“Cash is still king in Japan partly because the nation’s low crime rate makes it safe to carry and use bank notes. Promoting cashless transactions is one way for the country to boost productivity and deal with its chronic labor shortage as its population grays and declines. The government’s cashless incentives are part of a wider set of measures aimed at smoothing out consumer demand before and after the sales tax increase. A previous hike in 2014 triggered a 7.3% contraction of the economy as spending dived after the increase.”

“It turns out no trees are killed in the making of dollar bills. What is in that big ball is linen. A dollar bill is 75% cotton, 25% linen. It’s more like a T-shirt or something. And on the floor next to us are these huge mounds of damp linen fiber that’s already been cooked. It is the most unremarkable stuff. It’s kind of gray, and it smells a bit like wet leaves.”

“One in 10 adults in the UK are now choosing to live a largely cashless life as contactless and mobile payments explode in popularity, official data reveals. Among those aged 25 to 34, the figure rises to more than one in six (17%), said the banking body UK Finance . It defined an almost cashless existence as when people either make one cash payment per month or none at all. Meanwhile, the number of contactless payments made in the UK surged by 31% in a year to reach 7.4bn in 2018. Around seven in 10 people in the UK now use contactless, though London, which once led the way on this form of payment, has been overtaken by the south-east, East Anglia and the Midlands.”

“While we continuously discuss the demise of cash, should we be thinking more about how the decrease in use of paper money would affect the vulnerable? It could be argued that cash should remain in circulation until innovators can ensure that digital payments can be inclusive. Notably Sweden leads the way for cashless payments, so much so that only 10% of the 20 SEB banks in Stockholm hold cash, and some shops and restaurants have started to refuse cash – the opposite to what has been seen in some U.S. states.”

“Kenya has fired a direct shot at the nation’s endemic corruption: by issuing a new generation of banknotes. In a surprise move, the government announced the 1,000 shillings ($10) note will be discontinued by October 1 in a bid to fight corruption, counterfeit, and money laundering. Central bank governor Patrick Njoroge said people who want to exchange amounts between 1 million and 5 million shillings will have to go to their banks to do that.”

“Cashless stores and events are just starting to crop up in the retail landscape with much hoopla — consider the splashy launches of Amazon Go stores —  but they’re already running into hurdles from legislators in cities and states around the country. These governments are concerned that what some see as technological innovation could actually widen societal gaps between those who have access to financial services and those who don’t.”

“More than 80% of cash machines in the UK are free to use. But if you are poor, no matter where you live in the country, the chances are higher that a machine in your area will charge a fee, according to Link ATM network and parliamentary constituency data compiled by Quartz. This discrepancy is increasingly important as the number of cash machines shrinks across the country.”

“As more people swap funds via apps—over $21 billion was sent using Venmo in the first quarter of 2019, up 73% from the same time last year—cash is starting to burn a hole in people’s pockets. From takeout spots to Amazon Go markets to your buddy Carl, paper money is increasingly being rejected. However, the quick ascension of payment apps has taxed the skills of etiquette and money experts; it’s clear that social norms around all these new ways of forking over your fair share are still being defined.”

“With momentum building to ban cashless stores, a rough consensus seems to be emerging that the United States will never have the cashless society futurists have predicted for decades as first cards, then e-commerce, and now mobile payments took root. To be sure, research released Tuesday by Square Inc. shows a fast-growing consumer preference for digital payments at the small and medium-size restaurants and retailers that use Square’s point-of-sale equipment. In just the four years since 2015, the percentage of transactions under $20 paid for with cash has slid from 46% to 37%, the company said.”

“Today, the Android platform sees more app downloads than iOS, but Apple’s App Store continually dominates in terms of revenue . Now, Google is aiming to narrow the revenue gap by introducing a new way for users in emerging markets to pay for apps: with cash. The company today announced it’s launching “pending transactions,” which offers users different ways to pay that don’t require a credit card or any other traditional form of online payment.”

“Additional legislation to regulate cashless retail is pending after New Jersey and the city of Philadelphia passed laws to require most retailers and restaurants to accept cash, and upstart businesses that have considered themselves progressive-leaning are discovering the need to find a balance between the smart use of new technology and the cultivation of a welcoming and open relationship in the communities they serve.”

“Governments across Southeast Asia are pushing ahead with efforts to create cashless economies, with less developed countries such as Vietnam and Thailand leapfrogging richer ones like Singapore and Malaysia in electronic payments. Vietnam and Thailand are experiencing a boom in mobile payments as more people use e-wallets to pay for goods and services without going through an intermediary like a bank.”