OTI Brings Diverse Cashless Payment Solutions to Worldwide Merchants INTRODUCTION TO OTI On Track Innovations LTD, or OTI (NASDAQ: OTIV), is a pioneer and leading global developer of cutting-edge cashless payment solutions including near-field communication (NFC) products and solutions. For over two decades, OTI has provided enterprises worldwide with innovative technology and solutions that forge new business models, grow… Read More »
Full article as originally published on NPR.org Nearly 13 percent of Philadelphia’s population — close to 200,000 people — are unbanked, according to federal banking data. That’s more than double the regional average. Excerpt: The following is except from news article from PBS on Philadephia deciding to ban “cashless” stores. The Unbanked and Underbanked in Philadelphia Last fall, a veteran lawmaker… Read More »
By: KIRO 7 News Staff Updated: February 11, 2020 – 5:20 AM SEATTLE — You won’t have to worry about digging around for change the next time you’re at CenturyLink Field. Starting Tuesday, all concession stands, retail, vendors/hawkers and on-site parking will only accept credit, debit and prepaid cards. Those who don’t have a debit or credit card… Read More »
Fast-casual places are ditching cash for safety and efficiency. Critics say this shuts out poor people, some immigrants and those who just prefer cash.
The global cashless movement has reached Washington, where a growing number of fast-casual establishments and other spots are saying no to greenbacks in favor of plastic and mobile payments. Sweetgreen, the national salad chain founded by Georgetown University graduates, went cashless in most of its locations last year. Other cashless spots include a Menchie’s frozen-yogurt shop downtown, the posh Barcelona Wine Bar on 14th Street NW and the Bruery beer store at Union Market.
Soon, they may be breaking the law.
The decision to go cashless also has broader implications in the global battle between the credit-card and ATM industries.
Perhaps unsurprisingly, Visa has been a major booster of the cashless movement. The credit card company in March awarded 50 businesses $10,000 each for rejecting cash payments and has released reports touting the benefits of a cashless society.
Comments: This will be a very interesting fight over the next decade. Governments obviously want no cash, as an all electronic economy means every transaction everywhere is known to it.
The push back due to the unbanked was quite predictable. However, when you see a country like India has gone cashless in many spots — well, if they can figure out how to do it, we should be able to figure out how to do it. I believe even poor countries in Africa have large cashless segments now.
This really is not a battle of if, but rather when.
Associated Press story published on Oil City News 5/12/2019 Editors note: There should be a way to accept cash without the usual liabilities and the usual ways. Cash for credit conversion machines for example. By ALEXANDRA OLSON and KEN SWEET AP Business Writers NEW YORK (AP) — Hembert Figueroa just wanted a taco. So he was surprised to… Read More »
