The rise of cryptocurrencies, contactless cards and mobile payments has led to predictions that we are at the dawn of a cashless society. Cash use may be declining in many developed economies, yet much of the world is tied to physical transactions, and ATMs are still an essential utility. But ATM manufacturers are preparing for a world where cash will be less important.
Over the past 12 months Covid-19 has curtailed countless business activities, but not money laundering. The UN estimates some $1.6tn is laundered every year, and authorities say lockdown measures have presented criminals with even greater opportunities...
A number of governments, central banks and even some economists now advocate a switch to all-digital currencies. With the rapid rise of mobile payments, the long-term survival of cash seems precarious.
If the US put tariffs on Chinese goods, the impact would be felt way beyond the borders of both countries. China is the world’s biggest exporter, but it’s also the second biggest importer, with many of those imports coming from other Asian countries.
More and more governments are aiming to phase out cash, ostensibly to curb tax avoidance and criminal activity, while some countries are making leaps and bounds towards a cashless future without a backwards glance.
22 fintech companies around the world are now worth more than $1bn and bankers are becoming worried about these upstarts, especially since new legislation in Europe may force them to share precious customer data with their fintech rivals.
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