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533

CashlessIndia – Why Putting Cart Before Horse Will Work

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…)

Analytics, Cashless, Government activities, India

January 9, 2017

522

Here’s what Southeast Asia can learn from India’s tryst with cashlessness

By Adhil Shetty for e27

When we talk about the future of money, we invariably come to discuss the merits and demerits of going cashless. It’s perhaps a science-fiction-like scenario wherein all your transacting needs are taken care of by a few taps on your smartphone. (more…)

Cashless, Global trends, India, InspirAsia, Marketing Report, Mobile payments/banking

December 27, 2016

549

U.S. noncash payments are a $178 trillion market: Fed

By John Adams for Payments Source

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…)

Analytics, Cashless

December 24, 2016

572

CashLess OR LessCash

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…)

Cashless, Global trends, India, Payment processors/providers/gateways

December 20, 2016

eCurrency Mint Receives Further Series C Funding

ecurrencyeCurrency Mint Limited, a Dublin, Ireland-based developer of technology to enable digital fiat currency to be issued by central banks, received an investment of undisclosed amount. (more…)

Cashless, Deals, Fintech news

December 20, 2016

627

Why Samsung Pay needs partners to go forward

By Kate Fitzgerald for Payments Source

Samsung Pay users had the advantage over Apple Pay and Android Pay when it launched last year with a technology enabling mobile payments through virtually any merchant terminal—contactless or not—but that advantage quickly diminished. (more…)

Cashless, eWallets, Mobile payments/banking

December 15, 2016

586

French interbank rails tap Gemalto to power mobile payment migration

By Kate Fitzgerald for Payments Source

France’s national interbank network will add Gemalto’s mobile payment service in an effort to provide a smooth transition to contactless technology. (more…)

Banks, Cashless, Fintech news, Mobile payments/banking

December 15, 2016

703

Cash to account for less than a quarter of US transactions by 2026 – research

By Finextra

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…)

Cashless, Global trends, Mobile payments/banking

December 15, 2016

644

Starbucks, Tencent add China’s WeChat for coffee payments

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…)

Cashless, Fintech news, Mobile payments/banking

December 15, 2016

564

Light at the end of the tunnel: here’s the multiplier effect of going cashless

By  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…)

Banks, Cashless, Fintech news, India, Mobile payments/banking

December 10, 2016

494

Askari Bank introduces cardless cash withdrawals

By Finextra

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.

(more…)

Banks, Cashless, eWallets, Fintech news

December 6, 2016

410

Amazon looks to make shoplifting legal with Amazon Go

By  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…)

About, Cashless, Fintech news

December 6, 2016

643

Here’s a tech solution to the killer queues at banks and ATMs in cash-starved India

By

My colleague in Bangalore, Neha, stood for hours at ATMs twice – and failed on both occasions to withdraw cash. Another colleague, Abhilash, was third in the queue after a four-hour wait when the ATM ran out of cash. (more…)

Cashless, Fintech news, India

November 28, 2016

679

Airtel Bank opens its doors as India grapples with demonetization crisis

By  for TechInAsia

You know what they say about demonetization in India, right? It marches on. (more…)

Banks, Cashless, Fintech news, India, Mobile payments/banking

November 23, 2016

619

Mastercard, Visa poised to reap spoils of India’s war on cash

By PaymentsSource

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…)

Cashless, Fintech news, Global trends, India

November 23, 2016

802

Alibaba-backed Paytm solves the problem of card payments in India

By  for TechInAsia

Chew on this: 740 million debit or credit cards have been issued in India. Only 700,000 merchants accept card payments. And there are only 1.5 million card-swiping machines – point-of-sale (POS) terminals – in the country. (more…)

Cashless, eWallets, Fintech news, India, POS/mPOS and online acquiring

November 23, 2016

683

PayQwick Aims to Be The PayPal of Pot

By Julie Weed for Forbes

Piles of cash.

It’s often one of the biggest challenges for a marijuana company. (more…)

Banks, Cashless, eWallets, Fintech news

November 19, 2016

603

How retail brands can shake up stagnant card loyalty

By Lars Holmquist for PaymentsSource

It’s time for financial services to get on board and engage with complementary brands to enhance loyalty.

(more…)

Analytics, Cashless, Mobile payments/banking

November 19, 2016

1041

Life.SREDA’s portfolio company Fastacash was awarded the biggest award at the Singapore FinTech Awards

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) awarded 10 FinTech companies a total of S$1.15 million at the 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)

(more…)

Cashless, Fintech news, Global trends, Hotnews, Remittances

November 18, 2016

662

SocGen to offer customers cards with dynamic CVV screens

By Finextra

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…)

Banks, Cashless, Security

November 17, 2016

507

Citi makes Aussie branches cashless

By Finextra

Citi’s Australian arm is going cashless, telling customers that it will no longer handle notes and coins in branches because of a lack of demand. (more…)

Banks, Cashless, Fintech news

November 17, 2016

630

Alibaba-backed Paytm is laughing all the way to the bank

By  for TechInAsia

Alibaba-backed mobile ecommerce player Paytm put out an ad on the front pages of newspapers last week congratulating Indian prime minister Narendra Modi for “taking the boldest decision in the financial history of independent India.” Delhi chief minister and Modi rival Arvind Kejriwal blasted the “biggest beneficiary” of the PM’s massive demonetization drive putting up an ad in his praise. But Paytm chief Vijay Shekhar Sharma held his own. (more…)

Cashless, eWallets, Fintech news, India, Mobile payments/banking

November 14, 2016

593

The current Indian Currency Demonetization is not a tectonic change by itself, but has the potential to usher in...

By Rajesh Dhuddu for LTP

The Government of India took a bold decision to demonetize INR 500 and INR 1000 notes and replace them with notes of newer denomination and also introduce notes of INR 2000. This herculean initiative, that involves exchange of Rs 14 lakh crores (USD 206 bn) was trending worldwide on the same scale as US election results. The gigantic effort to replace 2203 crore (22 billion) pieces of currency notes will easily make its entry into Guinness Book of records as the biggest exchange that human history has ever seen or will see in the future. (more…)

Cashless, Government activities, India

November 13, 2016

507

Prepaid Cards Finally Get Fraud Protection

By Canh Tran for LTP

We knew this was coming when the Federal Reserve issued guidance applying the Customer Identification Program (CIP) to prepaid cards in March of this year. Customers are able to reload prepaid cards, use direct deposit and in some cases, receive overdraft protection, which the federal agency determined enough for it to be considered an account relationship. And now that reloadable prepaid cards are considered an account relationship, it’s not surprising that the Consumer Financial Protection Bureau recently issued new rules requiring fraud protection support for those using them. (more…)

Cashless, Fintech news, Government activities, Security

November 10, 2016

733

How to Invest in the Credit Card Boom

By  for Fortune

Stronger consumer spending means big profits, especially for these two companies. (more…)

About, Cashless, Fintech news, Payment processors/providers/gateways

November 10, 2016

602

How the First-Ever Blockchain Platform Aims to Connect the World’s Poor to the Global Economy

By Elena Mesropyan for LTP

With around 2 billion financially excluded people around the world and 232 million undocumented migrants internationally – a large part of which does not have a formal identification document at the new place of residence – a secure and scalable tech-power solution is required to help such a large group build a resilience to hardships.

(more…)

Blockchain, Cashless, eWallets, Fintech news, Mobile payments/banking, PFM/PFP services

November 9, 2016

624

Why India took such a drastic step to go cashless

By  for TechInAsia

Higher denomination currency notes of INR 500 (US$7.5) and INR 1,000 (US$15) are suddenly just pieces of paper from today. The Indian prime minister, Narendra Modi, made the shocking announcement in a speech last evening that these notes stand abolished as of midnight. They are no longer legal tender. (more…)

Cashless, Fintech news, India

November 9, 2016

522

Russia wants to make new payments system compatible with China

By Finextra

Russia’s prime minister, Dmitry Medvedev, says he wants to make the country’s new payments system compatible with China’s UnionPay as a way to guard against Western sanctions. (more…)

Cashless, China, Government activities

November 5, 2016

474

EMV’s marketing benefit should expedite the migration

By Tom Caporaso for PaymentsSource

While the main benefit of chip cards is more security for consumers, which can also work to a retailer’s advantage, particularly if it can make the change quickly. (more…)

About, Cashless, Security

November 2, 2016

509

Credit Cards Lose Their Charge

By Neil Howe for Forbes

Earlier this month, Goldman Sachs debuted an online retail servicedesigned to offer loans to consumers searching for an alternative to credit card borrowing. The move adds yet another competitor to an industry already struggling to add new customers. Late in the economic cycle, credit card companies usually rely more on interest payments than on additional debtors. But today’s frozen credit cycle has experts worried that credit cards are experiencing all the costs (defaults) with none of the benefits (revolving interest charges). Worse yet, a large share of Generation-X and Millennial consumers simply doesn’t use or trust credit cards. (more…)

Banks, Cashless, Global trends

November 1, 2016