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  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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As retailers and others try to stay viable during the COVID-19 pandemic, they’re hoping steps like cleaning during store hours, offering hand sanitizer and other safety measures will bring back customers to what has become shopping’s new normal. (July 6)

AP Domestic

The claim: It is unlawful for a business to refuse cash payments from customers; the business can be reported and reprimanded

A growing number of businesses have gone cashless amid the COVID-19 pandemic, bringing forth criticism and false claims online regarding the legality of digital transactions. 

In response to the pandemic, the Centers for Disease Control and Prevention released guidance encouraging retailers to use touchless payment options, but not everyone is happy about the recent rise of electronic payments. Some social media users claim it is illegal to refuse cash payments. 

A social media post claims that if cash is turned down by a store, then the

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Fintech company XTM Inc. (CSE: PAID) (FSE: 7XT) disclosed Thursday its intentions to team up with an undisclosed US-based cannabis retailer to introduce a proprietary cashless payment network.

Under the letter of intent, XM agreed to private-label its current mobile wallet and payment network technology.

The Toronto-based company noted it would complete development for merchant settlements and also set up banking partnerships and manage the network.

In addition, XTM would own 50% of the new entity, to which it will license the technology.

The undisclosed party opted to utilize the technology within all its e-commerce platforms, the press release said.

XTM confirmed it would integrate its Know Your Custome into the application, that way, minimizing the chance for fraud and chargebacks.

The company already set up a new website for the purpose. It expects to process up to one-half million transactions monthly by the year-end.

Meantime, other fintech companies have

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AMONG the many lifestyle changes that we have seen since Covid-19 is growing customer acceptance towards cashless payments. Businesses are reporting a surge in e-wallet usage by customers as Malaysians begin embracing the new normal.

Lat Tali Lat co-owner Joanne Lie, 30, observes that the usage of cashless payments have “increased tremendously” at her restaurant after the pandemic.

Before Covid-19, Lie says that about 80% of her sales would be in cash terms, with the remaining 20% via cashless transactions. Now, the rate is 60% cash and 40% cashless, including e-wallet, credit and debit cards. The past few weeks have seen an exceptionally high e-wallet usage, says Lie, due to the Finance Ministry’s ePenjana credit programme which aims to boost consumer spending.

“When the pandemic hit, there was a switch of behaviour and people became more careful. Many customers asked if we had a cashless payment option before I could

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Social media users have been sharing posts online about stores refusing cash payments and claiming that this is illegal. This claim is partly false.

Reuters Fact Check. REUTERS/Axel Schmidt

Examples can be seen here and here .

One post’s description reads: “IF THEY REFUSE UR CASH THAN (sic) THE DEBT IS CLEARED AND TAKE UR ITEMS AND LEAVE STORES REFUSING U.S. LEGAL TENDER CAN NOT PERSICUIT (sic) A PERSON IF THEY REFUSED TO TAKE CASH! U.S. TREASURY LAW STATES IT IS UNLAWFUL TO REFUSE LEGAL TENDER ANY BUSINESS CAN ALSO BE REPORTED FOR REFUSING CASH AND REPRIMANDED!” ( here )

The novel coronavirus has pushed businesses and customers away from using cash due to concerns over the spread of the virus on banknotes. ( here )

The Board of Governors of the Federal Reserve System explains on its website that private businesses are not bound by law to accept cash

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