If you thought your week was busy, then just wait to see how busy the world of payments was!
With payment news coming in from all across the globe, our recap of the week is going international. From debit transactions overthrowing cash for the most popular payment method in England, to Singapore quickly saying goodbye to the use of cheques, the world is truly adopting a cash-free future.
1. Microsoft Joins Amazon In A Push To Eliminate Store Cashiers, As Minimum Wage Hikes Take Hold
The world of grocery stores seems to be the next big target in the world of payments change. First was Amazon Go, a grocery store in Seattle that eliminated the checkout process by tracking shoppers’ items and charging their Prime accounts for the purchase. Microsoft is up next, looking into ways to alter the grocery store payment experience by tracking what gets put into shoppers carts, and charging their cards without ever seeing a cashier.
2. Gen Z through the mobile payments lens
Have you finally grown tired about hearing about millennials and their habits? Well it looks like it might be Gen Z’s turn! A recent study of more that 2,500 high school students highlighted some interesting statistics about this generation, including their banking preferences, their technology ownership, and more.
3. How Payments Will Power A New World Of Globalization And Gigs
There are many interesting industries and developments that payments help to power, and globalization is definitely one of them. This article and infographic explains some of the ways in which payments will power a new world of globalization, and how it’s already happening!
4. Debit card payments more popular than cash
England is constantly making the news for its quick and interesting shifts in their adoption of cashless payment methods, so this news may seem like it’s really no surprise! Debit card payments ruled in payment industry in England last year, being used more frequently than cash for payments, and rising 14% in use year over year. There’s even more interesting statistics in this article, highlighting how debit cards continue to rise in popularity in the UK.
5. Singapore to cut use of cash, aiming to become cheque-free by 2025: Ong Ye Kung
If you’re planning to write a cheque during your next trip to Singapore, it might be time to start planning for a different payment method. Singaporeans are adopting cashless and online payment methods so quickly, the government is planning for he country to be cheque-free by 2025. Read this article to learn more about this interesting development, and how the government and businesses alike are planning for it.
Looking for more of the latest news in the payments industry? Make sure to check out our recaps from June 11 to June 15 and June 4 to June 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.