Based on data gathered in a broad range of countries between 2014-18, it provides an interesting and comprehensive classification of payment fraud alternatives, and also offers an estimation of the value of fraud with different cash and card payment options, as well as delving into the increasingly popular options of contactless and cryptocurrency.
It was mid-June and Luxembourg was just emerging from a three-month lockdown to halt the spread of Covid-19. Sat three seats apart, an audience of a dozen gathered in the European Court of Justice’s (ECJ) Grand Chamber to hear the oral arguments of a legal case with potential major implications for the future of cash.
In an unusually themed analysis, S&P Global investigate the extent to which prepaid and gift cards are used in the black economy, with some alarming figures and examples showing how easily these payment methods are used to finance criminal activity.
In the US, a group of businesses and consumer groups have come together to form the Consumer Choice in Payment Coalition (CCPC). The aim of the new coalition is to advocate for consumer choice and for preserving the right of American consumers to use cash to pay for goods and services in the marketplace.
In the last issue of CPN we deliberated on the likely developments this pandemic will cause to the payments industry, such as the concerns over safety of cash handling, a rapid shift towards digital consumer payments and the acceleration of the Central Bank Digital Currency (CBDC) efforts. A month later, some clear patterns are emerging that will have long lasting consequences for us all and have the potential to change the world of payments forever.