Digital Transactions Surpass Cash in UK

This past weekend saw the end of cash leading as the most popular payment method in the UK. On Sunday March 8th, more transactions were made via credit, debit and other cashless methods than that of cash.

The Payments Council had predicted that this switch would occur in the UK in 2015.

See the figures in the article from The Telegraph, one shows the total value of cash vs. credit transactions from 2014 and the credit transactions out valued cash at a rate of 250:1. This is due to the fact that large corporations who deal with high-value transactions rarely touch cash.

The figures also continue to show the decreasing average payment on a credit or debit card, the rise of contactless payments, and the decrease of average cash transactions over the last few years. These are telltale signs that cash is losing its grip on consumers and is being replaced by digital transactions.

It is suggested that by 2023, cash transactions will fall to just 13 billion and the cashless alternative will grow to a staggering 27 billion. 

The direction of the payments industry is hard to deny, as years pass cash will begin to become an obsolete payment method that is rarely used by the everyday consumer. As new technology continues to emerge, cash slips a little further from relevance.


How long will it be until cash is no longer carried by the everyday consumer? Only time will tell but right now it seems as if it is sooner rather than later.

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Square Inks Payments Partnership with Whole Foods

Via Mashable
 
Early this morning, Square and Whole Foods announced a partnership to process payments at select locations.

This is Square’s first partnership with a major grocery chain – this Whole Foods partnership is Square's most prominent retail partner since Starbucks agreed to use the startup's digital payment products in 2012.

“Whole Foods Market and Square share a focus on supporting local sellers and creating amazing shopping experiences,” Jack Dorsey, cofounder and CEO of Square, said in a statement. “With Square, Whole Foods Market will enable commerce in more parts of their stores with easy, accessible tools that showcase the best of what’s achievable in the service of retailers and customers.”

Square's point-of-sale system – The Square Stand – is currently being used at seven different Whole Foods locations and will be at more stores this year. However, Square is not being used for Whole Foods' main checkout lines - rather, the payment tool is being used at "in-store venues," including sandwich counters, juice bars and pizzerias.

As Square has been rumored to be prepping for an IPO, this partnership between Square and Whole Foods comes at a perfect time. Square reportedly generated more than $100 million in revenue last year and major partnerships like this one could help boost that number even higher.

All Payments Expo is where payments partnerships get started. The annual meeting place for payments professionals focused on areas of growth and convergence in payments. Our mission is to catalyze the partnerships necessary to build the next generation of payments, from the mobile environment to the brick-and-mortar POS.

Don't miss out - Register Today! 

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Discover Launches Current Prepaid Card for Teens

According to this article in Digital Transactions, Discover Fiancial Services has released a prepaid card called Current that is aimed towards teens. The difference between this prepaid card and others is that users are not held accountable for unauthorized use after the card is lost or stolen, so it has the benefits of a debit card. The Current also does not allow its users to go below the account balance, therefore eliminating overdraft fees.

The Current by Discover has a monthly fee of $5, but its account holders can save $10 by paying $50 once a year.

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