Here are some of the highlights since February 5.
EnterpriseAppsToday has compiled some interesting and sometimes counterintuitive statistics on the global ATM market.
Kamal Quadir, the founder of mobile moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More provider bKash, explains in restofoworld.org how a network of 330,000 agents serve as ‘human ATMs’ and enable users to cashMoney in physical form such as banknotes and coins. More in or out of the system: “These human ATMs played a pivotal role in promoting financial inclusionA process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. While it is recognised that not all individuals need or want financial services, the goal of financial inclusion is to remove all barriers, both supply side and demand side. Supply side barriers stem from financial institutions themselves. They often indicate poor financial infrastructure, and include lack of ne... More by enabling people to access formal banking services at an affordable cost, within walking distance from every household.”
Founded in 2011, bKash is ubiquitous in Bangladesh, with 67 million users. A subsidiary of Brac Bank, bKash is the first Bangladeshi firm to be backed by Ant Group, SoftBank, and the Bill & Melinda Gates Foundation. The company has raised nearly $400 million in venture capital to dateThe year in which a medal or coin was minted. On a banknote, the date is usually the year in which the issuance of that banknote - not its printing or entering into circulation - was formally authorised. More.
Bloomberg reports that cyclone Gabrielle which tore through New Zealand in February, has exposed the dangers of a cashless society, prompting the central to consider new ways of ensuring access to physical money when power and telecommunications are down.
During the cyclone, the Reserve BankSee Central bank. More regularly updated a list of working ATMs in the affected areas and published it on its website and social media.
On February 23, 2023, Andriy Pyshnyy, Governor of the National Bank of Ukraine, presented a new commemorative 20-hryvnia banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More to mark the anniversary of Ukraine’s struggle against the Russian invaders and celebrate the grit, resilience, indomitability, and heroism of Ukrainians.
The note is legal tenderMoney that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More in Ukraine and shall be accepted for all payments at its face valueThe figure or amount written on the banknote or coin which indicates the amount of its economic value. It is usually written in letters and numbers. More across Ukraine. At the same time, its production is limited to 300,000 units, which gives collectible value to the banknote (of which 200,000 units are in souvenir packaging and 99,900 are in envelopes).
According to Aberdeenlive.news, the new British coins featuring King Charles III bear a hidden image: “Eagle-eyed viewers will notice King Charles III has what appears to be a bird of some sort in frontFacade, face. See Obverse. More of his ear, which may commemorate his love for nature and the environment, but pictures of the King will show it also naturally occurs on his face.”
“Once you’ve seen the bird on King Charles’ ear, you’ll zero-in on it every time you see one of his coins, and I suspect you’ll never unsee it,” said Jon White, director of Britannia CoinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More Company.
Tearsheet reports that Paymentus, an electronic billing and payments company, has partnered with Green Dot Network to broaden its cash bill pay capabilities and offer customers the freedom to choose their preferred payment methodSee Payment instrument. More. By connecting Paymentus to Green Dot’s network, companies can accept cash bill payments from their customers at some 90,000 retail locations. The Green Dot Network reaches 96% of the US population, providing broad access to cash services for people who need them.
Culture Custodian reports that several African countries are planning new high-denomination notes to tackle inflation, corruption, and money launderingThe operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. More.
Here’s what’s new on all things cash and money curated on the web since February 5.