This week in payments came with news from near and far, with headlines coming in from right here at home in Canada, to a cashless Sweden across the pond!
1. Annual Shopping Poll: Canadians Shop Smart this Holiday Season
Are you finished your holiday shopping? According to a recent poll by Ebates.ca, Canadians are spending money on additional expenses such as holiday décor, new clothes and entertaining this year. These secondary expenses can add an additional $528 onto Canadians holiday budgets.
2. TransLink’s Compass Wristbands sell out in less than two hours, more on the way
We recently wrote about Vancouver’s advanced transit system and it’s growth in the payments space, and this week they’re making headlines again! TransLink, the transit authority that oversees Vancouver and area’s public transit system, made the first wearable payment wristband to pay for transit rides. Not only were the wristbands a success, but the first 2000 sold out within two hours!
3. Riksbank predicts Sweden will be 'cashless' within five years
Planning a trip to Sweden in the near future? It sounds like there’s no need to stop to get cash before you depart! The deputy governor of the country’s central bank predicted on Tuesday at a London banking conference that Sweden is likely to become cashless in the next three to five years. This doesn’t mean cash will be banned, just that so few people and companies will use it that it would “become practically useless”.
4. Fintech Startups Target Millennials With Installment Plans To Buy Clothing
Have you ever considered putting clothes on layaway? A number of fintech startups are targeting millennials with new payment plans for purchases from fast fashion retailers like H&M. These startups say they’re filling a gap between credit cards and store credit, and giving millennial shoppers more options when paying for purchases. Make sure to check out this article to find out more!