Vietnam’s deputy prime minister Vuong Dinh Hue has signed a policy decision aimed to dramatically reduce cash transactions and improve electronic payment methods by 2020, according to a report by Viet Nam News. (more…)
By Ketharaman Swaminathan for Finextra
With over 100 million users a year ago, PayTM was already ahead of its digital payment competitors before the Nov. 2016 demonetization of high value currency notes in India. (more…)
A movement by countries around the globe to embrace a cashless future is resulting in plastic payments (think credit and debit cards) to erode cash’s market share. (more…)
By Vinod Sharma Finextra
Abstract – Essentially, digital cash mimics the functionality of paper cash. The elimination of physical cash from economy is feasible is purely a technological perspective or assumption. Our hard earned money and investments disappear into a labyrinth of financial instruments so mysterious that “money” almost becomes more of an idea than a tangible reality. (more…)
HSBC is to launch a P2P mobile payment app in Hong Kong in early 2017, taking on established market operator Jetco. (more…)
– In-vehicle payment experience features secure Visa payment technology
– First proof-of-concept demonstration with fueling pumps and smart parking meters from infrastructure partners: Gilbarco Veeder-Root and IPS Group, Inc.
– Showcasing the simplicity and convenience of mobile payments directly from the vehicle (more…)
Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. (more…)
By Ketharaman Swaminathan for Finextra
On the back of the demonetization of high value currency notes in India, the government has been aggressively pushing cashless payments. Trending on Twitter under the hashtag #CashlessIndia, the initiative has attracted criticism from the blogosphere and mainstream media on the grounds that India is not yet ready for digital payments. (more…)
A new analysis from the Federal Reserve shows checks as one of the few non-cash payment types to decline, while many others are on the rise. (more…)
By Vinod Sharma for Finextra
Abstract – Journey from cash only transactions to less cash and thereafter if possible moving to cashless or digital money society. This journey looks very simple in textbooks or written on blogs or papers but ground reality can be very different. (more…)
The rise of mobile and contactless payments means that by 2026 cash will account for less than a quarter of all transactions in the US, according to research from law firm Paul Hastings and the Centre for Economics & Business Research (Cebr). (more…)
By David Heun for PaymentsSource
Starbucks customers in China now have the option to use WeChat Pay to buy their coffee at nearly 2,500 Starbucks stores across the country.
Through a partnership between Starbucks and Tencent Holdings Limited, the Seattle coffee giant becomes the first retail brand to have digital payment and gifting capabilities through WeChat, the popular social media platform in China.
Tencent Holdings says it has 846 million global monthly active-user WeChat accounts, of which more than 300 million have linked bank cards to WeChat Pay or QQ, another service through Tencent. (more…)
By Sumit Chakraberty for TechInAsia
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer. (more…)
In association with TPS as its trusted technology partner, Askari Bank Limited has launched Cardless Cash Withdrawal service for the first time in Pakistan. With this service, Askari Bank’s customers can withdraw cash without any ATM card. The service is available at all Askari Bank ATMs across Pakistan.
By MATTHEW HUGHES for TNW
There’s a term used to describe people who walk into a store, help themselves to a sandwich or a cupcake, and then promptly walk out: Shoplifters. But maybe not for much longer. Amazon just lifted the lid on its new Amazon Go technology, which looks to fundamentally transform the retail world. (more…)
The world’s largest payment networks will see a surge in transactions and cardholders after the Indian government’s decision this month to remove high-denomination bills from circulation, according to analysts who cover the companies. The two networks have been pushing for this kind of change in India, where a McKinsey & Co. study found that more than 90 percent of transactions are still conducted in cash. (more…)
Life.SREDA’s portfolio company Fastacash was awarded the biggest award at the Singapore FinTech Awards
Between the 10 awardees, Life.SREDA’s portfolio company FASTACASH was awarded a 1st place with a prize of S$250.000 in a category of MAS FintTech award (Singapore-based companies of any size)
Societe Generale is to offer customers the opportunity to replace their current Visa cards with a Motion Code card from Oberthur that replaces the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically. (more…)