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November 20, 2020

On the web

November 12, 2020

On the wires

MoCaFi Partners with InComm Payments to Launch No-Fee Cash Deposits at Major Retailers

InComm Payments , a leading payments technology company, and Mobility Capital Finance (MoCaFi), a mobile-first banking platform committed to bringing financially underserved communities into the digital economy, have announced a new partnership that will provide MoCaFi members with a no-fee option to load their MoCaFi Mobility Debit Mastercard® cash at major brick-and-mortar retail chains across the U.S. The feature will be especially helpful to communities impacted by businesses that have introduced contactless payment systems in response to the COVID-19 pandemic.”

October 15, 2020

On the wires

Rapyd and InComm Payments Partner to Support Cash Payments, Which Continue to be a Critical Part of the U.S. Digital Economy

Rapyd , a global Fintech-as-a-Service provider, announced today that it has entered into an agreement with InComm Payments , a leading payments technology company, to enable cash bill pay and load solutions at participating retailers across the United States. The partnership will empower participating billers and other consumer facing providers of goods and services, to provide cash payment options to their customers, allowing them to grow their businesses.”

October 13, 2020

On the web

COVID-19 Is Changing Consumer Behavior At The Point-Of-Sale


“…These developments, paired with growing concerns about physical contact and contagions, have helped drive a noticeable decline in cash utilization, according to a Q3 2020 US consumer survey fielded by 451 Research, which is part of S&P Global Market Intelligence. The survey revealed that more than two in five consumers are using cash less often since the COVID-19 outbreak started. The decline is strongest for respondents with a household income above $150,000 and those belonging to Gen X (38-53 years old), where 64% and 54% have decreased their usage, respectively.”

September 25, 2020

On the web

Cash Payments No Longer the Only Option for Utah Cannabis Patients

The Salt Lake Tribune

“Utah’s medical cannabis patients are now allowed by the state to spend their money inside marijuana pharmacies, but that doesn’t mean the nation’s major financial institutions want their fingerprints on transactions involving the federally illegal substance. Credit card companies generally avoid cannabis transactions, for fear of federal repercussions. PayPal and Venmo are also leery of wading into the industry, state health officials say.”

September 21, 2020

On the web

Royal Mint to Stop Production of £2 and 2p Coins Due to Excess Stock

The Guardian

“The Royal Mint will not produce any new £2 or 2p coins for at least a decade, as its stocks remain high because of the slump in use of cash, a trend that has accelerated during the coronavirus pandemic. The rapid decline in demand for coins has left the Mint, which has been producing coins in Britain for more than 1,000 years, with a mountain of excess stock.”

September 14, 2020

On the web

Who Gets Hurt When the World Stops Using Cash


“Cash doesn’t have the status it used to. In fact, some state and local governments are forcing businesses like restaurants and retail shops to continue accepting cash — concerned that cashless businesses effectively discriminate against consumers who do not have bank accounts or credit cards. New York City will require most stores and restaurants to accept cash as of Nov. 19, joining cities including San Francisco; Berkeley, Calif.; and Philadelphia, all of which mandated acceptance of cash last year.”

September 1, 2020

On the wires

August 31, 2020

On the wires

Paysafecash launches in Mexico enabling online cash purchases

“Paysafecash launches in Mexico as an alternative payment method for customers who want to pay online easily and safely using cash. The eCash solution was developed by paysafecard, part of the leading specialised payments platform Paysafe. Now available in 28 countries, Paysafecash is ideal for consumers who do not wish to share sensitive financial data over the internet for security reasons or those who do not have a bank account or a credit card.”

August 21, 2020

On the wires

Cash and the Pandemic: New Report from Square

“In the report below we examine Square data from our sellers across the UK to determine how the pandemic has affected payments preferences. We review how the behaviour at the physical and digital tills of the UK’s small businesses has changed, and explore whether these changes are a passing phase or are here to stay.”

August 12, 2020

On the web

Pandemic Or Not, Germans Still Prefer Cash


“Germany’s central bank issued 17 billion euros more notes and coins in March than it did the previous month. The Bundesbank told NPR that while this spike was an initial reaction to the health crisis, consumer demand means the bank is still issuing normal amounts of cash, roughly 3 billion to 5 billion euros a month. Bundesbank executive Johannes Beermann even announced in April that using cash isn’t particularly risky as long as consumers wash their hands.”

July 24, 2020

On the wires

United States Mint Issues Statement on Circulating Coins

“The impact of COVID-19 has resulted in the disruption of the supply channels of circulating coinage – the pennies, nickels, dimes, and quarters that the American people and businesses use in their day-to-day transactions. The United States Mint is part of the solution to this issue, but we need your help as well. In normal circumstances, retail transactions and coin recyclers return a significant amount of coins to circulation on a daily basis. However, precautions taken to slow the spread of the virus have resulted in reduced retail sales activity and significantly decreased deposits from third-party coin processors, resulting in increased orders for newly minted coins produced by the United States Mint (Mint).”

July 23, 2020

On the web

Fact Check: America in the Midst of a National Coin Shortage

USA Today

“As the spreading coronavirus and resulting business closures crippled economic activity in the United States, the circulation of coins dropped off significantly. The U.S. Mint, which manufactures the nation’s coin supply, also decreased staffing in response to the pandemic.  As the nation’s businesses have reopened, demand for coins has exceeded the available supply.”

July 6, 2020

On the web

Our Cash-Free Future Is Getting Closer

The New York Times

“Fears over transmission of the disease have compelled consumers to rethink how they shop and pay. Retailers and restaurants are favoring clicks over cash to reduce exposure for employees. China’s central bank sterilized bank notes in regions affected by the virus. And governments from India to Kenya to Sweden, as well as the United Nations, are promoting cashless payments in the name of public health.”

Bipartisan Senate Bill Would Punish Retailers for Refusing Cash Payments


“Sens. Bob Menendez, D-N.J., and Kevin Cramer, R-N.D., have introduced a bill prohibiting retailers from declining cash payments from customers, as businesses promote “contactless” digital payment as they grapple with the coronavirus pandemic .  Retailers and mall owners, including Nordstrom and Simon Malls, have encouraged the use of contactless transactions such as Apple Pay to minimize the risk of spread in their stores and properties. But the senators warned that should any retailer ban cash entirely, it would be discriminatory at a time when many Americans are facing financial hardship.”

June 29, 2020

On the web

Casinos Consider Cashless Gambling to Fight Coronavirus

Wall Street Journal (paywall)

“The U.S. casino industry remains a bastion of cash in an increasingly cashless world, where high-security vaults storing millions of dollars have inspired heist movies and the living-large vibe of Las Vegas is ferried in bags bulging with currency. But the coronavirus pandemic has generated concern over bills circulating among hundreds of hands on the casino floor, and that is pushing casinos toward cashless technology after years of discussion.”

June 26, 2020

On the wires

June 8, 2020

On the web

Cash Payments Plummet Thanks to Pandemic


“Bullock predicts that ATM consolidation around the country will accelerate, which on one hand is not the issue it was years ago since ATM interchange fees are mostly gone in the country, but on the other hand, cash is still heavily used by older and poorer Australians. An RBA survey last year found that while one-third of respondents did not use cash at all, 10% use it for all payments. With less reliance on cash, the focus turns to the electronic replacements and the fees and resilience of the payment networks.”

May 28, 2020

On the wires

Remitly Launches ‘Cash Deposit’ for Passbook Customers

Remitly, the largest independent digital remittance company in North America, today announced a partnership with financial technology leader and bank holding company Green Dot Corporation to launch Cash Deposit, a new feature for Passbook by Remitly. At a time when many are experiencing financial turmoil due to the current global crisis, Remitly is expanding banking and cash access for underbanked immigrants in the United States. Passbook customers can now deposit cash to their Passbook accounts at nearly 90,000 retail stores across the country, including participating 7-Eleven and Walgreens stores, utilizing the Green Dot Network. The vast majority of these in-network stores are essential businesses that remain open amid the COVID-19 crisis, providing customers access at a time when it’s needed most.”

May 7, 2020

On the wires

April 10, 2020

On the web

Contactless cards fuel fears of digital exclusion


“Age UK, the UK’s largest charity for older people, says regulators need to take action to ensure that older consumers still have access to cash during the spread of the coronavirus pandemic. The charity is concerned that the current situation will make it extremely difficult or even impossible for a large number of people to access cash and has called on the FCA to be given powers to direct banks to share branches and other facilities to avoid local shortages and branch closures.”

March 24, 2020

On the web

Russian Banks Act to Decontaminate Cash


“The Russian central bank already keeps banknotes for up to 14 days before distributing them and is now asking other banks to do the same, Vladimir Demidenko, deputy head of its cash circulation department told Reuters.”

March 23, 2020

On the web

March 16, 2020

On the web

On the wires

March 9, 2020

On the web

Budget 2020: Chancellor Set to Protect Access to Cash Under New Laws

Sky News

“The chancellor is set to commit to new laws to protect the future of cash in next week’s budget, which comes as bank branches and free-to-use ATMs are disappearing from the high street. Rishi Sunak’s measures will aim to ensure people who rely on cash, including vulnerable groups and local communities across the UK, can access it as and when they need it.”

February 6, 2020

On the web

February 3, 2020

On the web

German Banks Are Hoarding So Many Euros They Need More Vaults


“Right now, there isn’t enough space for the cash that many banks want to hold. Pro Aurum , a Munich-based precious metals trader, received several requests from banks to store notes in its vaults. However, the firm had to turn them down because of a lack of capacity. “The ECB’s negative interest rates make hoarding cash attractive,” said Frank Schaeffler, a German member of parliament with the opposition Free Democrats. “This is just the beginning. If it continues, we’ll see a boom for vault makers and security companies.””

January 31, 2020

On the web

Mastercard Wants to Give You Fast Access to Cash — Using Only Your Cell Phone


“Americans may soon be able to withdraw cash from ATMs around the country using only their phones. While there are several clear benefits, especially for those without a bank account or debit card, there may also be security risks, according to some experts.   Mastercard and a technology partner, Pin4, have been rolling out a service over the past several months called Mastercard Cash Pick-Up, which gives anyone with a cell phone fast access to cash.”

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