🗂 Link: Rich countries must start planning for a cashless future

These problems have three remedies. First, governments need to ensure that central banks’ monopoly over coins and notes is not replaced by private monopolies over digital money. Rather than letting a few credit-card firms have a stranglehold on the electronic pipes for digital payments, as America may yet allow, governments must ensure the payments plumbing is open to a range of digital firms which can build services on top of it. They should urge banks to offer cheap, instant, bank-to-bank digital transfers between deposit accounts, as in Sweden and the Netherlands. Competition should keep prices low so that the poor can afford most services, and it should also mean that if one firm stumbles others can step in, making the system resilient.

Source: Rich countries must start planning for a cashless future

Link: Ride-hailing app Grab partners Maybank for mobile wallet launch

To be a little Friedman in a taxi here: when I was in Jakarta, you could see the huge banking expansion available in converting much of the country to cashless. All these merchants and buyers (people, if you will) who are purely cash based and don’t have bank accounts. And that’s just one (albeit it, giant) city:

Ooi Huey Tyng, MD, GrabPay Singapore, Malaysia and Philippines, says: “The whole industry needs to come together to make the cashless economy a reality in Malaysia. We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.

“With GrabPay mobile wallet as the leading payment method on our Grab app, it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle.”

Also, I love this “cashless” term. So much better than “mobile payments.”
Original source: Ride-hailing app Grab partners Maybank for mobile wallet launch

Link: Ride-hailing app Grab partners Maybank for mobile wallet launch

To be a little Friedman in a taxi here: when I was in Jakarta, you could see the huge banking expansion available in converting much of the country to cashless. All these merchants and buyers (people, if you will) who are purely cash based and don’t have bank accounts. And that’s just one (albeit it, giant) city:

Ooi Huey Tyng, MD, GrabPay Singapore, Malaysia and Philippines, says: “The whole industry needs to come together to make the cashless economy a reality in Malaysia. We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.

“With GrabPay mobile wallet as the leading payment method on our Grab app, it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle.”

Also, I love this “cashless” term. So much better than “mobile payments.”
Original source: Ride-hailing app Grab partners Maybank for mobile wallet launch