Standard Chartered turns merchants into ATMs

No ATM needed: Standard Chartered partners startup SoCash on 400 cash withdrawal points — The Straits Times — “Instead of having to look for an ATM, Standard Chartered Bank customers now have the option of getting cash through SoCash, which has been integrated into the SC Mobile app… They simply key in the amount they want to withdraw and collect the cash from any outlet of a participating merchant. Withdrawals can range anywhere from S$20 (US$14.84) to a maximum of S$500 (US$371.09) daily.”



Cashless society still far away for most European markets

Cashless society still far away for most European markets — GlobalData — “The closest market to the cashless ideal is Norway, where cash accounted for only 7% of all transactions in 2016 (down from 11% in 2011). The Scandinavian markets generally are the least reliant on cash in the region, with cash accounting for 18% of all transactions in Sweden in 2016, and 26% in Denmark… The most cash-dependent market in Europe is Italy, where cash accounted for 82% of all transactions in the market in 2016 (down from 88% in 2011).”



Macau’s ATMs are using facial recognition to help follow the money

Macau’s ATMs are using facial recognition to help follow the money — Bloomberg — “Chinese bettors withdrawing money from some ATMs in Macau need to do more than punch in their PIN code. They also have to stare into a camera for six seconds so facial-recognition software can verify their identity and help monitor transactions… China UnionPay Co’s network is the first to use the software, which will be installed in all the city’s 1,200 cash dispensers.”



Rakbank is the first bank in the Middle East to introduce Samsung Pay solutions for its ATMs

Rakbank is the first bank in the Middle East to introduce Samsung Pay solutions for its ATMs — Rakbank — “This innovative digital solution enables the bank’s customers to make cardless cash withdrawals from Rakbank ATMs using their Samsung smartphones without the need for a physical debit or credit card. The Samsung Pay solution for ATMs is an end-to-end contactless process.”


US consumers turn to digital payments for online purchases

American Express

More than 70% of online shoppers across the US have used digital payment services including mobile wallets, one-click checkout buttons and peer-to-peer (P2P) payment apps, research released by American Express reveals, with 41% “always or sometimes” choosing to use digital solutions when they pay... More


Insights into the future of cash

Insights into the future of cash — Bank of England — “The value of Bank of England notes in circulation peaked in the run-up to Christmas 2016, reaching over £70bn for the first time — an increase of 10% on a year earlier. This is the fastest growth we’ve seen in a decade, and a giant leap compared to the £2.9bn when the ATM was born.”




Debit cards set to overtake cash in 2018, three years earlier than expected

Debit cards set to overtake cash in 2018, three years earlier than expected — Payments UK — “Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018… By 2018, when debit cards are forecast to overtake cash, 13.4 billion debit card payments are predicted, of which 4.6 billion (or one in three) are expected to be contactless.”









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