Safe Cash Payments Claims 25,000 Transactions a Second With Blockchain Tech
Safe Cash, a blockchain-based cash payment service, claims it can handle 25,000 transactions per second – more than 3,000 times as many as the bitcoin network – bringing cash into the electronic ecosystem. Safe Cash is an end-to-end secure payment platform giving banks, businesses and consumers instant and final cash-based transactions. Banks provide tokens redeemable for cash, allowing cash to be used as a digital asset. Transaction settlement occurs in less than 5 seconds. “It (cash) is the only payment today that hasn’t been brought into the electronic ecosystem,” a video noted on the....
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UK retailers are exploring alternative payment options and moving away from traditional cash payments due to relatively high costs, according to a new survey compiled by payments provider Sage Pay. The company's research reveals that UK retailers now spend a whopping £17.8bn (almost $30bn) a year just to process cash payments. As a result, they are looking at cheaper alternatives, but it seems most of them are staying away from bitcoin. This general trend is not new. The British Retail Consortium (BRC) has been keeping track of retail transactions for years and the volume of cash....
In an effort to encourage Israelis away from using cash and towards paying digitally, Israel recently enacted a new regulation limiting the use of cash on August 1st. Starting in 2019, an Israeli company’s cash transaction limit was 11,000 NIS ($3,200) per client. With this restriction on using cash transactions with clients, Israel continues its […]
According to the Payments Council, cash transactions in the UK fell to 48% of overall payments last year, down from 52% in 2013. This comes as no surprise, given the international rise of popular social payment services such as Snapcash, Squarecash and Venmo, as well as the already mainstream use of Paypal to shop online. These services, along with debit cards and digital currency trade, have collectively overtaken payments in physical bills andcoins as of last year. It is expected that in about a decade cashless payments will account for £28.8 billion, as opposed to £12.7 billion in cash....
To discourage the Indian nation of cash transactions and push the country toward digital payments, high level ministers has suggested a ban on cash transactions and a tax on cash withdrawals above Rs 50,000 (approx $735). On February 1, India’s Union Budget will be heard and it is hoped that the recommendations suggested by the committee led by N Chandrababu Naidu, Chief Minister of Andhra Pradesh, to the Indian Prime Minister Narendra Modi, will be incorporated into the budget. In a report from The Times of India, it states that these suggestions include a subsidy of up to Rs 1,000 for....
Dutch bitcoin exchange Bitplaats has announced the expansion of its service into neighbouring country Belgium. Belgian users can now trade digital currency from Bitplaats using the country's dominant online payments platform, Bancontact/Mister Cash. Bitplaats (which translates as 'bit place' in Dutch) claims transactions on its platform will be completed instantly as it uses the Bancontact/Mister Cash payment method, which offers transactions in real-time. Bancontact/Mister Cash is widely used for transactions in the country. Lennert Vlemmings, a Bitplaats co-founder, said: "We received....