HIGHLIGHTS

Here are some of the highlights since January 8.

Belgian Competition Authority Investigates Agreement by four Banks to Pool ATM Fleets

The four largest Belgian banks – Belfius, BNP Paribas Fortis, ING, and KBC – have created a new company in 2021, Batopin, to “optimize” the ATM network by removing them from bank branches and making them bank-neutral, reports law firm CMS.

On December 23, 2022, the Belgian Competition Authority confirmed it had opened an investigation to determine whether this agreement could affect the quality of 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 distribution and deposit services or the competition between retail banking service providers.

Nigeria: Cashless Policy will Disrupt Small Businesses

The National Association of Small Scale Industrialists has lamented that the Central Bank of Nigeria’s (CBN) cashless policy will disrupt most Small and Medium Enterprises as they source their products from rural communities, which are largely underbanked, reports The Sun.

In early December 2022, the CBN lowered caps on cashMoney in physical form such as banknotes and coins. More withdrawals and increased processing fees to encourage the adoption of the e-Naira. Two weeks later, the CBN raised the maximum weekly limit for cash withdrawals after a public uproar. The new limit is five times higher than the initial cap for individuals and ten times more for companies. According to VOA, critics say the policy could stifle millions of small businesses.

U.K.: Nationwide reports first Increase in Cash Withdrawals in 13 Years

The total number of cash withdrawals made from Nationwide Building Society ATMs across the UK increased by 19% from 25.45m in 2021 to 30.21m in 2022, the first such increase in 13 years, the Nationwide Society reports.

“For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting into debt from the rising cost of living,” Nationwide’s director of payments, Otto Benz, says.

U.S.: Another Retailer Enables In-store Bill Payment in Cash

According to Chain Store Age, Retailer Rite Aid enables its customers to pay their bills in cash at over 2,000 brick-and-mortar locations. The retailer has joined Kubra’s Retail Cash Payments Network, which uses a barcodeMethod for encoding information, which can be read by machines. Barcodes store information using a combination of printed parallel lines (bars) and in the spaces that are left between them. Reading stored data is performed using optical readers. More printed on the bill, which contains all the information required to validate a cash paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More. Once the payment is made, it is authenticated and authorized in real-time.

ELSEWHERE ON THE WEB

Here’s what’s new and curated on the web since January 8.

January 8–12, 2023

• Africa – toward cashless
• Banknote printing machine market analysis ($)
• Belgian Competition Authority opens an investigation into the agreement between the four largest Belgian banks and the company Batopin
• Bulgaria – euro adoption
• Cashless payments & marijuana dispensaries
• Croatia – euro changeover going smoothly
• Crypto ATMs – countries with the highest numbers
• Digital Payment Growth Threatens EU Consumers’ Cash Usage
• Europe – cash usage
• Europe – ECB study shows frequent cash usage at POS
• India – cash is king after the note ban
• Jordan – new banknotes
• Less than 100 Bitcoin ATMs will be added worldwide in the second half of 2022.
• Malawi – 2 arrested for decorating a cake with banknotes
• Nigeria – why are new Naira notes so scarce
• Nigeria – CBN warns banks to stop putting old banknotes into ATMs
• Nigeria – the cashless policy will disrupt SMEs
• Nigeria’s Central Bank Raises Cash Withdrawal Limits After Public Outcry
• Nigeria – 2 bankers jailed for ATM fraud
• Portugal – flood-damaged banknotes
• Scotland – ATM count reductions in Edinburgh
• South Africa – cashless transactions spur innovation
• Sri Lanka – ATM scammers arrested
• Taiwan – counterfeits
• UK – Nationwide reports increase in cash withdrawals
• US – 1870 Gold Coin Breaks Record At Heritage, Sells For $5.52 Million
• US – how the US Mint jumped 153 places in the ranking of best places to work in government
• US – Rite Aid introduces cash bill payment service
• US Rare Coin Market Continued to Soar in 2022
• US – NYC Collector Dies Before Rare Pennies Sell for $100,000+ Each
• Venezuela – a dress made out of worthless notes
• What To Do When Cash Isn’t Accepted

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