Tag: Cashless Society

Metrolinx to go cashless in wake of COVID-19 outbreak

Metrolinx is set to remove cash payment options starting on Tuesday in the wake of the ongoing COVID-19 pandemic. “This is an unprecedented, quickly evolving situation,” the transit agency’s spokesperson Anne Marie Aikins said in a statement. “This week, we are increasing efforts further to protect our staff who are working so hard on the […]

The World’s Mobile Money Capital Urges Cashless Transactions Amid COVID-19 Spread, But Will This Help?

Three days ago, Kenya confirmed its first coronavirus (COVID-19) case. The infected person was a 27-year-old Kenyan national who was studying abroad. Then barely two days later, President Uhuru Kenyatta confirmed two more cases of the deadly coronavirus in Kenya. Addressing the nation on Sunday, President Kenyatta the two new cases were discovered following tests […]

Why Banning Cashless Is Baseless

On Thursday, the New York City Council voted to ban stores from going cashless. Claiming that cashless stores are discriminatory, Bronx Councilman Ritchie Torres said, “Cash is the great equalizer, it is the universal currency.” While his intentions were noble, it’s this kind of fear—that society isn’t ready for improvement and increased efficiency—that slows the […]

Quantum Leap: End of Cash is near, cashless currencies are in vogue

The case against cash is clear — expensive to print, difficult to track, prone to theft and an enabler of corruption. Western economies, notably the Nordic countries, have come to depend less and less on cash for transactions. In the UK, cash is used for only 30% of transactions while South Korea plans to phase […]

Rapyd FinTech Announces Single Cashless Platform In Singapore

Global FinTech Rapyd announced that it has launched a single platform in Singapore that enables businesses to go cashless. The company has partnered with key players on “Singapore Platform,” which will allow consumers and businesses to make payments electronically, convert cash to electronic payment methods or receive funds instantly. “I am thrilled to be able […]

UAE ‘very close’ to becoming a cashless society

Dubai could see $2.2bn uptick in the economy by adopting more cashless facilities, say experts. The UAE is moving ever closer to becoming a cashless society, attendees at the Success 2020 Arabian Business forum were told. Multiple government initiatives in the UAE have led to a sharp increase in digital transactions. “There’s a lot of […]

Benefits of cashless payments outweigh alternatives

The Central Bank Nigeria (CBN) has revisited the cashless policy it floated about seven years ago, but this time, with a resolve to ensure compliance with the imposition of subtle charges for die-hard cash transaction apologists, reports, SIMEON EBULU. It’s almost four weeks now that the Central Bank of Nigeria (CBN) rolled its sleeves to […]

Cashless society: 85 per cent of Canadians don’t pay with cash regularly

As we continue to move in the direction of becoming a cashless society, consumers and businesses are starting to make adjustments so they can adapt. Eighty-five per cent of Canadian consumers are now paying with either debit or credit on a regular basis. “It’s definitely a lot more tap and a lot more Apple pay, […]

Monopoly doesn’t use cash anymore

In a world of digital payments, parents need to be deliberate in teaching their kids about money   Hasbro announced Wednesday it will release a version of the classic board game Monopoly designed for the digital age. But financial experts argue the game’s new design could deprive children of important financial lessons. In Hasbro’s HAS, […]

Rise in cashless payments stokes concerns over data security

When bitcoin faithful began preaching the virtues of anonymous currencies, the pitch sounded familiar. “I thought, ‘Haven’t we got that already?’” said Kirsten Thompson, a partner at Dentons and national lead of the firm’s transformative technologies and data strategy group. “Cash, not bitcoin, was the original anonymous currency and we lose something by getting rid […]