Here are some of the highlights since January 8.
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.
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.
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.
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.
Here’s what’s new and curated on the web since January 8.