Tim Cook, CEO of Apple, has joined a movement the fintech world is quite familiar with: the drive toward a cashless society. Speaking to the Nikkei Asian Review, Cook noted: We would like to be a catalyst for taking cash out of the system. We don’t think the consumer particularly likesRead More
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Black Friday and its online sibling Cyber Monday are upon us again. The ads are everywhere and the preview circulars are available online. Just as you are creating your plan of attack for the wee hours of November 27th, you would be wise to consider the various payment options forRead More
“Sorry, no cards — we’re cash only.” This depressing refrain sends many a millennial scuttling to the nearest ATM, where he will likely pay $2 or $3 so that the merchant can avoid a swipe fee. The cap on debit fees brought about by the Durbin Amendment seems to have done nothing to curbRead More
MoolahMe, which was a runner-up at this weekend’s TechCrunch Disrupt hackathon, wants everyone to be an ATM. Here’s how it works: Let’s say you need some cash. You put a query out for someone to give you, say, $20. Someone who has $20 of cash nearby will indicate that sheRead More
Want to know what a cashless society might look like? Check our Sweden, where cash is used in but 41% of transactions, compared to 55% in the United States — an appropriate preview to Money2020, which starts today in Las Vegas.
There are between 60 million and 100 million cash-preferring consumers in the U.S. That’s about the population of the nation’s four largest states – California, Texas, New York and Florida – combined. In April, the Federal Reserve released a paper called the “Diary of Consumer Payment Choice” (DCPC) that featuredRead More
Sorry, cash-dependent customers, you’re using a dirty instrument. What is MasterCard‘s marketing pitch these days? Calling cash use a “dirty habit,” as it did in a marketing video released this week. We’re not kidding. MC’s sullying (sorry, we couldn’t resist) the use of cash, because, uh, plastic cards are perfectlyRead More
It’s no secret merchants love being paid in cash – and it’s certainly not a surprise that some customers hate lugging around change. A new startup aims to increase customers’ cash usage to help merchants save on credit card fees. It does it by forwarding the change a customer wouldRead More
How much did you spend on ATM fees this month? Chances are, you guessed less than half the actual amount, according to research from Personetics. The White Plains, N.Y.-based company, which focuses on the digital customer experience, recently conducted a study of behavior around ATM fees and found that 30%Read More
Despite the hyperbole, the future of the bank branch is far from bleak. It’s actually in a rapid state of mutation, evolving into two distinct species. The first, and most familiar, is located in vibrant, upscale geographies. It’s reaching higher, both physically with its shimmering glass walls, as well asRead More