Cash

Control of Congress was still in play late Tuesday, as the Democrats retained control of the House of Representatives while neither party gained the necessary seats to control the Senate.

While gift cards are often marketed as an easy way to send money to friends and family, during the pandemic they're transforming into a more versatile tool of commerce that can overtake the use cases commonly associated with cash.

Even as consumers shift more spending away from cash and the market for personal travel picks up, the coronavirus pandemic is still exerting a heavy toll on Mastercard's consumer and corporate spending.

Bank of America has seen a 33% increase in cash gifts flowing through the Zelle P2P app since the start of the pandemic, with total gifting volume reaching $1 billion.

For the 44.6 million households who rent, coming into the crisis almost 27% were already paying half or more of their monthly income on housing. That meant they had litte ability to save for an emergency, let alone a pandemic that would cause record job losses.

With the U.K. careening toward a no-deal Brexit in the midst of a health crisis and economic downturn, the government is suggesting a breakup with the EU could defray the costs of cash usage and access.

Many consumers around the world rely on cash-based payments, even when shopping online, says PPRO's Steve Villegas.

Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.

For many U.S. cities and counties, the high number of walk-in payments and checks typically received for services, permits and fees has been aggravating but acceptable — until coronavirus struck.

Brink's has seen a 20% increase since January in the amount of cash processed in its own systems, signaling that as users return to stores they’re choosing to pay with cash.

Dodger Stadium looks odd now — filled with fake crowd noise and cardboard cutout spectators — but in this downtime it's putting in an almost entirely invisible 5G wireless connection and new point of sale system.

The upcoming U.S. election could move the cannabis industry closer to the mainstream, but legal dispensaries will still have to deal with workarounds to accept card or mobile payments.

Cross-border payments provider dLocal is offering its technology platform for Spotify users in Latin America, enabling alternative payment methods for underbanked Spotify Premium customers purchasing digital music.

Transfiya, a blockchain-based funds transfer system, is transforming payments in Colombia for the benefit of underbanked and financially excluded consumers.

The trend toward payments that limit contact will continue beyond COVID-19, says EMVco.'s Brian Byrne.

All parts of the payments industry can preserve cash, but mandates may be necessary, says Moorwand's Luc Geuriane.

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey.

Several months after the pandemic took hold, Diebold Nixdorf and NCR have adopted an ATM recovery strategy that stresses contactless access as well as innovations that are similar to other industries that traditionally rely on kiosks.

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey.

Various efforts to limit cash were in motion well before the global health crisis, but merchant and consumer digital money habits being built during the pandemic will carry on for many years, thus leaving cash sidelined in many purchasing scenarios.