Snippets

snippet When Sweetgreen opened in 2008, 40% of its take was cash. By 2016, that value dropped to between 10% and 15%. [From  Why Your Business Should Ditch Cash - WSJ ] snippet

snippet After his business was robbed for the fifth time in just over three months, the owner of Park Cafe & Coffee Bar in Baltimore decided to do something that would have seemed radical for a neighborhood business just a few years ago: He stopped taking cash. It was a desperation move, but what happened next surprised owner David Hart. His sales didn’t go down. [From Why Your Business Should Ditch Cash - WSJ ] snippet

Wow. Consult Hyperion’s 20th annual Forum, Tomorrow’s Transactions 2017, will be held at the America Square conference centre in London on 26th/27th April. The Forum, thanks to the wonderful support from our friends at Vocalink, PaySafeGroup, WorldPay and Olswang, will once again provide a unique environment for learning, investigation, discussion and debate about the future of electronic transactions. The future of people, businesses and government in the post-industrial online and interconnected economy. This year’s invited keynote will be given by Professor Lisa Servon, one of the world’s leading authorities on financial and social inclusion. All delegates will receive a copy of Lisa's new book “The Unbanking of America: How the New Middle Class Survives”. Other speakers and panelists include Gilad Rosner (IoT Privacy Forum), Nick Telford-Reed (WorldPay), , Amy Parsons (Discover), Sandra Alzetta (Visa), Terry Cordeiro (Lloyds Bank), Jane Zavalishina (Yandex Data Factory), Tim

...........the second Consult Hyperion seminar on.......... .............. D I G I T A L ... M O N E Y ................ The Tower Thistle Hotel London March 8-9th 1999 in association with Financial Times Virtual Finance Report DEMOS E-Finance Forum with a keynote address by Sir Richard Body, M.P. and a special presentation by Tim Jones, Managing Director Retail Banking, NatWest. ..................Confirmed Programme..................... Day One: Economic & Business Issues Chair Duncan Goldie-Scot Editor, Financial Times Virtual Finance Report Keynote Address: European Multiple Currencies Sir Richard Body, M.P. Digital Money is a Social Issue David Birch, Director, Consult Hyperion. The European Digital Money Picture Dag Fjortoft, Deputy General Manager, Europay International. Telecommunication Service Providers as Payment Operators Norman Bishop, Product Manager for Micropayments and E-Cash, BT. Retailing and Digital Currencies Paul Arnold, Head of Tesco Direct. The European Mass M

      xxx Brands can send over styling tips and recommendations, or offer loyalty points and discounts. A top can present its wearer with some trousers it might suit. A pair of running shoes can signal when they are worn out. From The smart label that wants to restyle your life xxx

xxx Japan’s national digital identity has only reached a third of its residents, a year after launch. Out of 30 million cards, only 9.83 million have been distributed, according to Japan Times. One of the reasons for the delay was due to a series of computer glitches at the Japan Agency for Local Authority Information Systems, tasked with the production of the cards. The system, My Number, allows citizens to access social security, tax payments, e-government services and health records. From Japan’s digital identity slow to catch on | GovInsider xxx

xxx According to provisional data released by the Reserve Bank of India on Monday night, the usage of debit and credit cards at point-of-sale (PoS) terminals has declined in January after peaking in December. From Digital transactions decline in January as cash crunch eases - Livemint xxx

xxx UK Cards Association has declared that there have never been any confirmed reports of money being “stolen” from a contactless card while it’s still in the cardholder’s possession in the UK From Are contactless cards putting your cash at risk? | The Independent xxx

xxx A deal to reduce barriers between American and British banks through a new “passporting” system was being considered by Mr Trump’s team From Donald Trump plans new deal for Britain as Theresa May becomes first foreign leader to meet new president since inauguration xxx

xxx Customer recognition plays a key role in understanding behavior, and delivering personalized services such as loyalty rewards, customized payment and delivery options, and targeted offers. And as more channels emerge, from messaging app purchases, to in-store queue-busting kiosks, cross-channel customer recognition becomes all the more important. A key element of customer recognition is one-click payments. From Top 5 payments trends for 2017 - Adyen xxx

xxx The cost of producing South Korean money jumped 4.4 percent in 2016 from a year earlier as the country printed more 50,000 won (US$42) bills, the central bank said Monday. South Korea spent 150.3 billion won on printing bank notes and minting coins in 2016, compared to 144 billion won in 2015, according to the Bank of Korea. From Money production cost rose 4.4. pct in 2016: BOK xxx

xxx When it is so difficult for innocent customers to open bank accounts, why are so many opened by fraudsters?  From The bank said it would protect me, but I was still robbed of £51,000 xxx

xxx A notary is a qualified lawyer whose task it is to authenticate documents and transactions so that they can be effective in countries outside England & Wales  Until 1533 notaries were appointed on papal authority by the Archbishop of Canterbury. Following the break from Rome, appointments continued to be made by the Archbishop of Canterbury - but on the authority of the Crown. The Archbishop's jurisdiction was, and is, exercised through one of the oldest of the English courts - the Court of Faculties, now physically located at the Precinct adjoining Westminster Abbey in London. From The Notaries Society xxx

xxx Unified Payment Interface, or UPI, provided by various banks could be considered safer than other modes in this respect. In case of UPI, one needs to enter only the Virtual Payment Address, or VPA, of the recipient, which is more secure and easy than sharing credentials such as account numbers and IFSC codes. From  Digital payment: Post demonetisation, which digital payment method to use? Here’s how to choose - The Economic Times xxx   xxx According to provisional data released by the Reserve Bank of India on Monday night, the usage of debit and credit cards at point-of-sale (PoS) terminals has declined in January after peaking in December. From  Digital transactions decline in January as cash crunch eases - Livemint I think, however, that there is some evidence that India’s transition to post-cash economy is real and that the electronic alternatives have traction. In true Clayton Christensen disruptive innovation tradition, I look to the less-regulated corners of the

xxx As operator, the Eurosystem is enhancing the TARGET2 functionalities as relevant to address ACHs’ needs by November 2017. These steps need to be complemented by concrete interoperability arrangements between ACHs. In this regard, the Eurosystem encourages the industry to establish operational links between ACHs by the November 2017 deadline. From 2017 – a decisive year for innovative retail payment services xxx

xxx The proposed settlement service, which is called TIPS (TARGET Instant Payment Settlement), would leverage the pan-European nature of TARGET2 to offer settlement of instant payments directly and without credit risk. Three days from now, on 9 January 2017, the Eurosystem will launch a market consultation on the user requirements for the centralised settlement service. I would like to take this opportunity to unveil some of the features the new service could have. First, TIPS would help participants to comply with the SEPA Instant Credit Transfer (SCT Inst) scheme by providing pan-European reachability. Common functionalities across jurisdictions would ensure harmonisation of practices and market integration in the settlement of instant payments. Second, participation in TIPS would follow the same criteria as participation in TARGET2. It is not intended to change the criteria for access to central bank money. Those who do not have access to central bank money (or those who may not w

xxx This week, the Internet Banking Union (IBU) was approved by China’s central bank the People’s Bank of China (PBOC) thus creating a 'Digital Union Pay' that may bring cross-platform interoperability to digital payment platforms including Alipay and WeChat Pay. From The Internet Banking Union may help you transfer money from Alipay to Wechat pay - Kapronasia The IBU will be set up by the China Payment Clearing Association and, although it has not announced the exact shareholders, it is clear that there will not be more than 50 of them and they will all be from third party payment companies

Local currencies face three hurdles. First, they are relatively illiquid, being accepted only at willing local businesses. They are, in effect, a form of self-imposed economic sanction, narrowing the range of choice for consumers and businesses. From Sub-national currencies struggle to survive | The Economist xxx Second, local-currency schemes suffer from a trust deficit: they are not backed by the central bank, so holders do not want to risk having too much. From Sub-national currencies struggle to survive | The Economist xxx Finally, having to deal with two parallel currencies imposes transaction costs—and those wanting to back local businesses can easily use the national currency. From Sub-national currencies struggle to survive | The Economist xxx

xxx About $20m was seized from under a mattress in a Massachusetts apartment after a Brazilian man was arrested for laundering money linked to a multi-billion dollar global fraud. From Millions under a mattress: US agents find $20m in cash after fraud raid | US news | The Guardian xxx

xxx She said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999. From China Media Warn Trump of ‘Big Sticks’ If He Seeks Trade War - Bloomberg xxx

Hello. It looks as if the number of currencies in the world is set to go up again. Across the English Channel, satisfaction with supra-national monetary arrangements is waning. [Marine le Pen] said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999. From China Media Warn Trump of ‘Big Sticks’ If He Seeks Trade War - Bloomberg I wonder how she got hold of the draft manuscript for my forthcoming book “Before Babylon, Beyond Bitcoin: From Money We Understand to Money That Understand Us” that the good people at the London Publishing Partnership have agreed to publish in June? Oh well, since the cat is out of the bag, I may as well give you a sneak preview… I remember hearing the Chancellor of the Exchequer talking on the radio during the great financial crisis. He referred to the difficulties of currency union and spoke about the problems in Ireland, Gree