Dominic Higgins’ Post

The number of Brits who say they don’t carry cash has trebled since 2019. However, „half of the UK population concerned about the prospect of a cashless society” – study New research published by LINK, the UK’s cash access and ATM network, shows that almost half of people think the UK is heading towards a cashless society. Five years on from the landmark Access to Cash Review, despite big changes in how we use cash, a similar number of people would still find a cashless society problematic. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers to us going cashless. LINK data shows that UK consumers are still withdrawing £209 million a day from cash machines, however, this is £100m (33%) less than 2019. 71% of people still have some level of everyday reliance on cash and have used cash in the past two weeks. Also, the research shows a growing divide among society to whether a cashless society would be problematic. Almost half of the population (48%) say it would be problematic (up 1% from 2019) compared to 39% of people who wouldn’t find it problematic (up six per cent from 2019). Natalie Ceeney CBE – Chair, Access to Cash Review: “Despite a massive growth in digital payments over the past five years, there are still millions of people who depend on cash, and half of the UK population concerned about the prospect of a cashless society. People need cash for a wide range of reasons, and the barriers to using digital payments are very real. There are still over three million adults in the UK without a smartphone; with fraud accounting for 40% of all crime there are many who are frightened of being scammed; over a million people who don’t have a bank account, and almost a million people in the UK live with dementia. Even many digitally savvy consumers find it easier to budget with cash. We are certainly not ready to become a cashless society."

Interesting to read in The Irish Independent today how young people have emerged as the biggest users of cash, despite the growing adoption of digital payments.   As a trusted cash solutions provider throughout Ireland, GLORY welcomes this news as further evidence that cash usage is far from obsolete.   Read more below https://lnkd.in/e3h97AEN #accesstocash #financialinclusion

Nearly One in Ten Have Accidentally Made a Payment to the Wrong Person Mark Munson, MD of Payments at Moneyhub comments: “We all know that slight unease when setting up a new recipient in your banking app, particularly if you are sending over a large sum of money. And for too long there was no alternative to manually doing so, but we know that this can lead to issues with one in every ten people accidentally paying the wrong person. Account to Account payments remove the worry that has been associated with payments for too long, providing security and peace of mind when transferring small or big sums of money. The recipient can simply share a link or QR code and from there the payer can pay directly into their account without having to input anything further.  “Innovation within payments isn’t new, we’ve moved from cash and cheque to payment by card or direct debit and now to Account to Account payment via mobile banking apps, it’s only natural that we keep evolving, solving the challenges of what has come before and creating a more secure payments landscape in the UK. It’s not just younger generations that are jumping on board with these new payment types with over 60% of consumers under 60 regularly using their mobile banking app as the primary engagement method with their bank and we expect Account to Account payments to keep building market share. Financial services providers that offer this type of payment will therefore benefit, adding value to their customers.”  https://lnkd.in/eauaG8yE Sam Munton Ingrid Anusic Samantha Seaton Emily Mellon Joanne Briggs Dan Scholey Kirsten Ward Vaughan Jenkins   #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

J D Wetherspoon Partners With Payit by Natwest to Deliver More Secure Payments for Consumers https://buff.ly/3zJ3j9r "This new payment option enables customers to complete in-app orders quickly, as Payit directly opens their banking app of choice and allows them to select the appropriate bank account to pay with." I've not been to a Weatherpoons for a while and don't have the app. How does the app work now, is it card on file or can you use Apple Pay / Google Pay? Also with do you have to do the open banking log in every time you pay? Anyone tried it? Surely some scholar dedicated to advancing the sum total of human knowledge can nip round the Spoons and let us know?

The convenience of online banking and shopping has transformed the way we manage our lives. From booking trips to purchasing groceries and paying bills, everything can be easily completed with a few clicks on your device. However, exercising caution is required to protect yourself from potential risks. To explore essential tips to help keep you safe, read our Get Set Up for Safety guide- ‘Safer Shopping, Banking, and Investing online’, designed specifically for older adults with the support of Chorus NZ Limited . Topics include: Safer online banking Safer online shopping Safer investing – avoiding investment scams Check for red flags and take action with SCAMS What to do when things go wrong https://lnkd.in/eKUMvx2v Visit our website to explore the full collection of ‘Get Set Up for Safety’ guides created specifically for older adults in Aotearoa. Don't forget to share these with your whānau and friends that might need a little extra help keeping safe online: https://lnkd.in/g-mXcn-G

💰Banks are really smart! 💰 They want to lock in kids early, so that one day, when they transition to adults, they will keep more cash with their banks for them to use. I will always remember when I was little kid, POSB psycho us to save money with them by buying and sticking $1 worth of stamps (that was > 45 years ago). Quote: A DBS Bank spokesperson said more than 192,000 students can use POSB Smart Buddy cards and smartwatches to pay at school vendors and over 10,000 Nets merchants islandwide, including 7-Eleven and Popular bookshops. Unquote. At the same time, when so many kids transact electronically, the banks will charge the merchants transaction fees. Turning cashless is a conspiracy for some financial institutions to become rich by being intermediaries collecting processing/transaction fees! Huat to the banks! No wonder their CEOs make so much money …… now from kids.

Today we celebrate the launch of PAYDAY NEWS. Our mission is to provide independent, in-depth analysis and views on payments issues that impact all Australians and businesses. Payments is a critically important, complex and rapidly changing area of the national economy that deserves more understanding and scrutiny. There will be at least two regulatory reviews over the coming year that will have far-reaching impacts on the future of payments competition and transparency in this country. PAYDAY NEWS has a team of experienced payments professionals, analysts, commentators and journalists including George Lekakis, Michael Sainsbury, Brad Kelly, Warwick Ponder and Peter Drennan. They will examine a raft of current issues including cards, mobile wallets, FinTech, merchant fees, competition, real time payment, surcharging, fraud, scams, access to cash, cheques, payment initiation via open banking and many more. PAYDAY NEWS is published by the Independent Payments Forum. We hope you sign up to get informed, and participate in robust independent debate. In the first edition, PAYDAY NEWS takes a detailed look at real time payments, mobile, and merchant fees. It also provides commentary on the latest Reserve Bank of Australia retail payments statistics. If you’re also interested in banking, we have partnered with Banking Day to offer attractive joint subscription packages. Lucas Baird, Gus McCubbing Ellis Connolly Brad Kelly Russell Zimmerman Peter Drennan Gabby Taylor Mark McKenzie (BEng,MBA,GAICD) Theo Foukkare Matthew Addison Luke Achterstraat Wes Lambert CPA, FGIA, CAE, MAICD The Hon Bruce Billson GAICD Robyn Sanders Stephen Jones Ian Rogers David Inall Jonathan Barrett Julian Bajkowski Ben Kearney James Eyers

J D Wetherspoon has chosen Payit™ by NatWest Group to provide customers with a NEW way to pay for their food and drinks via the Wetherspoon app 📲 🔒 🏦 Powered by Open Banking, Payit's integration into the app provides patrons with a fast, secure AND reliable means to complete in-app pay orders WITHOUT the need to input card details or use personal information 🍔 💸 The new payment option enables customers to complete in-app orders quickly, with Payit DIRECTLY opening their banking app of choice and allowing the appropriate bank account to pay with - minimising fraud , allowing consumers to enjoy their orders worry-free. 👨💻 Mark Brant, NatWest Group Chief Payments Officer comments “This new partnership with one of the UK’s most recognisable brands is an exciting move for Payit by NatWest. It’s one that allows us to provide a company with an extensive consumer base a way to reduce the cost of taking payments. “Ensuring the latest payment technology is available to as many consumers as possible is also one of our key ambitions as a business. The added security afforded by Open Banking technology reduces the risk of sensitive information, such as card details, falling into the wrong hands.” Read more on the link below! 👇 #openbanking #payit #natwest #wetherspoon #paymentacceptance #digitalpayments #fintech #fintechnews #payments

Interesting to read Account to Account payment service is coming next year. NatWest has this service already, it's called Payit™ If you want your business to start saving money now, you can contact me or check out our website for more information. Our #NatWest #Payit customers are already using this and saving money moving customers from card transactions to account to account transactions. What is Payit™? The award-winning way to send and receive payments instantly* without the need for bank or card details. Payit from NatWest uses Open Banking technology to enable banks to talk directly to each other, so you can pay and get paid faster. *In the majority of cases, payment will be near-instantaneous thanks to the Faster Payments Service. However, banks may retain certain payments for additional checks. If approved, payments are guaranteed to arrive within 2 hours. Eligibility criteria and fees apply. https://lnkd.in/e8vgTZAW https://lnkd.in/ere7SjZP

Results of the Swiss Payment methods survey The most important findings of the payment methods survey of companies are as follows: - Companies are creating a good basis for freedom of choice between cash and cashless payment methods in everyday transactions by accepting a wide range of payment methods. Since the last survey in 2021, companies have tended to broaden their payment method acceptance. In particular, mobile payment apps and transfers are accepted more often. - For cash to continue to be accepted by companies, it has to be used by the population. According to the payment methods survey of private individuals from 2022, there is a broad desire among the population for cash to continue to be available as a payment method. - To be able to accept cash, companies are also reliant on having good access to cash infrastructure. The survey indicates that ATMs and bank counters are key for companies’ cash withdrawals and returns. https://lnkd.in/gD9Cggwn #payments #banking