ONS Retail Sales December
Visa UK ‘access to cash’
Deutsche Bank on Cash
UK ‘digital-only’ conversion
BIS digital currency survey
Internet sales increased by 5.6% in yoy. Online sales as a proportion of all retailing stood at 19.0%.
UnionPay International and PayPal have announced a global partnership.
The two parties will work together to accelerate the growth of their networks with PayPal committed to supporting UPI acceptance globally where PayPal is accepted. In the future, UPI will explore opportunities to support PayPal’s merchant and consumer ambitions in China.
The aim is to incentivise retailers to offer cashback in areas of the UK where consumers currently struggle to access cash. The new initiative will incentivise shops and businesses to offer cashback to consumers using their Visa debit cards.
When people discuss the future of payments they tend to predict the end of cash. Our view is different. Not only do we think cash will be around for a long time, we see the transition to digital payments as having the potential to do no less than rebalance global economic power.
The data indicates only 8% are using mobile-only banks to manage their money, and 35% don’t use mobile banking to interact with their main provider at all. For those that do, 53% use their bank or building society’s app with 48% using online banking services. Only 5% now use telephone banking.
The most popular consumer banks in the UK puts Monzo in 32nd place.
The Mobile Bank says it grew its global customer base by more than 2x in 2019.
The OBIE has announced that Open Banking adoption has passed one million customers.
The OBIE says the growth in customers of the CMA9 has doubled in six months. OB customers generate over 200M monthly calls, supported by over 200 active service providers.
There are now 204 regulated providers made up of 134 TPPs and 70 account providers, with 61 regulated entities that have at least one proposition live with customers.
Research and experimentation on central bank digital currencies continue to fuel discussion and debate. This BIS paper updates an earlier survey that asked central banks how their plans in this area are developing. The latest responses show emerging market economies reporting stronger motivations and a higher likelihood that they will issue digital currencies, with central banks representing a fifth of the world’s population reportedly likely to issue very soon.
Vodafone Group is no longer a member of Facebook’s Libra Association.
Vodafone says it remains committed to contributing to extending financial inclusion but “feel we can make the most contribution by focusing our efforts on M-Pesa”.
UK Supreme Court – The Court is hearing the appeal of Sainsbury’s Supermarkets Ltd v Visa Europe Services LLP & Ors all this week.
The appeal is considering whether the Court of Appeal erred in law in finding that the multilateral interchange fees at issue amounted to a restriction of competition in the acquiring market.
You can watch the proceedings live at
The transaction could be valued at €2bn (US$2.21bn).
Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.