Category Archives: Uncategorized

I was very happy to note that Starbucks has decided to go the extra step and get rid of cash. Well, in one of its stores at least. The coffee chain is conducting an experiment at a branch in Seattle, Washington, by having it go completely cash free to explore the the dynamic. It hasn’tContinue reading “MEDIUM A cashless New Year”

xxx “The European Central bank has no plan to issue a digital currency because the underlying technology is still fragile and the use of physical cash still high in the euro zone, the ECB president said on Friday.” From “ECB has no plan to issue digital currency – Draghi | Reuters”. According to Reuters, theContinue reading “ECB has no plan to issue digital currency – Draghi | Reuters”

xxx “Venture capitalists, such as Albert Wenger of Union Square Ventures, who was an early investor in Twitter, now talk of a ‘kill-zone’ around the giants. Once a young firm enters, it can be extremely difficult to survive.” From “American tech giants are making life tough for startups – Into the danger zone”. xxx

Meanwhile, in Nigeria “Every few days, Tasiu Abdurrahman takes the money he makes from selling spices and buries it in his yard. The 55-year-old closed his bank account eight years ago after growing disillusioned with standing in long lines for hours to deposit or withdraw cash.” From “Nigerians bury cash in backyards as mobile banking stumbles”.Continue reading “Nigerians bury cash in backyards as mobile banking stumbles”

The Bank of Canada published an interesting working paper on retail payment transaction times (“How Long Does It Take You to Pay? A Duration Study of Canadian Retail Transaction Payment Times“, Working Paper 2018-46, September 2018). The author finds that “cash is more efficient in terms of time than cards, allowing for the processing ofContinue reading “Time as a cost”

xxx A Jixi resident said the supermarket had different – but poorly labelled – lanes for customers who paid by cash or with their phones. From A cashless supermarket, a bunch of grapes and the growing digital divide in China’s economy | South China Morning Post. xxx

xxx The growing “cashlessness” of Chinese cities threatens to expose underlying issues of economic instability. Mobile payments are carving out lines between young and old, and between the prosperous urban middle class and those left behind by the boom times. From China Can’t Afford a Cashless Society – Foreign Policy. xxx

xxx The court however curtailed the scope of the Aadhaar identification scheme, declaring that it would no longer be required to open bank accounts, obtain mobile telephone connections, admission to schools. From World’s largest biometric ID system approved by Indian court as 1 billion enroll for welfare and tax. xxx

xxx As of 1 January 2018, all companies with a Chinese business licence – a necessity for operating in the country – were brought into the social credit system through the new licence requirement to have an 18-digit “unified social credit code”. Through this business ID number, the Chinese government keeps track of all businesses,Continue reading “China’s social credit system ‘could interfere in other nations’ sovereignty’ | World news | The Guardian”

xxx This has led to introduction of a legal requirement for banks and building societies to support app-to-app data flows, which will enable customers to approve TPPs via their bank or building society app. From Open Banking shouldn’t be written off, the revolution is just starting – FinTech Futures. xxx