This Week in Payment News – February 18 to 22

February 22, 2019

Were you one of the lucky Canadians that experienced a statutory holiday on Monday? Not all of us were so fortunate, but it looks like the payments industry took an extra rest day! This week we saw headlines pour in from across the globe, but it was a quiet week in Canadian news. So if international payment news excites you, make sure to check out the following articles!

1. Citymapper launches a transit-only payment card for London

Have you ever considered how many different cards you could use to pay for transit? Well Citymapper has, and they’ve launched a solution to this problem. Citymapper Pay is a contactless card that integrates both London’s public transit and public bike sharing system. Citymapper hopes to have every transit company on the platform in the future, so their card will be useable on every form of transit you could take!

2. Japan's cashless payment players burn cash to draw customers

Okay, so cash may not have been actually burned, but this is an interesting piece of news regardless! Cashless companies in Japan, PayPay in particular, have been heavily investing in promotional campaigns to encourage Japanese citizens to start using cashless payments. Cashless payments only account for about 20 per cent of total transactions in japan, and compared to as much as 89 per cent cashless in South Korea, Japan has come catching up to do. Make sure to read this article to find out some of the campaigns that have launched to encourage this switch!

3. Sweden: How to Live in the World's First Cashless Society

Another week, another headline about Sweden’s move to a cashless society. If you’re not caught up, Sweden is adopting its own digital currency in 2021, and becoming the first cashless society in 2023. This week we saw more news coming out of Sweden, particularly focused on how to adapt to this cashless society if you haven’t already, and what it is will mean for both citizens and tourists!  

4. Cash and cheques still account for 40% of Singapore payments

In the last headline of the week, we heard form Singapore, where cash and cheques are still some of the most popular payment methods. Despite the local government targeted to be cheque-free by 2025, markets of all types are still accepting cheques for purchases. Make sure to check out this article to learn more about the difficulties Singapore is experiencing switching over.

If you’re interested in learning more about the latest headlines in the payments industry, make sure to take a look at our recaps from February 11 to 15 and February 4 to 8.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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This Week in Payment News – February 11 to 15
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