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In the UK, bank branches are being closed, stores stop accepting cash, which may lead to the fact that soon the British will not be able to use cash. This was warned by the chief cashier of the Bank of England, Sarah John, pointing to the need for urgent action. She estimates that by 2027 only 16% of payments will be made in cash. UK Finance Trading Association reported that in 2017, debit cards were the most popular payment method in the country thanks to online stores, smartphones and contactless payment technology. Payments using debit cards increased by 14% compared with 2016, while cash transactions decreased by 15%. More than 6,000 bank branches have been closed in the UK since the late 1990s. The number of ATMs is also decreasing in the country, and stores prefer non-cash payments in an effort to reduce costs.
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Japan’s Prime Minister Shinzo Abe faces financial pressure from his political partners on Wednesday. The prime minister was expected to disburse more cash to people to lessen financial crisis amid the virus outbreak. The government will ...
U.S. President Donald Trump said on Monday that the U.S. economy may begin reoperating soon as his administration heads towards a concrete plan. The economy was shut after restrictions were implemented to combat the further spread of the novel ...
TOKYO- The dollar topped the trading board against basket of other major currencies on Monday. Upbeat performance was mainly from investors’ decision of resorting to fiat currencies as recent setbacks faced by global stocks and concerns ...
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