Contactless transactions on the rise
Contactless transactions soared to over 726 million in the UK during the month of August, marking an almost 14% rise from the same month the previous year. The surge highlights the prolonged boom in cashless payments, according to a report from the Financial Times. Contactless payments hiked to £6.9 billion in August, as per statistics […]
Pakistan moves towards implementing cashless economy
Digital payments have been paving the way businesses and consumers conduct payments and transactions. Taking a closer look at Pakistan, digital payments have provided the potential to drive the nation towards shifting into a completely cashless economy. Safeer Khan, a tea merchant in Islamabad whose client base mostly consists of telecommunication company officers, was persuaded […]
RBS to open London cashless bank branch
The Royal Bank of Scotland announced plans to open a cashless bank branch in London. According to a report by The Telegraph, the bank will not be equipped with a front-desk cashier service or ATMs, meaning clients will not be able to make deposits or withdraw money at the branch. It will however, assist its […]
Cashless is king in India: digital transactions growing faster than anywhere else
Cashless payments in India are growing at a faster rate than any other country around the globe. The sudden surge has drawn in a number of leading tech companies, funded by rich foreign investors who are all competing for a place in the market. Digital transactions in India were up by 55% in 2018, compared […]
Coin sales for Royal Australian mint tumble as cashless dominates
As Australia shifts more towards becoming a cashless society, coin production at the Royal Australian Mint has fallen drastically. Revenues from coin sales were down more than 30%, when compared to last year, reported The Guardian on Monday. The Australian mint had forecast coin sales to reach $85 million during the 2018-2019 period, but failed […]
Why should businesses adapt in going cashless?
Several individuals and societies have made a step forward towards adapting to current times and have chosen to go cashless. Consumers have realised how going cashless allows you to have added security, easier portability and make quicker payments. However, should businesses also adapt? Entrepreneur’s Syed Balkhi provided important reasons for why small firms should take […]
Ghana working towards becoming cashless economy
Ghana’s government is looking to eradicate tangible cash from the majority of its retail services by 2020, as it moves towards becoming Africa’s top nation in terms of digital payments. The government aims to have “electronically tagged” each and every residence, including unofficial housing in slums, through the use of GPS technology by the beginning […]
Liverpool FC goes cashless at Anfield
During their latest game against Leicester City on October 5th, Liverpool introduced cashless payments across their Anfield stadium. The newly implemented system, which was rolled out during the eighth matchday of this year’s Premier League, was the first phase of a project aimed at offering faster service for fans visiting the venue. The move by […]
Debit card spending increases in Ireland
According to a new study of spending patterns in Ireland, consumers continue to choose debit cards over credit cards. The use of cards for low-value payments has spiked, with consumers shifting towards the contactless trend as more people discover its efficiency. With regards to big-value products however, shoppers still turn towards their credit cards, the […]
Japanese sales tax hike to boost cashless industry
On Tuesday October 1st, a proposal by the Japanese government to hike its sales tax from 8% to 10% was put into effect. Part of the aim of this move was not only to increase revenue and trim the country’s deficit, but the government also saw it as a perfect opportunity to push Japan into […]