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BearingPoint survey on European payment behavior
BearingPoint survey on European payment behavior
BearingPoint published the latest edition of its European Payment Study, based on an online survey of 10,222 people aged 18 and over in nine countries. It shows that in Germany, Austria, and Switzerland, cash remains the most frequently used payment method, accounting for 69%, 73% and 57% of transactions, respectively. In contrast, the Nordic countries, particularly Sweden with 28% and Denmark with 35%, show significantly lower cash usage. Overall, the survey reveals that the frequency of cash usage has declined in almost all surveyed countries compared to the previous year. The digital euro has achieved relatively high awareness, with only one-third of respondents having never heard of it. Online shopping is the preferred use case for the digital euro, with an average of 37% across countries. Being free of charge (43%) and accepted everywhere (37%) are the leading objective requirements.https://www.linkedin.com/posts/grossjonas_study-d-activity-7303323611447123968-z7HQ/
#Cash#Europe#Payments#Fintech#DFC#CBDC
·bearingpoint.com·
BearingPoint survey on European payment behavior
Study on the payment attitudes of consumers in the euro area (SPACE)
Study on the payment attitudes of consumers in the euro area (SPACE)
The European Central Bank (ECB) published its latest study on the payment attitudes of consumers in the euro area (SPACE), which looks at the payment habits of consumers in euro area countries. It finds that cash remains the payment method used most frequently in shops, although its use is declining. The share of digital payments continues to increase, but at a slower pace, with cards still being the most popular method. The share of mobile apps is on the rise. Over half of euro area consumers prefer to use cards and other digital payment methods. However, a majority of consumers consider it important to have the option to pay with cash.
#Eurozone#Payments#Cash#Fintech#DFC
·ecb.europa.eu·
Study on the payment attitudes of consumers in the euro area (SPACE)
Global payments in 2024: Simpler interfaces, complex reality
Global payments in 2024: Simpler interfaces, complex reality
McKinsey published its 2024 Global Payments Report which documents the continuing displacement of cash and checks by instant payments, especially in developing markets with low credit and debit card penetration. Despite the underwhelming uptake of retail central bank digital currencies (CBDCs) where they have been launched or piloted, McKinsey foresees them setting the minimum base level of functionality, cost, and services that users can expect from a digital currency, providing an alternative to help keep the price of commercial offerings in check, and serving as an alternative to large private-sector stablecoins.
#Fintech#Payments#CBDC#FastPayments#Cash#DFC
·mckinsey.com·
Global payments in 2024: Simpler interfaces, complex reality
Sweden’s central bank calls for new bank regulations to protect access to cash
Sweden’s central bank calls for new bank regulations to protect access to cash
Sveriges Riksbank has called for regulations to ensure that Swedish companies and public authorities, who are legally obliged to accept cash, have access to functioning services for daily takings and petty cash. With banks having largely stopped providing cash services to businesses, only cash-in-transit company Loomis AB is offering these services and almost exclusively by the and entirely on a commercial basis. Banks have chosen to fulfil their obligations by providing deposit machines with limits that are too low for many businesses, and have limited access to petty cash by closing down manual services. The Riksbank also underscored that access to cash is necessary to strengthen civil preparedness regarding payments.
#Fintech#Cash#CBDC#Sweden#DFC
·riksbank.se·
Sweden’s central bank calls for new bank regulations to protect access to cash
This Legislation Could Force Stores to Take Your Cash - The New York Times
This Legislation Could Force Stores to Take Your Cash - The New York Times
"Stores and restaurants in several states would be required to do something pretty basic if certain lawmakers have their way: accept their customers’ cash. The legislation comes amid a worldwide move toward “cashless payments” using cards or mobile devices, which supporters say are safer, quicker and more convenient. But critics say an outright ban on cash discriminates against those without credit or bank accounts, and raises concerns about privacy and data security."
#CBDC#Fintech#Cash#DFC
·nytimes.com·
This Legislation Could Force Stores to Take Your Cash - The New York Times
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Cash accumulation can go only so far as a sign of trust in government. After all, governments in the developed world would typically like to see more electronic payments. Getting rid of cash can have a lot of benefits: It can help deter crime, reduce tax evasion and give central banks more power to stimulate the economy. But people have to believe that electronic money will be safe from mismanagement, man-made disasters, hackers and even confiscation. So far, neither the denizens nor the overseers of the financial system have done a great job of earning that trust.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·bloomberg.com·
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Nigeria’s Tax Cash Is a Bad Idea
Nigeria’s Tax Cash Is a Bad Idea
Last month, the Nigerian monetary authorities announced that they will be rolling out a national tax on cash. When Nigerian individuals or businesses deposit large amounts of cash at a bank, they will have to pay up to 3% in fees. And when they withdraw cash they will have to pay as much as 5% in fees. Nigeria joins a number of other emerging nations that have adopted policies that try to restrict domestic cash usage.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·aier.org·
Nigeria’s Tax Cash Is a Bad Idea
So much for a cashless society: Currency is popular again, especially the $100 bill
So much for a cashless society: Currency is popular again, especially the $100 bill
Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees. Actually, though, physical currency is experiencing a resurgence. People in many of the world’s most advanced nations — including the United States, the euro area and Japan — are holding more of it than ever.
#CBDC#Cash#Fintech#DFC
·latimes.com·
So much for a cashless society: Currency is popular again, especially the $100 bill
Why $1.5 Trillion In $100 Bills Have Disappeared
Why $1.5 Trillion In $100 Bills Have Disappeared
"The world's growing appetite for physical assets such as paper dollars and gold, coupled with the continued interest in cryptocurrencies and other traditional currency alternatives, merely confirms that faith in artificially levitated markets is approaching a tipping point. Meanwhile the world's "top 0.001%ers" continue to quietly cash out, literally, and put their Benjamins in secret vaults in the middle of somewhere, even as central banks do everything in their power to reduce the amount of physical currency in circulation and replace it with easily trackable digital alternatives."
#Fintech#CryptoAssets#CBDC#Cash#DFC
·zerohedge.com·
Why $1.5 Trillion In $100 Bills Have Disappeared
Japan's quest for cashless payments
Japan's quest for cashless payments
"Decades of consumer habit and resistance from retailers, say banking and fintech analysts, are proving hard to dislodge from a society that is used to paying in cash, enjoys the anonymity that comes with it and generally feels safe enough carrying around large sums. "
#Fintech#CryptoAssets#CBDC#Cash#DFC
·ft.com·
Japan's quest for cashless payments
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
New York City is joining San Francisco and Philadelphia in banning stores and restaurants from rejecting cash as a form of payment. The city council approved a bill by a vote of 43-3 Thursday that prohibits the practice and and prevents New York City retailers from charging customers who pay with cash more than those who don’t. Violators could face penalties of as much as $1,500.
#Fintech#Cash#CBDC#PaymentSystems#DFC
·bloomberg.com·
NYC Moves to Ban Cashless Stores in Blow to Visa, Mastercard
China Is Scrubbing Cash Notes to Stop Virus Spreading
China Is Scrubbing Cash Notes to Stop Virus Spreading
The People’s Bank of China has ordered commercial banks to take used bank notes out of circulation and disinfect them to fight the spread of COVID19. The disinfected fiat cash will also need to be kept in quarantine for a period of 7 to 14 days before it can be reintroduced to the public.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·xinhuanet.com·
China Is Scrubbing Cash Notes to Stop Virus Spreading
Digital Tipping: The Way of the Future for Service Workers
Digital Tipping: The Way of the Future for Service Workers
In the ever evolving financial world, cash is becoming used increasingly less often by customers. This is especially true in the service industry. Cards are becoming king when paying and this includes tipping. Pre-paid cards can be a great way to pay out tips to service industry workers in real time and for immediate access.
#Cash#PaymentSystems#Fintech#CryptoAssets#CBDC#DFC
·finextra.com·
Digital Tipping: The Way of the Future for Service Workers
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
The Central Bank of Kenya announced measures that will facilitate increased use of mobile money transactions instead of cash. While the immediate objective is to reduce the risk of transmission of COVID-19 by handling banknotes, this will also reduce the use of cash in the economy over the medium term. The current AML/CFT frameworks will continue to apply and CBK will closely monitor the implementation of these emergency measures.
#Fintech#CBDC#Cash#MobileMoney#DFC
·centralbank.go.ke·
Central Bank of Kenya Announces Emergency Measures to Facilitate Mobile Money Transactions
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Bank of Uganda Encourages Banks and Telcos to Go Cashless
The Bank of Uganda is encouraging banks and mobile network operators to further reduce fees on mobile money transactions and other digital payment charges to limit the use of cash and bank branch visits, increase daily transaction and wallet size limits for mobile money transactions, to make the cost of money for the business community and commercial banks low.
#Fintech#MobileMoney#CBDC#Cash#DFC
·bou.or.ug·
Bank of Uganda Encourages Banks and Telcos to Go Cashless
Sweden’s cashless society dream isn’t all it’s cracked up to be
Sweden’s cashless society dream isn’t all it’s cracked up to be
There’s a small segment of Swedish society for which digital payment technology doesn't work. That segment includes people on low incomes, who feel cash gives them greater control, enabling them to prevent their remaining money being eaten by direct debits. For people living in rural areas, often the infrastructure doesn’t exist to rely on digital payments. And charities report how cash enables people who experience domestic abuse to hide money away if their abuser has taken control of their bank account.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·wired.co.uk·
Sweden’s cashless society dream isn’t all it’s cracked up to be
Moneyness: Paying interest on cash
Moneyness: Paying interest on cash
JP Koning discusses the idea of paying interest on cash, and explores three ways of doing this. The first way is to use stamping, but this means that banknotes are no longer fungible. The second way is for the central bank to sever the traditional 1:1 peg between deposit money and cash, and have cash slowly appreciate in value relative to deposits, but this imposes a calculational burden on merchants and users. Plus there may be taxation issues. The third way is to run lotteries based on banknote serial numbers, an idea proposed by Hu McCulloch and Charles Goodhart back in 1986, but it introduces the threat of bank runs (the day before the big lottery is set to occur, everyone will withdraw deposits for cash so that they can compete in the draw). JP also discusses Gesell's "shrinking money" which has recently been proposed in a Celo C-Lab paper.
#Fintech#CBDC#Cash#DFC
·jpkoning.blogspot.com·
Moneyness: Paying interest on cash
Consumer Payment Behavior in Australia
Consumer Payment Behavior in Australia
The Reserve Bank of Australia's 2019 Consumer Payments Survey provided further evidence that Australian consumers are increasingly preferring to use electronic payment methods. Many people now tap their cards, or sometimes phones, for small purchases rather than paying in cash. Consumers also have an increasing range of options available for making everyday payments. Despite this, cash still accounts for a significant share of lower-value payments and a material proportion of the population continues to make many of their payments in cash.
#Fintech#CBDC#Cash#DFC
·rba.gov.au·
Consumer Payment Behavior in Australia
The true cost of killing off cash
The true cost of killing off cash
Cash use is in decline, a trend that has been accelerated by the coronavirus pandemic. Advocates for physical cash argue that the demise of physical cash risks leaving vulnerable members of the population behind. A University London College study suggests that CBDCs will need to replicate the privacy and anonymity of physical cash to achieve widespread acceptance. It argues that CBDCs incorporating privacy by design will be seen as more free and business-friendly than those that rely upon data protection by third parties.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·decrypt.co·
The true cost of killing off cash
Coronavirus panic fuels a surge in cash demand
Coronavirus panic fuels a surge in cash demand
Covid-19 has led to banknote hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US, fuelled by concerns about financial system stress, according to analysis by Jonathan Ashworth and Charles Goodhart. The data suggests that cash in circulation has surged in a number of countries affected by the coronavirus. Even after the initial March jumps in some countries, subsequent gains have been quite large. The rise likely reflects the use of cash for one of its other traditional functions – panic-driven hoarding.
#Fintech#CBDC#Cash#DFC
·centralbanking.com·
Coronavirus panic fuels a surge in cash demand
The comfort of cash in a time of coronavirus
The comfort of cash in a time of coronavirus
Americans are using less cash but they are holding more, which presents a challenge for the Federal Reserve and other central banks around the world. They have to maintain a vast network of secure printers and depots to deliver cash to where it is needed. As people use less cash, each piece of this infrastructure becomes more expensive to operate. But central banks will not be able to wind it down completely, for two reasons. First, the poor are more likely to still use cash, exacerbating the “digital divide”. And second, in a crisis, everyone wants a fistful of dollars.
#Fintech#CryptoAssets#CBDC#Cash#MobileMoney#ContactLessPayment#Pandemic#DFC
·ft.com·
The comfort of cash in a time of coronavirus
Cash, Legal Tender and the Future of Euro Banknotes
Cash, Legal Tender and the Future of Euro Banknotes
A case currently being heard in Europe’s top court could have a major bearing on the future of banknotes in the region. The case asks the court to define the term ‘legal tender’. The judgement will be delivered in the Autumn. The hearings relate to a legal challenge against the Hessischer Rundfunk, the German public broadcaster, which is accused of not accepting payments for an obligatory fee in euro cash. The plaintiffs argue that this refusal is in violation of the status of euro banknotes and coins as legal tender. A final ruling on the case is expected in the autumn.
#Fintech#CryptoAssets#CBDC#Cash#DFC
·cashpaymentnews.com·
Cash, Legal Tender and the Future of Euro Banknotes