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NEWS
Current Student Account launches Stateside
Current Student Account. This has two components: a Visa-branded debit card and an app that provides parents and their children with ways to mutually agree on allowances, how their money will be spent, and the chores and responsibilities needed to gain access to those funds. Money can be spread among three wallets: the Spending Wallet to track expenditures, the Savings Wallet to teach financial literacy, and the Giving Wallet to help teens identify local charities they can contribute to.
U
“It’s no question we are moving to a cashless society — yet the concept of allowances remains firmly footed in the past. In America, nearly 17 million teenagers don’t yet have access to digital payments solutions. They either pay for things with cash — providing parents with no insight on what their kids are buying, or have to rely on their parent’s
S FinTech has taken the wraps off the
credit cards — which doesn’t teach any form of financial responsibility,” says CEO, Stuart Sopp, a former Wall Street trader. “Traditional banks have failed to keep pace with the realities of commerce and consumer needs — especially the needs of kids. It’s time to change that.”
Scott Thompson Cash a relic of its time for digital shoppers
predictions, this time courtesy of trade association Payments UK and payments processor Worldpay. Rapid growth in the use of contactless cards means notes and coins will be overtaken as Britain’s most frequently used payment method by the end of 2018, the former’s report claims, although it stresses that many people still like cash. Even in ten years’ time it is expected to make up 21% of all payments.
Y
“The popularity of contactless means that we expect debit cards to overtake cash as the UK’s most frequently used payment method in late 2018, three years earlier than we previously thought. This is a significant shift but it’s vital to note that even in the face of this change, we believe any claims the UK will soon become a cashless society are wide of the mark,” says Adrian Buckle, Chief Economist at Payments UK. “People will always want to
et more ‘cash against the ropes’
choose the payment methods that best suit them, and cash will remain a frequently-used payment method for the foreseeable future. In ten years’ time, we will still be using cash for one in five payments in the UK, even as mobile payments and other innovations provide ever greater choice about how to pay.”
According to Worldpay, which handles 40% of all card transactions in the UK, spending on all forms of contactless systems now accounts for 28% of all non- cash transactions in the UK, with total spend exceeding £10 billion for the year in 2016. UK consumer research commissioned by the company found: a quarter of the 1,999 people surveyed claim they’ve started avoiding shops that don’t take cards, while a third only use cash if absolutely necessary; two-thirds of 24-34 year olds would prefer not to have to carry cash. At the same time, however, one in ten small and independent retailers are
www.ibsintelligence.com © IBS Intelligence 2017
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