Highlights from this weeks’ new Roundup:
“Sweden and Norway are backpedalling on plans for cashless societies over fears that fully digital paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More systems would leave them vulnerable to Russian security threats, and concern for those unable to use them.” reports the Guardian. In Sweden, a brochure titled ‘If Crisis or War Comes’ will be sent to every home in Sweden next month, advising people to use cashMoney in physical form such as banknotes and coins. More regularly and keep at least a week’s supply in various denominations in addition to other forms of payment such as bank cards and digital payment services.
The National Bank of Kazakhstan noted that despite the active development of digital payment infrastructure, the circulation of cash continues to show stable growth, with an average annual growth rate of cash in circulationThe value (or number of units) of the banknotes and coins in circulation within an economy. Cash in circulation is included in the M1 monetary aggregate and comprises only the banknotes and coins in circulation outside the Monetary Financial Institutions (MFI), as stated in the consolidated balance sheet of the MFIs, which means that the cash issued and held by the MFIs has been subtracted (“cash reserves”). Cash in circulation does not include the balance of the central bank’s own banknot... More of 9.9% over the past five years.
In Trinidad and Tobago, in spite of technological advancements and new mobile banking solutions, many citizens remain hesitant to fully embrace a cashless system due to limited internet access, lack of financial literacy, and varying levels of comfort with technology.
The Swiss National Bank has announced a new series of banknotesSee Family of banknotes. More which would likely be introduced in the early 2030s. The current series was introduced between 2016 and 2019. “It is impossible to imagine Switzerland without cash,” said SNB Chair Martin Schlegel. “Cash is and will remain a popular method of payment.
When Goldman Sachs and Apple teamed up to launch a credit card in 2019, Goldman chief executive David Solomon hailed the Apple Card as the “most successful credit card launch ever,” and analysts predicted that the partnership would shake up financial services, reports the Financial Times. 5 years later the two groups were fined $89 million by the Consumer Financial Protection Bureau for mishandling disputed charges and misleading customers about interest-free payment plans. Goldman Sachs, is now trying to shut down the ill-fated push into consumer banking that racked up billions in losses.
Read more here.