Cash may not be king in the digital age, but the dollars and the coins are still essential.
\nRegulators and central banks, through new laws and research, have underscored the usefulness of financial institutions (FIs), merchants and other enterprises giving what we might term cash \u201cchoice\u201d across various interactions. This is highlighted as banks are closing branches, or when various populations and households are navigating the demands of paying for goods and services.
\nThe United Kingdom\u2019s Financial Conduct Authority (FCA) has mandated that beginning Wednesday (Sept. 18), banks and building societies (another form of financial institutions) will need to examine how accessible cash is within the surrounding communities \u2014 and as ATMs and actual FI branches may be declining, they\u2019ll have to take steps to make sure that that accessibility is still in place.
\n\u201cGaps in cash access could be filled with a range of measures, including banking hubs, ATMs (including deposit ATMs) and Post Office facilities. The FCA\u2019s powers won\u2019t prevent the closure of bank branches \u2013 but will have an impact where branch closures leave significant gaps in local cash access,\u201d the regulators wrote in a news release announcing its mandate.
\nAdded the FCA in a separate post: \u201cWhile the increasing range of digital services and payments options can make life easier, for many, the ability to withdraw cash is still vital. Cash remains particularly important for consumers with vulnerable characteristics and many small businesses.\u201d
\nThe new rules also mandate that the banks and the building societies must keep branches and ATMs opening and functioning until there are alternative cash access options operational within those markets (such as mobile banking outposts).
\nThe rules come as the U.K. experienced a decline over two years (ending in June 2023) of 1,358 bank and building society branches and 4,450 ATMs. Research has shown that, per FCA data, \u201cbeing in a low-income household (less than \u00a315,000 a year) and having low digital capability or access has the strongest association with reliance on cash.\u201d
\nHere in the U.S., the Federal Deposit Insurance Corp. noted in July that most unbanked households in the United States (equating to about 4.5% of households) are \u201ccash only,\u201d meaning they use neither prepaid cards nor nonbank payment apps such as Cash App, Venmo or PayPal.
\nSeparately, the Federal Reserve found in its 2024 Diary of Consumer Payment Choice\u00a0that \u201camid increased payments, cash\u2019s share decreased in favor of credit and debit cards, but overall cash use has remained stable as consumers continued to hold more cash than they did before 2020 as both a store-of-value (up 53%) and in their pockets, purses or wallets as a backup payment instrument (up 23%).\u201d
\nBut there\u2019s a divide here, the central bank found, as consumers younger than age 55 used cash for just 12% of payments in 2023, compared to 22% for those age 55 and older. On a monthly basis, consumers made an average of seven cash payments in 2023, a number that has remained stable since 2021, per the Fed\u2019s data. Separate PYMNTS Intelligence data indicates that a truly cashless existence may be a ways off \u2014 as only about 19% of all consumers surveyed said that they do not carry cash at all.
\nIn a sign of how digital wallets and other tech-enabled payment methods are taking root, the Fed estimated that consumers used mobile apps for 50% of person-to-person payments, continuing a widespread consumer transition away from paper-based payments.
\n\u201cMore than 90% of consumers intend to use cash as either a means of payment or store of value in the future,\u201d said the Federal Reserve.
\nThe post As Bank Branches Shutter, UK Regulators Push New Cash \u2018Access\u2019 Rules appeared first on PYMNTS.com.
\n", "content_text": "Cash may not be king in the digital age, but the dollars and the coins are still essential.\nRegulators and central banks, through new laws and research, have underscored the usefulness of financial institutions (FIs), merchants and other enterprises giving what we might term cash \u201cchoice\u201d across various interactions. This is highlighted as banks are closing branches, or when various populations and households are navigating the demands of paying for goods and services.\nThe United Kingdom\u2019s Financial Conduct Authority (FCA) has mandated that beginning Wednesday (Sept. 18), banks and building societies (another form of financial institutions) will need to examine how accessible cash is within the surrounding communities \u2014 and as ATMs and actual FI branches may be declining, they\u2019ll have to take steps to make sure that that accessibility is still in place.\n\u201cGaps in cash access could be filled with a range of measures, including banking hubs, ATMs (including deposit ATMs) and Post Office facilities. The FCA\u2019s powers won\u2019t prevent the closure of bank branches \u2013 but will have an impact where branch closures leave significant gaps in local cash access,\u201d the regulators wrote in a news release announcing its mandate.\nCash is Still \u2018Vital\u2019\nAdded the FCA in a separate post: \u201cWhile the increasing range of digital services and payments options can make life easier, for many, the ability to withdraw cash is still vital. Cash remains particularly important for consumers with vulnerable characteristics and many small businesses.\u201d\nThe new rules also mandate that the banks and the building societies must keep branches and ATMs opening and functioning until there are alternative cash access options operational within those markets (such as mobile banking outposts).\nThe rules come as the U.K. experienced a decline over two years (ending in June 2023) of 1,358 bank and building society branches and 4,450 ATMs. Research has shown that, per FCA data, \u201cbeing in a low-income household (less than \u00a315,000 a year) and having low digital capability or access has the strongest association with reliance on cash.\u201d\nHere in the U.S., the Federal Deposit Insurance Corp. noted in July that most unbanked households in the United States (equating to about 4.5% of households) are \u201ccash only,\u201d meaning they use neither prepaid cards nor nonbank payment apps such as Cash App, Venmo or PayPal.\nSeparately, the Federal Reserve found in its 2024 Diary of Consumer Payment Choice\u00a0that \u201camid increased payments, cash\u2019s share decreased in favor of credit and debit cards, but overall cash use has remained stable as consumers continued to hold more cash than they did before 2020 as both a store-of-value (up 53%) and in their pockets, purses or wallets as a backup payment instrument (up 23%).\u201d\nBut there\u2019s a divide here, the central bank found, as consumers younger than age 55 used cash for just 12% of payments in 2023, compared to 22% for those age 55 and older. On a monthly basis, consumers made an average of seven cash payments in 2023, a number that has remained stable since 2021, per the Fed\u2019s data. Separate PYMNTS Intelligence data indicates that a truly cashless existence may be a ways off \u2014 as only about 19% of all consumers surveyed said that they do not carry cash at all.\nIn a sign of how digital wallets and other tech-enabled payment methods are taking root, the Fed estimated that consumers used mobile apps for 50% of person-to-person payments, continuing a widespread consumer transition away from paper-based payments.\n\u201cMore than 90% of consumers intend to use cash as either a means of payment or store of value in the future,\u201d said the Federal Reserve.\nThe post As Bank Branches Shutter, UK Regulators Push New Cash \u2018Access\u2019 Rules appeared first on PYMNTS.com.", "date_published": "2024-09-16T18:08:04-04:00", "date_modified": "2024-09-16T18:08:04-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/UK-FCA-cash-ATMs.jpg", "tags": [ "ATMs", "Cash", "digital transformation", "digital wallets", "EMEA", "FCA", "Financial Conduct Authority", "financial institutions", "News", "Payment Methods", "PYMNTS News", "regulations", "uk" ] }, { "id": "https://www.pymnts.com/?p=1952486", "url": "https://www.pymnts.com/cash/2024/atms-australia-mobile-wallet-use-surges-12000-amid-cash-shortage/", "title": "Australia\u2019s Mobile Wallet Use Surges 12,000% Amid Cash Shortage", "content_html": "Paper money use is reportedly waning in Australia amid troubles at its top cash supplier.
\nLinfox Armaguard, which moves 90% of cash to the country\u2019s banks, ATMs and retailers, is fighting to stay afloat, Bloomberg News reported Sunday (June 2). The company\u2019s uncertain fate has sparked fears that people and businesses may have to do\u00a0without physical currency.
\n\u201cIt\u2019s a significant moment for cash use in Australia and may push the nation into becoming cashless,\u201d\u00a0Chris Vasantkumar, a lecturer in anthropology at the\u00a0Macquarie University School of Social Sciences\u00a0who focuses on cash and cashlessness, told Bloomberg.
\n\u201cIt\u2019s clear the current model of getting cash from the places where it\u2019s printed to the places where it\u2019s used, doesn\u2019t seem to be sustainable.\u201d
\nThe report notes that Australians are increasingly hoarding paper money, according to\u00a0Reserve Bank of Australia\u00a0data, as people seek ways to guard against payment-system outages and natural disasters.
\nAt the same time, the value of mobile wallet transactions in Australia hit $63 billion ($93 billion in Australian dollars) in 2022, up from $746 million Australian in 2018, a more than 12,000% jump, the report said, against citing data from the country\u2019s central bank.
\nMeanwhile, recent research by PYMNTS Intelligence finds that a broad range of consumers across income levels and ages are displaying a preference for paying for\u00a0purchases with cash\u00a0\u2014 as well as debit cards \u2014 likely in hopes of better managing their debt levels.
\n\u201cPaying for items with cash and debit cards can reflect a deeper concern about financial stability,\u201d PYMNTS wrote last week. \u201cAnd the fact that cash and debit card activity is on the rise for younger and lower-income consumers \u2014\u00a0up 34% from last year\u00a0for groceries alone \u2014 suggests these two groups are being especially budget-conscious right now.\u201d
\nMeanwhile, digital wallet usage is also on the rise in the U.S., though the numbers vary by generations, with\u00a079% of Gen Z consumers\u00a0saying that they are avid digital wallet users, as are 67% of millennials.
\nThe numbers dip the higher up you go: 62% of millennials use digital wallets, as do 44% of Gen Xers, and just 28% of baby boomers and seniors.
\n\u201cBut age is\u00a0just one yardstick\u00a0to judge digital wallet use,\u201d PYMNTS wrote. \u201cHow much money people earn each year also appears to shape their interest in digital wallets.\u201d
\nFor example, 55% of people who make $100,000 or more per year are digital wallet users, while that number drops to 41% for people who make $50,000 or less annually.
\nThe post Australia’s Mobile Wallet Use Surges 12,000% Amid Cash Shortage appeared first on PYMNTS.com.
\n", "content_text": "Paper money use is reportedly waning in Australia amid troubles at its top cash supplier.\nLinfox Armaguard, which moves 90% of cash to the country\u2019s banks, ATMs and retailers, is fighting to stay afloat, Bloomberg News reported Sunday (June 2). The company\u2019s uncertain fate has sparked fears that people and businesses may have to do\u00a0without physical currency.\n\u201cIt\u2019s a significant moment for cash use in Australia and may push the nation into becoming cashless,\u201d\u00a0Chris Vasantkumar, a lecturer in anthropology at the\u00a0Macquarie University School of Social Sciences\u00a0who focuses on cash and cashlessness, told Bloomberg.\n\u201cIt\u2019s clear the current model of getting cash from the places where it\u2019s printed to the places where it\u2019s used, doesn\u2019t seem to be sustainable.\u201d\nThe report notes that Australians are increasingly hoarding paper money, according to\u00a0Reserve Bank of Australia\u00a0data, as people seek ways to guard against payment-system outages and natural disasters.\nAt the same time, the value of mobile wallet transactions in Australia hit $63 billion ($93 billion in Australian dollars) in 2022, up from $746 million Australian in 2018, a more than 12,000% jump, the report said, against citing data from the country\u2019s central bank.\nMeanwhile, recent research by PYMNTS Intelligence finds that a broad range of consumers across income levels and ages are displaying a preference for paying for\u00a0purchases with cash\u00a0\u2014 as well as debit cards \u2014 likely in hopes of better managing their debt levels.\n\u201cPaying for items with cash and debit cards can reflect a deeper concern about financial stability,\u201d PYMNTS wrote last week. \u201cAnd the fact that cash and debit card activity is on the rise for younger and lower-income consumers \u2014\u00a0up 34% from last year\u00a0for groceries alone \u2014 suggests these two groups are being especially budget-conscious right now.\u201d\nMeanwhile, digital wallet usage is also on the rise in the U.S., though the numbers vary by generations, with\u00a079% of Gen Z consumers\u00a0saying that they are avid digital wallet users, as are 67% of millennials.\nThe numbers dip the higher up you go: 62% of millennials use digital wallets, as do 44% of Gen Xers, and just 28% of baby boomers and seniors.\n\u201cBut age is\u00a0just one yardstick\u00a0to judge digital wallet use,\u201d PYMNTS wrote. \u201cHow much money people earn each year also appears to shape their interest in digital wallets.\u201d\nFor example, 55% of people who make $100,000 or more per year are digital wallet users, while that number drops to 41% for people who make $50,000 or less annually.\nThe post Australia’s Mobile Wallet Use Surges 12,000% Amid Cash Shortage appeared first on PYMNTS.com.", "date_published": "2024-06-03T09:42:46-04:00", "date_modified": "2024-06-03T16:49:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Australia-mobile-wallet-cash.png", "tags": [ "Australia", "Cash", "digital wallets", "Linfox Armaguard", "Mobile Wallets", "News", "PYMNTS News", "Reserve Bank of Australia", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1873923", "url": "https://www.pymnts.com/cash/2024/swedens-central-bank-proposes-rules-to-facilitate-use-of-cash/", "title": "Sweden\u2019s Central Bank Proposes Rules to Facilitate Use of Cash", "content_html": "Sweden\u2019s central bank, the Riksbank, has proposed several measures to make it easier to pay with cash or digital payments.
\nThe central bank also called for an expansion of the Swedish government\u2019s current inquiry into the use of cash to pay for essential goods, the Riksbank said in a Thursday (March 14) press release announcing the publication of its Payments Report 2024.
\n\u201cPayments must work for everyone,\u201d Erik Thed\u00e9en, governor of the Riksbank and chairman of the executive board, said in the release. \u201cIn the longer term, all payments may be digital \u2014 but until then, cash plays an important role. We need legislation to ensure that cash can be used to pay. Banks must also ensure that more customers have access to payment accounts.\u201d
\nIn one proposal, the Riksbank said that it, other authorities and banks should have a role in ensuring that cash can be transported to and from retail outlets at reasonable prices. Currently, there is only one private company doing that.
\nThe central bank also said banks should be required to accept cash deposits from private individuals. Today, there is no such requirement.
\nThe Riksbank also proposed that banks be required to offer \u201clow-risk accounts\u201d with limited functionality to people, companies and associations that are seen as risky customers and are currently excluded from payment accounts.
\nIn another effort to tailor services to the needs of customers, the central bank proposed that banks and other payment service providers should be required to simplify their payments and identification procedures to accommodate people who have difficulty using digital technology.
\nTo encourage companies and associations to accept cash as payment, the Riksbank proposed that banks should modify their limits on how much cash these entities can deposit in an account. Currently, deposit machines often have \u201cexcessively low limits\u201d that make it difficult for companies to deposit their daily earnings, the release said.
\nThe Riksbank also said in the press release that it will work with companies to ensure that payment operations can continue in times of crisis, that it continues to consider the development of an e-krona, and that it is investigating the possibility of expanding access to its payment system, RIX.
\nThis announcement comes about a week after it was reported that Sweden\u2019s neighbor, Norway, proposed measures that will enable consumers to pay with cash at any sales location where other types of payment are accepted.
\nThe post Sweden\u2019s Central Bank Proposes Rules to Facilitate Use of Cash appeared first on PYMNTS.com.
\n", "content_text": "Sweden\u2019s central bank, the Riksbank, has proposed several measures to make it easier to pay with cash or digital payments.\nThe central bank also called for an expansion of the Swedish government\u2019s current inquiry into the use of cash to pay for essential goods, the Riksbank said in a Thursday (March 14) press release announcing the publication of its Payments Report 2024.\n\u201cPayments must work for everyone,\u201d Erik Thed\u00e9en, governor of the Riksbank and chairman of the executive board, said in the release. \u201cIn the longer term, all payments may be digital \u2014 but until then, cash plays an important role. We need legislation to ensure that cash can be used to pay. Banks must also ensure that more customers have access to payment accounts.\u201d\nIn one proposal, the Riksbank said that it, other authorities and banks should have a role in ensuring that cash can be transported to and from retail outlets at reasonable prices. Currently, there is only one private company doing that.\nThe central bank also said banks should be required to accept cash deposits from private individuals. Today, there is no such requirement.\nThe Riksbank also proposed that banks be required to offer \u201clow-risk accounts\u201d with limited functionality to people, companies and associations that are seen as risky customers and are currently excluded from payment accounts.\nIn another effort to tailor services to the needs of customers, the central bank proposed that banks and other payment service providers should be required to simplify their payments and identification procedures to accommodate people who have difficulty using digital technology.\nTo encourage companies and associations to accept cash as payment, the Riksbank proposed that banks should modify their limits on how much cash these entities can deposit in an account. Currently, deposit machines often have \u201cexcessively low limits\u201d that make it difficult for companies to deposit their daily earnings, the release said.\nThe Riksbank also said in the press release that it will work with companies to ensure that payment operations can continue in times of crisis, that it continues to consider the development of an e-krona, and that it is investigating the possibility of expanding access to its payment system, RIX.\nThis announcement comes about a week after it was reported that Sweden\u2019s neighbor, Norway, proposed measures that will enable consumers to pay with cash at any sales location where other types of payment are accepted.\nThe post Sweden\u2019s Central Bank Proposes Rules to Facilitate Use of Cash appeared first on PYMNTS.com.", "date_published": "2024-03-14T11:28:33-04:00", "date_modified": "2024-03-14T11:28:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2019/04/Swedish-Krona-Riksbank-Cash.jpg", "tags": [ "Cash", "cash payments", "Digital Payments", "financial inclusion", "Government", "News", "Payment Methods", "PYMNTS News", "regulations", "Riksbank", "Sweden", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1872963", "url": "https://www.pymnts.com/cash/2024/green-dot-to-enable-cash-transactions-for-3-more-fintechs/", "title": "Green Dot to Enable Cash Transactions for 3 More FinTechs", "content_html": "FinTech companies\u00a0Repay,\u00a0Facebank\u00a0and\u00a0Pana\u00a0have joined the\u00a0Green Dot Network\u00a0to enable cash transactions and services for their customers.
\nBy becoming partners of the network, the three FinTechs can offer these services via Green Dot\u2019s network of thousands of retail locations,\u00a0Green Dot\u00a0said in a Tuesday (March 12)\u00a0press release.
\n\u201cAs the demand for cash and cash transactions persists in the U.S., more companies are looking to power their customers with simple, accessible and affordable cash services,\u201d\u00a0Crystal Bryant-Minter, senior vice president of money movement at Green Dot, said in the release.
\nThe Green Dot Network\u2019s retail locations offer cash-in and cash-out services, according to the release. They also enable customers to move funds digitally between bank accounts.
\nThe network includes more than 90,000 retail locations, including Walmart, Walgreens, 7-Eleven and CVS, the release said.
\nWith a Green Dot Network location within three miles of 96% of the population of the U.S., the network provides access to cash services even in underbanked communities, per the release.
\nThe three new FinTech members join the network at a time when it supports more than 180 partners and brands, according to the release.
\n\u201cMaking these services accessible to consumers and businesses is key to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we\u2019re proud to partner with these companies to help them better empower their customers,\u201d Bryant-Minter said in the release.
\nWith bank branches closing down at a rapid clip, \u201cfinancial deserts\u201d are taking shape all over the country,\u00a0Jamison Jaworski, GM-SVP of retail and Green Dot Network, told PYMNTS in an interview posted in February 2023.
\n\u201cWe\u2019re extending convenience to reduce those financial deserts in small towns and other places \u2014 and now you don\u2019t have to make a special trip to make a payment,\u201d Jaworski said. \u201cYou can now make those payments in the course of your daily life.\u201d
\nIn another recent development, Green Dot said in February that it partnered with\u00a0Dayforce\u00a0to power the on-demand payment solution Dayforce Wallet. Through this partnership, Green Dot will facilitate\u00a0banking services\u00a0for Dayforce Wallet users in the U.S.
\nThe post Green Dot to Enable Cash Transactions for 3 More FinTechs appeared first on PYMNTS.com.
\n", "content_text": "FinTech companies\u00a0Repay,\u00a0Facebank\u00a0and\u00a0Pana\u00a0have joined the\u00a0Green Dot Network\u00a0to enable cash transactions and services for their customers.\nBy becoming partners of the network, the three FinTechs can offer these services via Green Dot\u2019s network of thousands of retail locations,\u00a0Green Dot\u00a0said in a Tuesday (March 12)\u00a0press release.\n\u201cAs the demand for cash and cash transactions persists in the U.S., more companies are looking to power their customers with simple, accessible and affordable cash services,\u201d\u00a0Crystal Bryant-Minter, senior vice president of money movement at Green Dot, said in the release.\nThe Green Dot Network\u2019s retail locations offer cash-in and cash-out services, according to the release. They also enable customers to move funds digitally between bank accounts.\nThe network includes more than 90,000 retail locations, including Walmart, Walgreens, 7-Eleven and CVS, the release said.\nWith a Green Dot Network location within three miles of 96% of the population of the U.S., the network provides access to cash services even in underbanked communities, per the release.\nThe three new FinTech members join the network at a time when it supports more than 180 partners and brands, according to the release.\n\u201cMaking these services accessible to consumers and businesses is key to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we\u2019re proud to partner with these companies to help them better empower their customers,\u201d Bryant-Minter said in the release.\nWith bank branches closing down at a rapid clip, \u201cfinancial deserts\u201d are taking shape all over the country,\u00a0Jamison Jaworski, GM-SVP of retail and Green Dot Network, told PYMNTS in an interview posted in February 2023.\n\u201cWe\u2019re extending convenience to reduce those financial deserts in small towns and other places \u2014 and now you don\u2019t have to make a special trip to make a payment,\u201d Jaworski said. \u201cYou can now make those payments in the course of your daily life.\u201d\nIn another recent development, Green Dot said in February that it partnered with\u00a0Dayforce\u00a0to power the on-demand payment solution Dayforce Wallet. Through this partnership, Green Dot will facilitate\u00a0banking services\u00a0for Dayforce Wallet users in the U.S.\nThe post Green Dot to Enable Cash Transactions for 3 More FinTechs appeared first on PYMNTS.com.", "date_published": "2024-03-12T18:21:16-04:00", "date_modified": "2024-03-12T18:21:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Cash-Green-Dot.jpg", "tags": [ "Cash", "cash services", "Crystal Bryant-Minter", "Facebank", "financial deserts", "financial inclusion", "FinTech", "Green Dot", "Green Dot Network", "Jamison Jaworski", "News", "Pana", "PYMNTS News", "REPAY", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1872771", "url": "https://www.pymnts.com/cash/2024/cash-future-secure-as-lawmakers-prioritize-inclusive-payment-markets/", "title": "Cash Secures Future as Lawmakers Prioritize Inclusive Payment Methods", "content_html": "The recent move by Norway to enact rules ensuring consumers\u2019 ability to pay with cash reflects a growing concern over the potential exclusion of certain segments of the population who are reluctant to use digital payments.
\nThe proposed measures will enable customers to pay with cash at any sales location where other types of payment are accepted, ensuring they are prepared for emergencies, PYMNTS reported earlier this month, per Bloomberg.
\nThis development follows a statement by Norway\u2019s central bank in May, indicating that although only 3% of consumers in the country utilized cash for their most recent in-store transactions, there has been a notable surge in cash withdrawals from ATMs and retail outlets.
\nSimilar protective measures aimed at preserving cash transactions have also been proposed in neighboring Sweden.
\nIn November of last year, it was reported that Sweden\u2019s central bank had called for urgent reinforcement of cash following a government-led investigation into the state\u2019s involvement in the payment market.
\nThe findings of the inquiry underscored that while access to new payment services has simplified life for many consumers, \u201cdigitalisation has excluded large groups of people, [particularly] the elderly, people with disabilities, and those with legal representatives.\u201d
\nIn light of these concerns, the report emphasized the necessity for the state to \u201cassume a greater responsibility\u201d in fostering a more inclusive payment landscape by cultivating a balanced payment ecosystem that caters to the needs of both digital and cash-dependent transactions.
\nPrior to that in 2018, Swedish legislators attempted to curb the country\u2019s rapid transition toward a cashless society by mandating that the largest banks provide cash withdrawal services and manage daily transactions.
\nAt the time, a parliamentary committee said that \u201cthe continued development of access to cash in society needs to take place in a controlled manner so that the public\u2019s and society\u2019s need for cash is fulfilled.\u201d
\nIn other parts of Europe, the Swiss National Bank (SNB) stated in February that despite the popularity of payment apps, physical cash will never disappear from use in Switzerland. \u201cCash acceptance continues to be high and has changed little since 2021,\u201d a survey released by the SNB noted.
\nThe Netherlands has also been exploring public funding for cash supply, Gijs Boudewijn, general manager at the Dutch Payments Association (DPA), told PYMNTS in a 2022 interview.
\nAt the time, Boudewijn said that the DPA was engaging with key stakeholders to ensure that cash remains \u201cavailable for those who really, really need it whilst at the same time minimizing the cost of the remaining cash infrastructure.\u201d
\nMeanwhile in the United States, the stance on cash remains resilient, as evidenced by recent remarks made by Lisa Perlini, the Boston Fed\u2019s vice president of Cash Services.
\nCash has \u201cstood the test of time because it\u2019s essentially untraceable, it\u2019s easy to carry, it\u2019s widely accepted, and it\u2019s very reliable,\u201d Perlini said. \u201cFor example, if the power goes out, and you can\u2019t swipe your card, you can\u2019t purchase whatever is there that you need. So, cash is really important in that situation.\u201d
\nPerlini also pointed to other characteristics of cash, such as the instant settlement of transactions and the complete anonymity it offers, as attributes that cannot be easily replicated by digital payments.
\nOverall, although the pandemic paved the way for the anticipated decline of cash, it may have also shown that cash usage, despite being considerably lower compared to previous levels, remains resilient, according to Shaun O\u2019Brien, co-author of the Federal Reserve\u2019s 2023 Diary of Consumer Payment Choice.
\nIn a conversation with the Boston Federal Reserve, O\u2019Brien said, \u201cThe environmental factors were almost completely there for cash to go away, and it didn\u2019t.\u201d As a result, they concluded that \u201cpeople who are using cash just really want to use it, or they really need to use it.\u201d
\nLooking ahead, the future of cash and how it co-exists with digital payments will likely be shaped by evolving consumer preferences, technological advancements and regulatory interventions.
\nUltimately, as society advances toward a predominantly cashless future, the challenge will be to strike a balance that preserves the accessibility and benefits of cash while leveraging the potential of digital innovations.
\nThe post Cash Secures Future as Lawmakers Prioritize Inclusive Payment Methods appeared first on PYMNTS.com.
\n", "content_text": "The recent move by Norway to enact rules ensuring consumers\u2019 ability to pay with cash reflects a growing concern over the potential exclusion of certain segments of the population who are reluctant to use digital payments.\nThe proposed measures will enable customers to pay with cash at any sales location where other types of payment are accepted, ensuring they are prepared for emergencies, PYMNTS reported earlier this month, per Bloomberg.\nThis development follows a statement by Norway\u2019s central bank in May, indicating that although only 3% of consumers in the country utilized cash for their most recent in-store transactions, there has been a notable surge in cash withdrawals from ATMs and retail outlets.\nSimilar protective measures aimed at preserving cash transactions have also been proposed in neighboring Sweden.\nIn November of last year, it was reported that Sweden\u2019s central bank had called for urgent reinforcement of cash following a government-led investigation into the state\u2019s involvement in the payment market.\nThe findings of the inquiry underscored that while access to new payment services has simplified life for many consumers, \u201cdigitalisation has excluded large groups of people, [particularly] the elderly, people with disabilities, and those with legal representatives.\u201d\nIn light of these concerns, the report emphasized the necessity for the state to \u201cassume a greater responsibility\u201d in fostering a more inclusive payment landscape by cultivating a balanced payment ecosystem that caters to the needs of both digital and cash-dependent transactions.\nPrior to that in 2018, Swedish legislators attempted to curb the country\u2019s rapid transition toward a cashless society by mandating that the largest banks provide cash withdrawal services and manage daily transactions.\nAt the time, a parliamentary committee said that \u201cthe continued development of access to cash in society needs to take place in a controlled manner so that the public\u2019s and society\u2019s need for cash is fulfilled.\u201d\nIn other parts of Europe, the Swiss National Bank (SNB) stated in February that despite the popularity of payment apps, physical cash will never disappear from use in Switzerland. \u201cCash acceptance continues to be high and has changed little since 2021,\u201d a survey released by the SNB noted.\nThe Netherlands has also been exploring public funding for cash supply, Gijs Boudewijn, general manager at the Dutch Payments Association (DPA), told PYMNTS in a 2022 interview.\nAt the time, Boudewijn said that the DPA was engaging with key stakeholders to ensure that cash remains \u201cavailable for those who really, really need it whilst at the same time minimizing the cost of the remaining cash infrastructure.\u201d\nCash Is Still King in the US\nMeanwhile in the United States, the stance on cash remains resilient, as evidenced by recent remarks made by Lisa Perlini, the Boston Fed\u2019s vice president of Cash Services.\nCash has \u201cstood the test of time because it\u2019s essentially untraceable, it\u2019s easy to carry, it\u2019s widely accepted, and it\u2019s very reliable,\u201d Perlini said. \u201cFor example, if the power goes out, and you can\u2019t swipe your card, you can\u2019t purchase whatever is there that you need. So, cash is really important in that situation.\u201d\nPerlini also pointed to other characteristics of cash, such as the instant settlement of transactions and the complete anonymity it offers, as attributes that cannot be easily replicated by digital payments.\nOverall, although the pandemic paved the way for the anticipated decline of cash, it may have also shown that cash usage, despite being considerably lower compared to previous levels, remains resilient, according to Shaun O\u2019Brien, co-author of the Federal Reserve\u2019s 2023 Diary of Consumer Payment Choice.\nIn a conversation with the Boston Federal Reserve, O\u2019Brien said, \u201cThe environmental factors were almost completely there for cash to go away, and it didn\u2019t.\u201d As a result, they concluded that \u201cpeople who are using cash just really want to use it, or they really need to use it.\u201d\nLooking ahead, the future of cash and how it co-exists with digital payments will likely be shaped by evolving consumer preferences, technological advancements and regulatory interventions.\nUltimately, as society advances toward a predominantly cashless future, the challenge will be to strike a balance that preserves the accessibility and benefits of cash while leveraging the potential of digital innovations.\nThe post Cash Secures Future as Lawmakers Prioritize Inclusive Payment Methods appeared first on PYMNTS.com.", "date_published": "2024-03-12T14:13:50-04:00", "date_modified": "2024-03-12T21:37:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/cash-lawmakers.jpg", "tags": [ "Boston Federal Reserve", "Cash", "currency", "Digital Payments", "Dutch Payments Association", "EMEA", "Featured News", "federal reserve", "financial inclusion", "Government", "News", "Norway", "Payment Methods", "PYMNTS News", "regulations", "Sweden", "Swiss National Bank" ] }, { "id": "https://www.pymnts.com/?p=1871621", "url": "https://www.pymnts.com/cash/2024/norway-considers-rules-to-ensure-consumers-can-pay-with-cash/", "title": "Norway Considers Rules to Ensure Consumers Can Pay With Cash", "content_html": "The government of Norway has reportedly proposed rules designed to ensure that consumers can pay with cash.
\nThese measures are meant to ensure that those who are reluctant to use digital payments can pay with notes and coins, Bloomberg reported Friday (March 8), citing a statement from Justice Minister Emilie Enger Mehl.
\nThe measures are also meant to ensure that society is prepared for emergencies, according to the report.
\nThe proposed measures will ensure that customers can pay with cash at any sales location where other types of payment are accepted, the report said.
\nNorway\u2019s central bank said in May that while only 3% of the country\u2019s consumers used cash in their most recent purchase at a physical store, there has been a growing number of cash withdrawals at ATMs and shops, per the report.
\nSimilar measures to protect the ability to use cash have been proposed in Norway\u2019s neighbor, Sweden, according to the report.
\nIt was reported in April 2023 that real-time payments volume in Norway was growing at the expense of cash.
\nReal-time payments volume in the country represented a 6.5% share of total payments volume in 2022 and is expected to reach a 15.1% share in 2027, according to ACI Worldwide\u2019s 2023 It\u2019s Prime Time for Real-Time report.
\n\u201cThis growth is unusual for the region, coming not only at the expense of cash\u2019s share of payments volume but also other forms of electronic payments, showing that consumers are actively moving away from card and \u2018slow\u2019 transfers to real-time payments in this market,\u201d the report said.
\nIn 2018, Swedish lawmakers tried to slow down that nation\u2019s move toward going entirely cashless by forcing the country\u2019s largest banks to offer cash withdrawals and handle daily receipts.
\n\u201cWe believe that the continued development of access to cash in society needs to take place in a controlled manner so that the public\u2019s and society\u2019s need for cash is fulfilled,\u201d a parliamentary committee said at the time.
\nElsewhere in Europe, the Swiss National Bank said in February that while companies have adopted additional payment methods, \u201cCash acceptance continues to be high and has changed little since 2021.\u201d
\nThe post Norway Considers Rules to Ensure Consumers Can Pay With Cash appeared first on PYMNTS.com.
\n", "content_text": "The government of Norway has reportedly proposed rules designed to ensure that consumers can pay with cash.\nThese measures are meant to ensure that those who are reluctant to use digital payments can pay with notes and coins, Bloomberg reported Friday (March 8), citing a statement from Justice Minister Emilie Enger Mehl.\nThe measures are also meant to ensure that society is prepared for emergencies, according to the report.\nThe proposed measures will ensure that customers can pay with cash at any sales location where other types of payment are accepted, the report said.\nNorway\u2019s central bank said in May that while only 3% of the country\u2019s consumers used cash in their most recent purchase at a physical store, there has been a growing number of cash withdrawals at ATMs and shops, per the report.\nSimilar measures to protect the ability to use cash have been proposed in Norway\u2019s neighbor, Sweden, according to the report.\nIt was reported in April 2023 that real-time payments volume in Norway was growing at the expense of cash.\nReal-time payments volume in the country represented a 6.5% share of total payments volume in 2022 and is expected to reach a 15.1% share in 2027, according to ACI Worldwide\u2019s 2023 It\u2019s Prime Time for Real-Time report.\n\u201cThis growth is unusual for the region, coming not only at the expense of cash\u2019s share of payments volume but also other forms of electronic payments, showing that consumers are actively moving away from card and \u2018slow\u2019 transfers to real-time payments in this market,\u201d the report said.\nIn 2018, Swedish lawmakers tried to slow down that nation\u2019s move toward going entirely cashless by forcing the country\u2019s largest banks to offer cash withdrawals and handle daily receipts.\n\u201cWe believe that the continued development of access to cash in society needs to take place in a controlled manner so that the public\u2019s and society\u2019s need for cash is fulfilled,\u201d a parliamentary committee said at the time.\nElsewhere in Europe, the Swiss National Bank said in February that while companies have adopted additional payment methods, \u201cCash acceptance continues to be high and has changed little since 2021.\u201d\nThe post Norway Considers Rules to Ensure Consumers Can Pay With Cash appeared first on PYMNTS.com.", "date_published": "2024-03-08T13:56:49-05:00", "date_modified": "2024-03-08T13:56:49-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/04/Norway-real-time-payments.jpg", "tags": [ "ATMs", "banking", "Cash", "EMEA", "News", "Norway", "payments", "PYMNTS News", "real time payments", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1864290", "url": "https://www.pymnts.com/cash/2024/100-bills-jump-in-volume-despite-merchant-distaste/", "title": "$100 Bills Jump in Volume Despite Merchant Distaste", "content_html": "America\u2019s most common form of currency might also be its least wanted.
\nThere are now more $100 bills in circulation than any other denomination, with the number of these bills doubling between 2012 and 2022, The Wall Street Journal (WSJ) reported Sunday (Feb. 25), citing Federal Reserve data.
\nAnd as that report noted, these bills are more useful for keeping wealth than spending it. Cashiers won\u2019t accept them, and when they do, they tie up checkout lines as merchants verify the bills aren\u2019t counterfeit. And economists have recommended slowing printing of the bills as they are often used for illegal purposes.
\nThe headaches that come with using a $100 bill can lead people to spend less, Helen Colby, an assistant professor of marketing at Indiana University\u2019s Kelley School of Business, told the WSJ.
\nIt\u2019s what\u2019s known as \u201cthe denomination effect,\u201d where the form that money comes in affects the person\u2019s desire to spend it. Colby said that if you make a purchase with a credit card, you get the card back after the transaction, while spending a $100 bill basically \u201cdestroys\u201d it.
\n\u201cA $1 bill doesn\u2019t feel like much but a $100 bill feels very meaningful and beefy,\u201d she said.
\nCash use by consumers plunged during the COVID pandemic, and research by PYMNTS Intelligence has found that most people now only carry paper currency out of habit.
\nThe WSJ report cited Federal Reserve data showing that 60% of payments are made with debit and credit cards, with cash now the third-most used payment method in America in terms of the number of transactions.
\nStill, that doesn\u2019t mean paper money has completely gone away. For example, close to 21% of all B2B transactions completed in the real estate sector are done with checks, while 4% are paid in cash, according to the PYMNTS Intelligence study \u201cThe State of Real-Time Payments.\u201d
\nAnd a survey released Friday (Feb. 23) by the Swiss National Bank (SNB) found that cash acceptance remains high and has not changed much since 2021.\u00a0
\nIn a speech the same day, SNB Vice Chairman Martin Schlegel said that physical cash will never disappear from use in Switzerland, despite the popularity of payment apps.
\nSpeaking at an event, Schlegel stressed the importance of cash for a large part of the population, pointing to countries like Sweden where cash usage fell but still remained after reaching a certain level.
\nThe post $100 Bills Jump in Volume Despite Merchant Distaste appeared first on PYMNTS.com.
\n", "content_text": "America\u2019s most common form of currency might also be its least wanted.\nThere are now more $100 bills in circulation than any other denomination, with the number of these bills doubling between 2012 and 2022, The Wall Street Journal (WSJ) reported Sunday (Feb. 25), citing Federal Reserve data.\nAnd as that report noted, these bills are more useful for keeping wealth than spending it. Cashiers won\u2019t accept them, and when they do, they tie up checkout lines as merchants verify the bills aren\u2019t counterfeit. And economists have recommended slowing printing of the bills as they are often used for illegal purposes.\nThe headaches that come with using a $100 bill can lead people to spend less, Helen Colby, an assistant professor of marketing at Indiana University\u2019s Kelley School of Business, told the WSJ.\nIt\u2019s what\u2019s known as \u201cthe denomination effect,\u201d where the form that money comes in affects the person\u2019s desire to spend it. Colby said that if you make a purchase with a credit card, you get the card back after the transaction, while spending a $100 bill basically \u201cdestroys\u201d it.\n\u201cA $1 bill doesn\u2019t feel like much but a $100 bill feels very meaningful and beefy,\u201d she said.\nCash use by consumers plunged during the COVID pandemic, and research by PYMNTS Intelligence has found that most people now only carry paper currency out of habit.\nThe WSJ report cited Federal Reserve data showing that 60% of payments are made with debit and credit cards, with cash now the third-most used payment method in America in terms of the number of transactions.\nStill, that doesn\u2019t mean paper money has completely gone away. For example, close to 21% of all B2B transactions completed in the real estate sector are done with checks, while 4% are paid in cash, according to the PYMNTS Intelligence study \u201cThe State of Real-Time Payments.\u201d\nAnd a survey released Friday (Feb. 23) by the Swiss National Bank (SNB) found that cash acceptance remains high and has not changed much since 2021.\u00a0\nIn a speech the same day, SNB Vice Chairman Martin Schlegel said that physical cash will never disappear from use in Switzerland, despite the popularity of payment apps.\nSpeaking at an event, Schlegel stressed the importance of cash for a large part of the population, pointing to countries like Sweden where cash usage fell but still remained after reaching a certain level.\nThe post $100 Bills Jump in Volume Despite Merchant Distaste appeared first on PYMNTS.com.", "date_published": "2024-02-25T18:34:52-05:00", "date_modified": "2024-02-25T18:36:08-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/100-bills.jpg", "tags": [ "$100", "$100 bills", "Cash", "cash payments", "Counterfeiting", "News", "paper money", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1863706", "url": "https://www.pymnts.com/cash/2024/swiss-national-bank-says-merchant-cash-acceptance-unchanged-since-2021/", "title": "Swiss National Bank Says Merchant Cash Acceptance Unchanged Since 2021", "content_html": "Swiss National Bank (SNB) Vice Chairman Martin Schlegel said Friday (Feb. 23) that physical cash will never disappear from use in Switzerland, despite the popularity of payment apps.
\nSpeaking at an event, Schlegel emphasized the importance of cash for a large part of the population, citing countries like Sweden where cash usage declined but still remained after reaching a certain level, Reuters reported Friday (Feb. 23).
\nSchlegel\u2019s comments came on the same day that that the SNB released a survey on payment methods used by companies in Switzerland.
\nHe noted that while the use of cash may decline in Switzerland over the long term, it is difficult to determine the base level, the Reuters report said.
\nSchlegel warned against a negative spiral where a reduction in banking branches and cash machines leads to less use of cash, per the report. The SNB, Switzerland\u2019s central bank, closely monitors the provision of ATMs and bank branches in the country and is prepared to take action if the downward trend accelerates.
\nSchlegel refrained from discussing the impact of fewer bank branches after the takeover of Credit Suisse by UBS last year, stating that it was a business decision for UBS, according to the report.
\nThe SNB recently found that monetary policy, including interest rates and foreign exchange interventions, is not currently affected by the decline in cash usage, the report said.
\nThe survey released Friday by the SNB found: \u201cCash acceptance continues to be high and has changed little since 2021,\u201d the central bank said in a Friday press release. At the same time, companies have adopted additional payment methods, especially mobile payment apps and transfers.
\nIn an earlier survey that focused on consumers, the SNB found that \u201cthere is a broad desire among the population for cash to continue to be available as a payment method.\u201d
\nElsewhere in Europe, a survey released in January 2023 found that more people reported a decrease in their cash usage than reported an increase.
\nThe European Central Bank (ECB) survey found that 32% of respondents had reduced their cash usage compared to pre-pandemic levels, while 14% said their cash usage had increased. The largest group of respondents \u2014 54% of them \u2014 reported no change in their cash usage.
\nThe post Swiss National Bank Says Merchant Cash Acceptance Unchanged Since 2021 appeared first on PYMNTS.com.
\n", "content_text": "Swiss National Bank (SNB) Vice Chairman Martin Schlegel said Friday (Feb. 23) that physical cash will never disappear from use in Switzerland, despite the popularity of payment apps.\nSpeaking at an event, Schlegel emphasized the importance of cash for a large part of the population, citing countries like Sweden where cash usage declined but still remained after reaching a certain level, Reuters reported Friday (Feb. 23).\nSchlegel\u2019s comments came on the same day that that the SNB released a survey on payment methods used by companies in Switzerland.\nHe noted that while the use of cash may decline in Switzerland over the long term, it is difficult to determine the base level, the Reuters report said.\nSchlegel warned against a negative spiral where a reduction in banking branches and cash machines leads to less use of cash, per the report. The SNB, Switzerland\u2019s central bank, closely monitors the provision of ATMs and bank branches in the country and is prepared to take action if the downward trend accelerates.\nSchlegel refrained from discussing the impact of fewer bank branches after the takeover of Credit Suisse by UBS last year, stating that it was a business decision for UBS, according to the report.\nThe SNB recently found that monetary policy, including interest rates and foreign exchange interventions, is not currently affected by the decline in cash usage, the report said.\nThe survey released Friday by the SNB found: \u201cCash acceptance continues to be high and has changed little since 2021,\u201d the central bank said in a Friday press release. At the same time, companies have adopted additional payment methods, especially mobile payment apps and transfers.\nIn an earlier survey that focused on consumers, the SNB found that \u201cthere is a broad desire among the population for cash to continue to be available as a payment method.\u201d\nElsewhere in Europe, a survey released in January 2023 found that more people reported a decrease in their cash usage than reported an increase.\nThe European Central Bank (ECB) survey found that 32% of respondents had reduced their cash usage compared to pre-pandemic levels, while 14% said their cash usage had increased. The largest group of respondents \u2014 54% of them \u2014 reported no change in their cash usage.\nThe post Swiss National Bank Says Merchant Cash Acceptance Unchanged Since 2021 appeared first on PYMNTS.com.", "date_published": "2024-02-23T09:58:03-05:00", "date_modified": "2024-02-23T09:58:03-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/Swiss-National-Bank-cash.jpg", "tags": [ "ATMs", "banking", "Banks", "Cash", "Cash Acceptance", "Credit Suisse", "EMEA", "News", "PYMNTS News", "Swiss National Bank", "Switzerland", "UBS", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1785323", "url": "https://www.pymnts.com/cash/2024/american-express-taps-ncr-atleos-for-surcharge-free-atm-access/", "title": "American Express Taps NCR Atleos for Surcharge-Free ATM Access", "content_html": "American Express has selected NCR Atleos\u2019 Allpoint ATM Network to deliver surcharge-free cash access in the United States to its business and consumer checking customers.
\nBy leveraging the network, American Express will enable these customers to access more than 40,000 surcharge-free ATMs located in trusted retail locations, NCR Atleos said in a Tuesday (Feb. 13) press release. This offering will be launched later this year.
\nThe American Express brand will be featured prominently during each transaction at these Allpoint ATMs, according to the release.
\n\u201cOur network powers digital banking leaders such as American Express with the physical endpoints their customers expect and demand,\u201d Diego Navarrete, executive vice president, global sales at NCR Atleos, said in the release. \u201cWe look forward to serving more digitally native customers at our Allpoint ATMs.\u201d
\nThe Allpoint Network is the world\u2019s largest independently owned retail ATM network, according to the release.
\nNCR Atleos was formed in October when technology services company NCR divided into two independent, publicly traded companies: NCR Voyix, focused on digital commerce, and NCR Atleos, focused on ATMs.
\nThe new partnership with American Express is the latest of several new collaborations for NCR Atleos.
\nIn January, Grow Financial Federal Credit Union tapped NCR Atleos to enhance its self-service banking offerings by updating the credit union\u2019s aging ATM infrastructure and expanding its interactive teller machine (ITM) footprint.
\nIn November, NCR Atleos partnered with software firm BHMI to offer a real-time payment solution with back-office functions. In this collaboration, NCR Atleos will resell BHMI\u2019s Concourse Financial Software Suite, which offers features like settlement, reconciliation, disputes management and fees processing.
\nAlso in November, British retailer Asda picked NCR Atleos to bring new ATMs to more than 600 of its stores.
\n\u201cAllowing simple access to cash and more services in the future is a top priority for us,\u201d Neil Foster, head of Asda Money, said at the time. \u201cWe\u2019re really excited about the Atleos vision on how to quickly introduce new innovation to further support our customers.\u201d
\nThe post American Express Taps NCR Atleos for Surcharge-Free ATM Access appeared first on PYMNTS.com.
\n", "content_text": "American Express has selected NCR Atleos\u2019 Allpoint ATM Network to deliver surcharge-free cash access in the United States to its business and consumer checking customers.\nBy leveraging the network, American Express will enable these customers to access more than 40,000 surcharge-free ATMs located in trusted retail locations, NCR Atleos said in a Tuesday (Feb. 13) press release. This offering will be launched later this year.\nThe American Express brand will be featured prominently during each transaction at these Allpoint ATMs, according to the release.\n\u201cOur network powers digital banking leaders such as American Express with the physical endpoints their customers expect and demand,\u201d Diego Navarrete, executive vice president, global sales at NCR Atleos, said in the release. \u201cWe look forward to serving more digitally native customers at our Allpoint ATMs.\u201d\nThe Allpoint Network is the world\u2019s largest independently owned retail ATM network, according to the release.\nNCR Atleos was formed in October when technology services company NCR divided into two independent, publicly traded companies: NCR Voyix, focused on digital commerce, and NCR Atleos, focused on ATMs.\nThe new partnership with American Express is the latest of several new collaborations for NCR Atleos.\nIn January, Grow Financial Federal Credit Union tapped NCR Atleos to enhance its self-service banking offerings by updating the credit union\u2019s aging ATM infrastructure and expanding its interactive teller machine (ITM) footprint.\nIn November, NCR Atleos partnered with software firm BHMI to offer a real-time payment solution with back-office functions. In this collaboration, NCR Atleos will resell BHMI\u2019s Concourse Financial Software Suite, which offers features like settlement, reconciliation, disputes management and fees processing.\nAlso in November, British retailer Asda picked NCR Atleos to bring new ATMs to more than 600 of its stores.\n\u201cAllowing simple access to cash and more services in the future is a top priority for us,\u201d Neil Foster, head of Asda Money, said at the time. \u201cWe\u2019re really excited about the Atleos vision on how to quickly introduce new innovation to further support our customers.\u201d\nThe post American Express Taps NCR Atleos for Surcharge-Free ATM Access appeared first on PYMNTS.com.", "date_published": "2024-02-13T13:59:15-05:00", "date_modified": "2024-02-13T13:59:15-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/American-Express-NCR-ATM.jpg", "tags": [ "American Express", "ATMs", "Cash", "Digital Banking", "NCR Atleos", "News", "partnerships", "PYMNTS News", "surcharge free ATMs", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1639880", "url": "https://www.pymnts.com/cash/2023/asda-picks-ncr-atleos-atms-as-businesses-push-cash-use/", "title": "Asda Picks NCR Atleos\u2019 ATMs as Businesses Push Cash Use", "content_html": "British retailer\u00a0Asda\u00a0has picked\u00a0NCR Atleos\u00a0to bring new ATMs to its stores.
\nThe collaboration, announced Monday (Nov. 27), means that Asda customers will soon be able to withdraw cash from Atleos machines at more than 600 stores.
\n\u201cBy implementing Atleos ATMs Asda will deliver a convenient cash access experience for our over 18 million weekly shoppers,\u201d Neil Foster, head of Asda Money, said in a news release.
\n\u201cAllowing simple access to cash and more services in the future is a top priority for us. We\u2019re really excited about the Atleos vision on how to quickly introduce new innovation to further support our customers.\u201d
\nNCR Atleos was birthed last month when technology services company NCR split into two independent, publicly traded companies: NCR Voyix, focused on digital commerce, and NCR Atleos, which is focused on ATMs.
\nLast month, Atleos teamed with\u00a0PayNearMe, a payments company specializing in iGaming and sports betting, to boost cardless cash access for iGaming firms. As PYMNTS wrote, the solution is designed to make it easier for customers and players to get their\u00a0winnings in cash, avoiding the challenges tied to traditional methods of accessing cash from a gaming app.
\nPYMNTS Intelligence has found nearly\u00a090% of gamers\u00a0receiving winnings payouts via cash are highly satisfied \u2014 more than any other other payment methods. Cash is also the most common form of instant payment for gaming, gambling or lottery payments, per\u00a0\u201cGeneration Instant: Gaming and Winnings,\u201d\u00a0a collaboration between PYMNTS and Ingo Money.
\nHowever, many consumers don\u2019t often carry cash, something a lot of businesses are working to change. As noted here last month, merchants are now offering discounts\u00a0to customers who pay with cash as they try to avoid credit card transaction fees.\u00a0
\nA Wall Street Journal report, citing data from the Federal Reserve Bank of Atlanta, says that the share of cash purchases that included discounts leaped 66% between 2015 and 2022. Still, payment industry executives say most merchants are hesitant to offer cash discounts or surcharges so as not to turn off customers, as most consumers would prefer to pay using cards.\u00a0
\nIn fact, PYMNTS Intelligence has found that 40% of U.S. consumers\u00a0now carry cash solely out of habit, particularly baby boomers and seniors. A fifth of all consumers identified pointed to habit as the chief reason they carry paper currency.
\nThe post Asda Picks NCR Atleos’ ATMs as Businesses Push Cash Use appeared first on PYMNTS.com.
\n", "content_text": "British retailer\u00a0Asda\u00a0has picked\u00a0NCR Atleos\u00a0to bring new ATMs to its stores.\nThe collaboration, announced Monday (Nov. 27), means that Asda customers will soon be able to withdraw cash from Atleos machines at more than 600 stores.\n\u201cBy implementing Atleos ATMs Asda will deliver a convenient cash access experience for our over 18 million weekly shoppers,\u201d Neil Foster, head of Asda Money, said in a news release.\n\u201cAllowing simple access to cash and more services in the future is a top priority for us. We\u2019re really excited about the Atleos vision on how to quickly introduce new innovation to further support our customers.\u201d\nNCR Atleos was birthed last month when technology services company NCR split into two independent, publicly traded companies: NCR Voyix, focused on digital commerce, and NCR Atleos, which is focused on ATMs.\nLast month, Atleos teamed with\u00a0PayNearMe, a payments company specializing in iGaming and sports betting, to boost cardless cash access for iGaming firms. As PYMNTS wrote, the solution is designed to make it easier for customers and players to get their\u00a0winnings in cash, avoiding the challenges tied to traditional methods of accessing cash from a gaming app.\nPYMNTS Intelligence has found nearly\u00a090% of gamers\u00a0receiving winnings payouts via cash are highly satisfied \u2014 more than any other other payment methods. Cash is also the most common form of instant payment for gaming, gambling or lottery payments, per\u00a0\u201cGeneration Instant: Gaming and Winnings,\u201d\u00a0a collaboration between PYMNTS and Ingo Money.\nHowever, many consumers don\u2019t often carry cash, something a lot of businesses are working to change. As noted here last month, merchants are now offering discounts\u00a0to customers who pay with cash as they try to avoid credit card transaction fees.\u00a0\nA Wall Street Journal report, citing data from the Federal Reserve Bank of Atlanta, says that the share of cash purchases that included discounts leaped 66% between 2015 and 2022. Still, payment industry executives say most merchants are hesitant to offer cash discounts or surcharges so as not to turn off customers, as most consumers would prefer to pay using cards.\u00a0\nIn fact, PYMNTS Intelligence has found that 40% of U.S. consumers\u00a0now carry cash solely out of habit, particularly baby boomers and seniors. A fifth of all consumers identified pointed to habit as the chief reason they carry paper currency.\nThe post Asda Picks NCR Atleos’ ATMs as Businesses Push Cash Use appeared first on PYMNTS.com.", "date_published": "2023-11-27T15:39:46-05:00", "date_modified": "2023-11-27T15:39:46-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/ASDA.jpg", "tags": [ "asda", "ATMs", "Cash", "cash payments", "NCR", "NCR Atleos", "News", "PYMNTS News", "What's Hot" ] } ] }