News about Cash.
March 28th, 2017
Customers of US bank Wells Fargo will be able to withdraw cash from ATMs using an NFC-based mobile payments service such as Apple Pay, Android Pay and Samsung Pay when the bank rolls out an upgrade across the US “later this year”.
March 22nd, 2017
US bank Wells Fargo will become the first in the country to upgrade its entire network of ATMs with mobile withdrawal functionality next week, as the bank prepares to roll out the service to 13,000 machines. “Customers would get unique eight-digit codes from their Wells Fargo smartphone app and enter the code into the ATM along with their PIN number,” CBS San Francisco reports. The bank will also upgrade its ATMs with NFC technology “later this year,” the publication adds.
March 9th, 2017
A digital cash service allowing consumers — including those without bank accounts — to load money onto a range of wearable items and make contactless payments in retail outlets will roll out across “eight or…
March 2nd, 2017
Millennials have “one foot firmly planted in both the future and the past” when it comes to mobile payments, a study by Accel and Qualtrics says. The report reveals that 42% still write checks, while five times more millennials pay with cash than use mobile payments platforms.
February 17th, 2017
Indian mobile wallet Paytm “expects to lose 20-30%” of customers making offline payments using QR codes, OTP or mobile-to-mobile transfers when the Reserve Bank of India removes cash withdrawal limits on March 13, The Financial Express reports. “We [will] still have a larger offline than online category, and that’s where the business is for us,” says Paytm founder Vijay Shekhar Sharma.
February 14th, 2017
More than 150,000 micro, small and medium enterprises (MSMEs) in Kenya will be able to accept in-store mobile payments using QR code technology in 2017, using Mastercard’s Masterpass QR platform. The service is set to…
February 13th, 2017
Mobile and digital payments will overtake physical card payments as the predominant non-cash payment mode in India this year, Deloitte India predicts. “Demonetization may well be the catalyst that sees semi-urban and rural markets in India skip the ‘card era’ and leapfrog directly to ‘mobile payments era’,” the research firm says.
February 10th, 2017
The Australian Retailers Association (ARA) has come out in support of the group of four Australian banks seeking stronger negotiation powers with Apple over the introduction of Apple Pay in the country, saying they believe…
February 7th, 2017
Some 84% of US consumers say they would enjoy shopping at an Amazon Go automated store more than a traditional grocery store, but a fifth think they would lose out on traditional shopping experiences by…
February 6th, 2017
Two thirds of 18- to 25-year-olds in the UK (64%) are using a mobile wallet, while only 14% have “no interest” in doing so, research released by social money transfer app Moneymailme reveals. “PayPal seems to remain one of the most frequently used online payment services among 18- to 25-year-olds (52%), while newer entrants to the market like Apple Pay (18%) and Google Wallet (9%) are starting to gain market share,” the company says. Meanwhile, 48% believe cash will become obsolete within 20 years.
February 6th, 2017
Customers of Turkish bank Yapı Kredi can now log in to their mobile banking app and withdraw cash from ATMs with a scan of their eyes through an integration with EyeVerify’s Eyeprint ID platform. “Once the user has logged in to the mobile app on their phone with Eyeprint ID by the ATM, they simply scan a QR code from the ATM, input the amount they want to withdraw on their app and the ATM spits out the money,” EyeVerify told NFC World.
February 3rd, 2017
The average size of donations made to a UK charity using contactless collection tins was more than three times larger than the average cash donation, The Telegraph reports. The NPSCC participated in a Barclaycard trial from September 2016 and found the average donation using contactless cards or devices at the terminals, which could accept cash or contactless payments, was £3.07. People who donated cash gave on average £1. Barclaycard says UK charities could be missing out on up to £82m (US$102m) by not accepting contactless donations.
February 2nd, 2017
The Government of India has introduced a series of incentives designed to encourage consumers and businesses to adopt digital and mobile payments and significantly reduce the use of cash in the economy — including plans…
January 23rd, 2017
Customers of China Merchants Bank will be able to withdraw cash using face recognition technology installed in all of the bank’s ATMs in Shanghai by the end of 2017, South China Morning Post reports. “We have launched face recognition at our ATMs for cash withdrawal to grant clients more options,” the bank’s Zhu Sihua told the publication. The bank operates nearly 1,000 ATMs in 106 cities.
January 19th, 2017
Niti Aayog, an Indian government policy think tank, is producing an index to rank Indian states based on the number of digital transactions made, according to Economic Times. The move follows the government’s demonetisation of Rs 500 (US$7) and Rs 1,000 ($14) banknotes and the launch of BHIM, a mobile payment service unveiled by prime minister Narendra Modi earlier this year.
January 16th, 2017
More than one in 10 (11%) of UK consumers have made an in-store mobile payment and do so occasionally, with 2% doing so “wherever possible”, research from price comparison service uSwitch reveals. 6% of Britons…
January 13th, 2017
US bank Wells Fargo expects to be the first bank to fully convert all its ATMs to support a mobile withdrawals service, allowing customers to get cash by entering an eight-digit code generated by the bank’s app plus their PIN into the machine, CNN Money reports. The bank will begin enabling its 13,000 ATMs in spring 2017. Reports that Wells Fargo was working to add NFC to its ATMs emerged in February 2016.
December 21st, 2016
A proposal from Hungary’s central bank Magyar Nemzeti Bank (MNB) for the launch of an instant payments service that will allow consumers to initiate a payment using only the mobile phone number of the recipient,…
December 19th, 2016
Samsung Pay is testing its mobile payment service in India, and could be launched there in the first half of 2017, SamMobile reports. “Since India does not have many NFC-equipped point-of-sale devices, Samsung Pay’s MST (magnetic secure transmission) functionality would be a boon to users,” the publication adds. The move follows the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes across the country in November 2016.
December 14th, 2016
Vodafone India has unveiled Vodafone M-Pesa Pay, a digital payment solution allowing merchants to receive payments from customers using their M-Pesa wallet, bank account, or debit or credit card. Retailers need to download the Vodafone M-Pesa app and register for Vodafone M-Pesa Pay as a merchant to use the service. The move follows the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes across the country.