Cashless Society

Shoppers ditch wallets for hand scanners

04/22/2014 07:11
FORGET carrying a wallet because all you could soon need is your hand to pay for goods. Advanced technology is being rolled out in Sweden that allows empty-handed consumers to purchase goods using a tap of their palm. Detection of a person’s unique vein structure allows the store to verify a...

Swedish city introduces payment by hand scanning

04/15/2014 20:28
Hand scanning has become an alternative payment method for people in a city in southern Sweden, researchers at Lund University said Monday. Vein scanning terminals have been installed in 15 shops and restaurants in Lund thanks to an engineering student who came up with the idea two years ago while...

Bitcoin Could Be A Good Threat To Central Banks

04/07/2014 07:28
Last week, St. Louis Fed Vice President and Director of Research David Andolfatto released a presentation on Bitcoin, becoming one of the most prominent central bank officials to study the cryptocurrency. We caught up with Andolfatto to ask him about why he put this deck together, where he thinks...

Israel Launches A Virtual Coin

03/29/2014 10:43
Backers offer to circumvent high banking fees A virtual currency called "Bitcoin" has become popular in the past few months. Traded digitally, it can be used instead of money. Today, the Bitcoin is trading at about $530.00. "Every time I go to buy something the person...

We're moving towards a cashless society

03/08/2014 09:30
We are living at a time of exciting technology change that is rapidly changing the way we interact and transact with people as individuals, customers and in business. We are already close to becoming a cashless society by the level and value of non-cash transactions (between 80 per cent to 95 per...

Bitcoin: What, Why, and How?

03/03/2014 18:00
If you’re wondering what Bitcoin is, you’re not alone. In fact, 46% of Americans aren’t sure what Bitcoin is (while another 6% think it might be an Xbox game), according to a 2013 Bloomberg poll. What is Bitcoin? Bitcoin /ˈbɪtkɔɪn/, n: a peer-to-peer payment system and digital...

Governments play a key role in cashless society

03/03/2014 10:24
Dubai: The key differentiator for electronic payments to gain traction is when the governments come in, a senior MasterCard official said yesterday during an interview with Gulf News. “The government decides the roadmap for cashless society. The biggest difference we made in Africa is when we...

Dethroning cash to make e-payments king

02/25/2014 20:50
Kenya: Recent developments in Kenya’s payments space are cause for excitement for us in the payments technology business. The impending increased adoption of cashless transactions heralds a new dawn for the economy. With the financial and retail sectors pushing strongly for the use of electronic...

Central Bank kicks off €1m campaign for cashless society

02/23/2014 07:26
 The Central Bank is launching a major national campaign to persuade consumers and businesses to stop using cash and cheques in favour of online transactions. Dame Street mandarins calculate that it would save the Irish economy €1bn a year to increase the use of electronic payments with debit...

Mastercard to help EAC to develop a cashless economy

02/16/2014 07:15
A Mastercard is working with national payment authorities in the East Africa Community (EAC) to encourage the adoption of a cashless economy, according to company’s Vice president and Area Head of East Africa. James Wainaina told the Independent East African News Agency (EANA) that electronic...

Cashless Ghana in sight

02/13/2014 07:05
Issuance of local cards for banking transactions is deepening across the country as the Ghana switch implementing body links all automated teller machines (ATMs) of universal banks and savings and loans companies. The Ghana Interbank Payments and Settlement (GhIPSS), which is implementing various...

Zimbabwe: Could it be Africa's first cashless economy?

01/23/2014 06:23
 Zimbabwean telecom tycoon (and the country's only billionaire) Strive Masiyiwa has been called a "global business influential," a "face of New Africa," and the "Bill Gates of Africa." He continues to live up to the reputation with a new venture that's as bold as they come. The founder and...

Philippine Government to Expand Cashless Purchases

01/16/2014 06:20
MANILA—President Benigno Aquino III on Wednesday unveiled a plan for the government to expand its cashless transactions to further plug leaks that provide opportunities for corruption. Budget Secretary Florencio Abad said that during the pilot testing of the cashless purchase card system, the...

Cash will be obsolete in three years claims PayPal

12/18/2013 20:29
Purses, wallets and cash will become redundant within three years, according to the electronic payment firm PayPal. It says it will be possible to pay for everyday purchases via mobile phone apps and cards with the result people will no longer need to carry real money. The claims came as the firm,...

Swedes set for cashless future

12/08/2013 08:24
With only 27 percent of retail sales involving a cash transaction, Sweden is adapting to the prospect of cashless future, affecting all from bank-robbers to the homeless. Peter, 55 years old and homeless, is standing at a Stockholm supermarket, carrying the two objects that help him make a living:...

Are we moving towards a cashless society - or simply less cash?

11/29/2013 18:58
There is mounting evidence that consumers are making less use of cash, while the use of electronic payment methods, particularly debit cards, continues to increase. But are we heading towards a cashless society? The release in October 2013 of the Reserve Bank of Australia’s Payment Systems Board...

Cash Is Dead. Are Credit Cards Next?

11/26/2013 08:28
The future of money has arrived, and it’s called Coin. It looks like a credit card. It’s the size of a credit card. It swipes in credit card machines. But it holds the information of up to eight of your debit, credit, rewards, or gift cards. And you can switch between cards by simply pressing a...

Cashless is the future. Small businesses must adapt or pay the price

11/16/2013 07:02
1 / 1 Can you remember those rectangular pieces of paper we once scribbled on and used as currency? Cheques now seem laughably archaic don’t they? Well cash is on its own way into the history books too, and it’s being handed an obliging step by the myriad of mobile payment...

Should we ditch cash for good?

10/28/2013 07:28
It should be remembered that cash has some virtues that whatever replaces it should strive to match   In a cashless society, everything you buy, like it or not, could be on a permanent record, ready to be collated by marketers, hacked by criminals or monitored by an increasingly invasive...

Money2020 stirs up cashless society debate

10/13/2013 07:33
While much of the chatter at the Money2020 conference in Las Vegas centred on schemes to eliminate hard cash, former Citibanker Jay Bhattacharya took a contrarian approach, brandishing a newspaper clipping from 1972 that confidently forecast the arrival of a cashless society by the end of the...
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