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Coronavirus’ rush to digital doesn’t preclude solutions for cash

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In mid-March, SAQ, the Canadian wine and spirits retailer, asked clients to use payment cards only, which was an unprecedented restriction. We’ve seen similar moves on the part of U.S. companies – in late March, signs began appearing in and around Seattle in the windows of Dick’s Drive-In locations, stating, “In an abundance of caution, we ask that you please pay with credit or debit card if possible rather than cash.”

Cash was already coming under attack well before the current coronavirus crisis for a variety of reasons, including convenience, and less potential for corruption and tax evasion. While the overall use of cash in the U.S. is decreasing, research shows that lower-income adults are typically more reliant on cash than those in higher-income brackets. When the use of cash is discriminated against, lower-income consumers and the “unbanked” are unfairly excluded from full financial system participation.

Even in the face of a threat as substantial as coronavirus, cash is not apt to ever fully go away. It’s too deeply ingrained in behaviors and societies. Also, history has shown that people tend to hang onto and even hoard cash during times of perceived uncertainty. Believe it or not, this is happening during the coronavirus crisis – in spite of the disease’s nickname as the “dirty hands” virus, which doesn’t exactly inspire people to touch much of anything, let alone cash.

However, the current coronavirus is proving to be an unprecedented trigger point, one that will likely change the public’s relationship with cash forever. This crisis is likely to raise some interesting questions in the near future, including:

Will people be more willing to forsake their dollar bills, their euro notes, their pesos, and switch to plastic? And if so, for how long?

Will governments consider production of banknotes and coins that are easily washable and disinfected by nonindustrial means? Studies have shown it’s at least theoretically possible for coronaviruses to survive on cash, which (in the U.S.) is made from 75% cotton and 25% linen – which is sufficiently coarse and fibrous for COVID-19 to live on.

Will merchants provide self-service payment kiosks for those clients that prefer to pay with cash?

Will U.S. banknotes repatriated from heavily infected areas be “quarantined” before being allowed back into U.S. circulation? The Fed has already been doing this with notes coming back from Asia.

No doubt, fear of coronavirus-tainted dollars is now palpable in many of the most infected areas of the U.S. Some may view this as a new front in the war on cash, but it’s important to remember that crises like this often elicit the opposite response as well – making people hold onto cash. Moving into the future, coronavirus is expected to have a profound impact on the way we live, work and socialize—and it will most certainly induce changes in our relationship with cash as well. To what extent, and what forms these changes will take, remains to be seen.

Source: https://www.paymentssource.com/opinion/coronavirus-rush-to-digital-doesnt-preclude-solutions-for-cash

Fintech

Novatti’s Ripple partnership live to The Philippines

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Leading Australian digital banking and payments company Novatti, reports that its recently signed partnership with global payments disrupter Ripple, is now live with revenue-generating transactions taking place.

Ripple uses its decentralised, global financial network, RippleNet, to provide its partners with the ability to process global payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top five global cryptocurrency currently valued at more than USD$40 billion.

Novatti signed a new partnership with Ripple in December 2020 to provide Novatti’s fintech customers with access to these capabilities.

The initial focus of the partnership was to target cross-border transactions between Australia and the South- East Asia region, particularly the Philippines. This focus is delivering new customers, with Novatti now partnering with the Australian subsidiary of the Philippines’s largest non-bank, Filipino-owned, remittance service provider, iRemit, through RippleNet. This alone is expected to result in several thousand transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services. Importantly, discussions are already underway to also expand this service to new financial services clients in South East Asia.

Managing Director of Novatti, Peter Cook, said, “We are delighted to see this partnership delivering for both Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue.”

“Forming our partnership with Ripple was part of Novatti’s broader strategy to develop a banking and payments ecosystem that enables our existing platforms to scale quickly. In addition to Ripple, Novatti’s ecosystem now includes partnerships with world-leading payment and fintech companies including Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta and Decta.”

“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licences obtained for the New Zealand market and Emersion now up and running in the US. As shown through Ripple, this expansion opens Novatti up to new revenue opportunities, and provides us with greater exposure to the global demand for digital payments that we expect to accelerate going forward.”

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Source: https://australianfintech.com.au/novattis-ripple-partnership-live-to-the-philippines/

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Fintech

Zip boosts small business cash flow with new line of credit launching Zip Business Trade Plus

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Leading buy now pay later (BNPL) company Zip.Co, has today launched the next iteration of its small business accounts: Zip Business Trade Plus. With the aim of helping small business owners level-up and access the capital they need to manage cash flow, pay for day-to-day essentials and grow their business, Zip Business Trade Plus offers a line of interest free credit between $3,000 and $150,000.

The news comes as small businesses rally following the end of JobKeeper and predictions that up to 150,000 Australians could stand to lose their jobs in the wake.

There are over two million small businesses in Australia and 70 percent of those outline cash flow as a key issue. Approved within 24 hours, Zip Business Trade Plus extends a generous and transparent line of credit to those businesses, providing a fast alternative to credit cards, bank loans and overdrafts.

Once approved, small businesses can use their Zip Business Trade Plus account online or in-store by selecting Zip at checkout. The funds can also be used to pay any domestic invoices or bills using BPAY.

Geof Alexander, General Manager of Zip Business said, “JobKeeper was a vital lifeline for small businesses throughout COVID, but now that the program has ended, small businesses will need to turn somewhere else for financial support. That’s where we come in.

“Cash flow, additional equipment, staffing costs, or simply getting a bit of extra capital to support your ambition are all small business needs that Zip Business can help with. We know this pandemic has been hard, but resourceful people thrive in hard times – and Aussies small business owners are nothing if not resourceful. Now is the time to harness that entrepreneurial spirit with  Zip there to help you.”

In order to be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month. Small business owners can apply for a Zip Business Trade Plus account here. Zip’s lending criteria applies.

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Source: https://australianfintech.com.au/zip-boosts-small-business-cash-flow-with-new-line-of-credit-launching-zip-business-trade-plus/

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Fintech

Novatti Free Webinar: The Power of Cards from BNPL to Crypto

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Hosted by leading digital banking and payments company Novatti, you are invited to hear from leading industry experts on the topic of Card Payments and its value-add to the Buy-Now-Pay-Later and Cryptocurrency markets.

With more than 5 million BNPL accounts in Australia and almost 1 in 5 Australians owning crypto, both BNPL and Crypto are the two hottest payment trends that are set to accelerate further in 2021.

Learn how BNPL and Crypto players, as well as other Fintechs and Enterprises, can leverage solutions like Zero Balance Cards and “Just In Time Funding” to power their business and customers.

When: 22 April 2021

Time: 1pm

Link: https://kapara.rdbk.com.au/landers/f76a7d.html

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Source: https://australianfintech.com.au/novatti-free-webinar-the-power-of-cards-from-bnpl-to-crypto/

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Fintech

Cirralto confident of “multiple” new commercial payment and point-of-activity lending opportunities

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Cirralto Ltd (ASX:CRO) has loaned its long-term fintech partner Invigo $2 million as it seeks to extend strategic commercial funding programs and support the deployment of B2B buy-now-pay-later products.

The company and Invigo first formed a strategic partnership in August 2019, to launch an integrated platform for their respective customers to access.

Cirralto supplies industries with a broad range of B2B payment services, digital trading software and integrated solutions, while Invigo provides easily accessible business finance and business management tools.

The $2 million loan is expected to “unlock multiple commercial payment and point-of-activity lending opportunities”, with a broad B2B BNPL pilot program with several retailers and manufacturers, including several hundred trading partners, to be undertaken as part of the deal.

To read more, please click on the link below…

Source: Cirralto Ltd confident of “multiple” new commercial payment and point-of-activity lending opportunities

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/cirralto-confident-of-multiple-new-commercial-payment-and-point-of-activity-lending-opportunities/

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