This Week in Payment News - June 4 to June 8

June 7, 2018

June marks the halfway point in the year, and with the payments industry moving as quick as it does, it’s hard to imagine where we’ll be in December!

From Sweden quickly becoming one of the first cashless countries, to Mastercard rolling out contactless payments across the globe, and London, England making waves in the payments world for the second week in a row, it was an exciting week in the world of international payments!

1. Mastercard plans to make contactless card payments standard within 5 years

Tap and go may seem like a standard payment method here in Canada, but contactless payments haven’t been implemented internationally quite as fast. Mastercard is now planning to make contactless payment technology standard within the next five years, in countries you may have expected already had it!

2. London trams to become cashless

Tired of looking for pocket change to pay for public transit? In London, England, ticket machines are being removed from all tram stops on July 16th, leaving customers to pay with cashless alternatives for their trips.

3. Sweden is on the brink of becoming the world's first cashless society

Here at Moneris, we predicted that cash purchases would fall to 10 per cent of money spent in Canada by 2030, but we couldn’t have predicted how much earlier Sweden would hit this target. Sweden is already at the brink of becoming the world’s first cashless country, racing into the cash-free future with stats you’ll definitely want to check out.

4.  Interac, Bambora Ignite X-Border eCommerce Payments

Interac is taking the plunge into cross boarder online shopping with their new partnership with Bambora. This partnership will allow Canadians to use their Interac Debit card for online purchases to foreign stores, and allow businesses who use Bambora to take advantage of Interac-paying customers.

5. Combating the Amazon effect

Our own Chief Sales and Marketing Officer, Jeff Guthrie, made headlines in Canadian Grocer with his discussion of how small retailers can still thrive in the marketplace dominated by Amazon. His insight on how businesses can tackle this retail industry giant is helpful for not only business owners, but also those who are interested in the payments industry in general.

Looking to learn more about the payments industry? Make sure to check out last week’s payment news recap here, and hear more from Jeff Guthrie about the world of payments in our Q&A With Jeff Guthrie, Moneris' Chief Sales and Marketing Officer!

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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