Morning Brief 1.27.20: New York has outlawed cash-free businesses

Register now

The information you need to start your day, from PaymentsSource and around the web:

Cashing in

New York has joined Philadelphia, San Francisco and New Jersey in passing bills that outlaw cashless businesses.

The New York City law will go into effect nine months after Mayor Bill de Blasio signs it, which he is expected to do. The local legislative efforts are an attempt to maintain service for underbanked consumers. Some cash-free businesses have already begun accepting cash in anticipation of the bills.

Amazon Go, which sparked some of the political efforts, has also updated its model to accommodate cash when requested by shoppers..

Japan's CBDC

Japanese lawmakers are writing a proposal for a central bank digital currency, partly to counter Facebook's Libra project and a similar central bank currency in development in China.

A possible model in Japan would be a public/private partnership to ensure the currency could manage rapid changes in financial technology, according to Reuters.

The group writing the proposal includes about 70 lawmakers from the Liberal Democratic Party. The proposal could come as early as February.

Going public

Blockchain network Ripple could launch an IPO later this year, following a series of investments that have pushed the company's valuation past $10 billion.

Ripple CEO Brad Garlinghouse said a blockchain IPO would be a natural progression for the technology, according to Yahoo.

Ripple has built a network for cross-border transactions by eliminating third parties such as correspondent banks, adding financial service partnerships with banks and MoneyGram.

Next inning

If blockchain is indeed ready for an IPO, it's likely ready for cricket ticketing. Lancashire Ticket Club has teamed with TIXnGo to support ordering and payments for tickets for all domestic cricket events in 2020.

The club claims the tickets are impossible to counterfeit, reports Coindesk, adding the club has also added a system for ticket resale and transfer.

U.K. football clubs have already used blockchain to combat ticket scalping by improving the clubs' control over sale and distribution.

From the Web

Chinese tech giants bid to be among Singapore’s new wave of digital banks
SOUTH CHINA MORNING POST | Sat January 25, 2020
The Lion City’s central bank is issuing as many as five digital banking licences by June, with interested parties from China including Ant Financial, the country’s largest online payment operator; content platforms company ByteDance, and the financial arm of smartphone vendor Xiaomi. The embrace of digital banking reflects Singapore’s most extensive liberalisation of its banking sector since 1999, when it rolled out a five-year plan to spur innovation and increase competition, and would see online-only nonbank players offer services for the first time.

China central bank raises limit on small bank payments amid virus outbreak
REUTERS | Fri January 24, 2020
China’s central bank said on Friday it would temporarily raise the upper limit on small bank batch payments to 500 million yuan ($72.42 million) from Friday until Jan. 30, to ease fund transfers amid a coronavirus outbreak. The People’s Bank of China did not specify its previous upper limit, but said the adjustment is for transferring of bank deposits or extending credit to clients.

NatWest apologises after money transfers ‘disappear’ in mobile banking app glitch
THE SUN | Sat January 25, 2020
NATWEST has been forced to issue an apology after customers complained their money was "disappearing" when they made transfers using the bank's mobile app. The error comes just two months after another glitch on the app caused delays for more than eight hours during the Black Friday sales period.

More from PaymentsSource

WEX to buy travel, B2B payment providers eNett and Optal for $1.7 billion
Payments technology conglomerate WEX has agreed to buy two companies — B2B travel payment operator eNett and B2B payment specialist Optal — for $1.7 billion.

Amex finds growth in refreshing older products
American Express has focused the past few years on overcoming a couple of its stigmas — that not all U.S. merchants accept Amex cards, and that younger cardholders were not intrigued by the status of holding an Amex card.

WorldRemit expands transfer flexibility through Alipay
Alipay and WorldRemit will enable consumers to send remittances to the Alipay app to support broader use for payments and other financial services.

Mastercard invests in Pine Labs to diversify credit options in South Asia
Mastercard will financially back Indian merchant commerce platform Pine Labs' embrace of multi-channel installment financing as a payment option in addition to cards.

6 fintech patents to watch
The payments industry is a hotbed of innovation, and many of its larger players are eager to claim patents on new developments.

For reprint and licensing requests for this article, click here.