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Has COVID Signalled the End for Cash?

Published

3 years ago

September 14, 2021

The rise in online shopping during the pandemic delivered a corresponding decline in the use of cash. Will the COVID-effect be permanent, or will societies be reluctant to forever give up on physical currencies? Leading global e-wallet STICPAY’s Customer Service Director James Bay, thinks the use of cash is coming to end thanks to COVID.

He said: “In 2010 50% of all payments made in the UK were cash and just one in six payments were made with debit cards. By the end of 2017 debit cards were used for more than one in three payments in the UK, so the decline of cash was already being seen. However, the social distancing measures and lockdowns necessitated by the COVID pandemic, have accelerated the move to digital payment methods.

“With many physical businesses being shut for long periods of time, much of our shopping has moved online in the past 18 months, and that has inevitably led to an increase in debit/credit or digital payments. In fact, according to Link, which runs the UK’s cash machine network, the volume of ATM transactions fell 62% year on year at the start of lockdown.

“In Spain the picture was even more stark, with cash volumes dropping by up to 90% during lockdown.

“With many of us getting used to online shopping and other payment methods that don’t involve cash, it is unlikely that we will return to paying for goods with physical currency any time soon.

“Experts had predicted that we would become a cashless society in the next 10-15 years, but that move is likely to have been accelerated by COVID and the milestone could even be achieved in the next year or two.

“And it is easy to see why this would happen. Contactless or digital payments are much less likely to spread germs or viruses and they make social distancing rules much easier to maintain. As we start to reopen our economies, these measures will become even more important to allow us to continue to operate some sort of normal life.

“Small and medium sized businesses who may not have accepted digital payment solutions prior to COVID have been forced to during the pandemic and many are finding it something they prefer. As well as being more hygienic, digital payments are also much easier from an accounting point of view and anything that removes an administrative burden from a small business will always be popular.

“Not having physical cash on the premises also removes the possibility of stores being raided for the money in the till, which is something that is still a major concern for many small businesses.

“But as our finances become ever more digital, we present hackers with more opportunities to gain access to our funds. That is why choosing a payment solution that has high levels of security is vital.

“Digital money transfers also make life potentially easier for international criminal gangs wishing to launder large sums of money. Again, the payment solution and its security protocols are crucial if we want to stop the flow of illegally obtained funds.

“When using an e-wallet the user’s sensitive financial data is always protected, whether it is being used for in-store purchases via a smartphone or for online payments. E-wallets have a layer of advanced encryption that generates a random number sequence for each transaction. Even if hackers manage to intercept the customer’s transaction, they won’t be able to use the data they acquired.

“And stealing the phone used for the e-wallet won’t help the hacker either. They wouldn’t be able to log into the digital wallet account as it is protected with biometrics (face recognition, fingerprints), a PIN, or a password.

“When you consider the benefits of digital payments it is easy to see there are many reasons why they are a better option than cash. COVID may have accelerated our shift away from cash, but it is a shift that was inevitable.”

Related Topics:E-payment James Bay STICPAY

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Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware

Published

18 mins ago

May 16, 2024

Peter Tolan

“Bankart Chooses Diebold Nixdorf’s Vynamic Transaction Middleware for Enhanced Payment Processing”

Bankart, a prominent financial institution based in Slovenia, is undergoing a significant transformation by transitioning its payment processing services from ACI Worldwide’s Base24 to Diebold Nixdorf’s innovative Vynamic Transaction Middleware solution. This strategic collaboration underscores Bankart’s commitment to optimizing its payment processing capabilities and delivering enhanced services to its clientele.

Through this partnership, Bankart will leverage Diebold Nixdorf’s cloud-based platform to streamline various aspects of payment processing, including issuing, acquiring, transaction switching, and e-commerce services. Serving a network of 20 banks across Central and Eastern Europe (CEE), Bankart collectively processes over 600 million transactions annually, highlighting the scale and importance of this initiative.

Diebold Nixdorf’s Vynamic Transaction Middleware is designed to provide Bankart with the flexibility and scalability required to develop and deploy new products and services efficiently. Leveraging smart routing, graphical interfaces, and low-code modeling, the platform operates autonomously from Bankart’s core systems, enabling seamless integration across multiple banking channels.

Aleksander Kurtevski, Managing Director at Bankart, expresses confidence in Diebold Nixdorf’s Vynamic Transaction Middleware, emphasizing its ability to tailor payment processing solutions to meet diverse customer needs. He underscores the platform’s role in creating an open and connected digital environment where payments play a central role in everyday life.

As Bankart embarks on a multi-phased migration to implement the Vynamic Transaction Middleware platform, Kurtevski reassures customers that the transition process will be conducted with minimal disruption. This strategic initiative underscores Bankart’s commitment to innovation and excellence in payment processing services.

Source: fintechfutures.com

The post Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware appeared first on HIPTHER Alerts.

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ATM Giant Hyosung Americas Announces Fintech Innovation Veteran as CEO

Published

2 hours ago

May 16, 2024

Peter Tolan

Kunoh Kim, a seasoned fintech professional, has been appointed as the new CEO of Hyosung Americas, headquartered in Irving. Known globally for its innovative ATM hardware, software, and services catering to financial and retail sectors, Hyosung Americas welcomes Kim as the successor to Sang Hwan Kweon, who was promoted from Chief Operating Officer to CEO in September 2022 following the retirement of former CEO Hee-Eun Ahn.

Nancy Gail Daniels, Chief Revenue Officer of Hyosung Americas, expressed enthusiasm for Kim’s appointment, emphasizing his intelligence, business acumen, and recent success in driving fintech and retail technology ventures in Korea. She anticipates that Kim’s expertise will significantly benefit Hyosung Americas’ growing business in North America.

Having relocated to its Las Colinas headquarters in late 2020, Hyosung Americas has been at the forefront of innovation, launching a new line of ATMs in July 2022 designed for future needs, including cash, crypto, and gaming. The company’s commitment to innovation is further highlighted by the introduction of its “Hyosung Innovue” brand identity and the rollout of Cajera Series ATMs capable of handling bill payments, crypto transactions, and cash recycling.

With over 26 years of leadership experience in fintech innovation, Kim has played a pivotal role in advancing Hyosung’s integrated payment solutions and leveraging big data platforms. Before joining Hyosung Americas, Kim served in leadership roles at Hyosung TNS and Hyosung Corp., where he spearheaded the launch of retail solution products such as self-order and self-checkout kiosks.

Expressing gratitude for the warm reception from the Hyosung Americas team, Kim affirmed his commitment to contributing to the company’s success in North America. He expressed confidence in achieving great outcomes together with the talented team at Hyosung Americas.

Michael Graham, Chief Product Officer of Hyosung Americas, echoed Daniels’ sentiments, expressing confidence in Kim’s leadership and his ability to enhance the company’s commitment to delivering exceptional customer experiences.

As the North American subsidiary of South Korea-based Hyosung TNS, Inc., Hyosung Americas prides itself on being a leading provider of cash management and payments platform services globally. Since its entry into the North American market in 1998, the company has evolved from being the largest provider of ATMs in the United States to offering innovative and transformative technology solutions across the cash management and payments spectrum.

Source: dallasinnovates.com

The post ATM Giant Hyosung Americas Announces Fintech Innovation Veteran as CEO appeared first on HIPTHER Alerts.

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B Lab UK research reveals UK public back change to company law to put people, the planet and profit on more equal footing

Published

3 hours ago

May 15, 2024

CISION (PR Newswire)

LONDON, May 16, 2024 /PRNewswire/ — New research released today reveals that over three quarters of the UK public (76%) believe that, more than ever before, the law needs to change to give businesses a legal responsibility to prioritise people and the planet alongside making a profit.

UK law currently requires firms to operate under a legal regime of shareholder primacy, meaning company directors too often put profit ahead of society and the environment.

The research, which looks at UK opinion on business responsibility, was conducted by B Lab UK ahead of this year’s Better Business Day (Thursday 16^th May).

Better Business Day will see a broad coalition of businesses call to enact the Better Business Act — a proposed change to Section 172 of the Companies Act that would empower company directors to align the interests of shareholders with their employees, customers, local communities and the environment.

Support for the change spans political preferences with voters across the party divide strongly giving their backing; 85% of Labour supporters, 70% of Conservative supporters, and 89% of both Liberal Democrat and Green Party supporters said they were in favour of the proposed amendment to the law.

When respondents were asked about their biggest single motivator for backing the change, looking after people was at the forefront.

Over a quarter (28%) polled believed the most important reason was to protect employees, with recent developments such as the Post Office scandal highlighting a need for change.

This was followed by the need to support the public during the ongoing cost of living crisis (26%) and the fact that businesses should have a legal responsibility to protect the environment (25%).

Around the UK, Wales is the biggest supporter of the proposed amendment, with 86% of people polled there saying the law must change.

The research showed that increasingly the public are looking to businesses to act as a force for good and will prioritise those that do. Almost half of respondents (47%) said that they will only work for companies that show themselves to have a responsibility towards wider stakeholders including their employees, customers, local communities and the environment.

45% also said they would only invest in, and purchase goods from, companies who act in a responsible way, indicating that businesses who prioritise people and the planet have a competitive advantage.

Mary Portas, Chair of the Better Business Act, and founder of Portas agency, said:

“The data is clear. And so is the cultural mood. The British public are crying out for businesses to make a change and make it their legal right and responsibility to look after people and the planet.

We see this demand across the board. From all parts of the UK. All age ranges. All political persuasions. As we head into the election, it’s a challenge the next government cannot ignore.

Thousands of businesses have already prioritised responsible decision-making. It’s only fair that the government now supports every company – big and small – in their journey towards becoming a better business.”

Chris Turner, Campaign Director of the Better Business Act and Executive Director of B Lab UK, said:

“It’s been three years since we launched the Better Business Act campaign. In that time, we’ve seen a growing majority of the UK public demand more from the companies they engage with, while leaders of these organisations also recognise that we need to change ‘business as usual’. Over 2,500 UK companies from all sectors and of all sizes are now backing the Better Business Act, demonstrating the urgency for the next Government to take action and empower all business leaders to prioritise people and the planet alongside profit.

During a time when people are battling a cost-of-living crisis, global temperatures are rising and inequality is reaching new heights, updating Section 172 of the Companies Act would ensure that business becomes part of the solution to the social, environmental and economic challenges we face.”

During Better Business Day, B Lab UK will be releasing a new video in support of amendments to Section 172 of the Companies Act. The film will show UK business leaders sharing elevator pitches as to why they support the campaign.

These contributors are Mary Portas (Co-Chair of Better Business Act and Founder of Portas Agency), Amy Clarke (Chief Impact Office of Tribe Impact Capital), Chris Turner (Executive Director of B Lab UK and Campaign Director of Better Business Act), Dr Ateh Jewel (Entrepreneur), Safia Minney (Author and Entrepreneur), and Luke Boase (Founder of Lucky Saint).

To find out more information visit https://betterbusinessact.org/

Photo – https://mma.prnewswire.com/media/2413540/Better_Business_Day_1.jpg

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