Tag: Cashless

China hands out $1.5m of digital currency in cashless society trial

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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IGT’s Resort Wallet Technology Leads Evolution of Cashless Gaming in New York State

LONDON, Oct. 13, 2020 /PRNewswire/ — International Game Technology PLC (“IGT”) (NYSE: IGT) announced today that the Company is leading the evolution of casino operations with its Resort Wallet™ cashless solution at the newly reopened Resorts World Catskills Casino and Resort (“Resorts World Catskills”) in Monticello, N.Y., a subsidiary of the Genting Group. Resort Wallet gives Resorts World Catskills patrons the option of a contactless, safe, and effortless cashless gaming experience. Players can use their physical Resorts World Catskills Players Club card to load cash into a secure digital wallet from either the casino cashier or any slot machine, and access those funds from any slot machine.

“Today’s casino guests are seeking a unique combination of gaming excitement, luxury, convenience, and safety. IGT’s Resort Wallet solution will help to ensure that Resorts World Catskills delivers every aspect of its brand promise,” said Bob DeSalvio, President of Genting Americas East. “IGT’s

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LTFRB orders zero additional fees on cashless payment modes for PUVs

The Land Transportation Franchising and Regulatory Board (LTFRB) issued a directive that would prohibit any additional fees for the purchase of beep cards on public utility vehicles (PUV).

The regulator issued Memorandum Circular (MC) 2020-057 following the government’s stance to remove any fees on top of the fare load.

From MMDA FB Bus
From MMDA FB Bus

Based on MC 2020-057, the LTFRB “deems it necessary to order PUV operators and the automatic fare collection system (AFCS) providers to the cost of the card” so as the commuting public not to shoulder any additional burden when taking the public transport.”

Issued October 6 and will be effective tomorrow (Friday, October 9), the latest directive from the LTFRB followed the string of complaints and reports about added payment as high as P80 charged fee for Beep card purchases.


The board also cited in the circular that President Rodrigo Duterte dipped his finger

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New Technology Helps Create a More Cashless Environment as Ecommerce Sales Grow

NEW YORK, Aug. 25, 2020 /PRNewswire/ —  Following the rise of advanced technology, payment methods have changed as consumers are now exposed to new digital alternatives to cash. Moreover, digitization has also impacted the payment systems within brick-and-mortar retail stores and e-commerce sites. Now, retailers can quickly process payments while providing reliable security services to prevent theft. E-commerce became largely popular due to the fact that consumers could purchase products on their phones or computer from anywhere as opposed to stepping into a brick-and-mortar store. Now e-commerce sales are continuing to grow exponentially each year as consumers opt to shop online. According to eMarketer, global e-commerce sales totaled an estimated USD 2.8 Trillion in 2018. In addition, because of the pandemic and the damage done to the traditional retail market, growth in e-commerce has accelerated. Overall, the widespread expansion of smartphones is also expected to help stimulate the mobile

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