This week in payments we cover a lot, from new digital currencies to the growth in U.K cashless use, but no headline may be more exciting than the Toronto Raptors influencing Canadian spending. Curious about what we mean? Then read on!
1. Raptors run provides a golden opportunity for long-term economic boost
It would be hard to cover Canadian news this week without mentioning the Toronto Raptors, and their continuation in the NBA Finals. And for us here at Moneris, there’s nothing more interesting than to see how a homegrown team in the finals impacts spending! This week we released some interesting numbers about how Canadians are spending during NBA Finals games, and found that GTA spending was up 72 per cent for game two on Sunday! If you’re interested in learning more about how these games impact Canadian spending, make sure to check out this article.
2. One in 10 adults in UK have gone 'cashless', data shows
Headlines always go back and forth with the feasibility and future of a cashless society, but news from the U.K might be a sign that we’re headed that way. One in 10 adults in the U.K are choosing to live a mainly cashless life, relying solely on cards for their purchases. Among younger adults aged 25-34, that figure rises to more than one in six! These figures make sense, as the number of contactless payments continues to surge, and U.K residents rely less and less on cash-based payments.
3. A record $117 billion in fintech deals have been done this year as cashless payments soar in popularity
If you’ve noticed just how popular the payment industry is this year, you’re not the only one!
This week a report from Business Insider discussed how fintech mergers and acquisition volume has increased rapidly over the last five years, with eighty seven deals totalling 116.6 billion dollars taking place this year alone. To learn more about some of these recent deals, make sure to check out this article.
4. Facebook Preps GlobalCoin Launch
According to news this week, Facebook is set to announce their cryptocurrency later this month! Code-named Project Libra, Facebook has been working on the project for more than a year, centered around a digital coin that users can send to each other. We’ll be closely monitoring the headlines to see if this launch comes to life this month, and make sure to report back when and if it does!
If you’re curious about what else has been making the headlines in the payment industry, make sure to check out our recaps from May 27 to 31 and May 20 to 24.
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.