Tag: Cashless Society

Rise in cashless payments stokes concerns over data security

When bitcoin faithful began preaching the virtues of anonymous currencies, the pitch sounded familiar. “I thought, ‘Haven’t we got that already?’” said Kirsten Thompson, a partner at Dentons and national lead of the firm’s transformative technologies and data strategy group. “Cash, not bitcoin, was the original anonymous currency and we lose something by getting rid […]

Apple Card—No Plastic Required

Every purchase needs a fingerprint or face-identification confirmation. Apple is partnering with Goldman Sachs to make its own credit card due out this summer — no plastic required. Apple Card will be available on all iOS devices in the Wallet app. It has a rewards system that adds 2% of any Apple Pay purchase amount […]

Egypt’s New Capital to Be First ‘Cashless’ City in the Country

As part of the country’s efforts to support financial inclusion, Egypt is planning to make the New Administrative Capital the first cashless city in the country, according to the State Information Service. Minister of Communications and Information Technology Amr Talaat met with the vice chairman and president of strategic growth at Mastercard, Michael Froman, to set […]

New Jersey Lawmakers Pass Bill To Protect Cash-Paying Consumers

New Jersey legislators last week passed a bill with overwhelming support to prevent businesses from banning consumers from using cash for purchases. The bill, which now goes to Gov. Phil Murphy for his signature, would make New Jersey only the second state to protect cash-using customers in stores. The proposed law, A591, applies only to […]

Australia to be cashless, cards obsolete: MasterCard global exec

The president of technology for payments giant Mastercard has tipped that Australia will be a cashless economy within the next five to 10 years as wearable technology takes over. Speaking to The Australian Financial Review Mastercard’s president of operations and technology, Rob Reeg, said the idea of a physical card would also become obsolete in […]

Secret Meeting in London to “End Cash” in America and Europe

Armstrong revealed that representatives from the Federal Reserve, the ECB as well as participants from the Swiss and Danish central banks would all be attending a “major conference in London” at which Kenneth Rogoff of Harvard University, and Willem Buiter, the Chief Economist at Citigroup, would give presentations.   “We better keep one eye open […]

Payments Council data on cash versus card and contactless payments

Britain is moving away from use of physical money, new figures on the rise of cashless payments indicate.   Payments Council data released on Thursday shows that cashless payments overtook the use of notes and coins for the first time last year and cash volumes are expected to fall by a further 30% over the next […]

Denmark moves closer to a cashless society

Denmark has moved one step closer to becoming the world’s first cashless society, as the government proposes scrapping the obligation for retailers to accept cash as payment.   The Danish government has said that as of next year, business such as clothing retailers, restaurants and petrol stations should no longer be legally bound to accept […]

Denmark moves closer to a cashless society

The collection of telephone metadata by United States intelligence services “exceeds the scope of what Congress has authorized,” a federal appeals court has ruled in a major blow to the National Security Agency.   On Thursday, the US Court of Appeals for the Second Circuit said the American Civil Liberties Union can sue the director […]

London buses to become cashless from July

Leon Daniels, managing director for TfL surface transport said: “Customers will not only benefit from a quicker, cheaper and more convenient method of paying their bus fare; it will also enable us to save millions of pounds each year – which will be reinvested in further improvements to the capital’s transport network.”   TfL said […]