US population doesn’t have a bank account, meaning that they are automatically excluded from ordering at cashless locations.The burger…

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Councils told to abandon pay-by-phone parking as motorists are ‘too busy too speak to robots’

“Councils should stop introducing pay-by-phone parking because motorists are “too busy” to speak to robots, the AA has said” writes Katie Morley for telegraph.co.uk. Research by the motoring group found that cashless parking machines which accept payment by calling or texting an automated service, are deeply unpopular among drivers with two thirds refusing to use them.Jack Cousens, head of roads policy at the AA, has warned councils against installing cashless ticket machines, claiming it would pose a significant inconvenience to drivers with busy schedules. Source: telegraph.co.uk Share This:

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Grab now allows you to pay for flag-down cab rides via…

“Grab is launching a new service allowing users to pay for street-hailed taxi rides via the mobile app” writes Jessica Lin for businessinsider.sg. Vu explained that many taxi drivers are hesitant to accept cashless payments due to the extra processing time. To encourage users to try GrabNow, a special $1 discount will be given with the promo code “GrabNow” for all GrabNow payments from Aug 7 to Sept 30.Once successfully registered as a GrabTaxi ride, the rider will be able to pay using Grab’s in-app payment feature or by cash.The…

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