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IndustryUpdate

In its fourth year, the study analyzed the results of a June 2018 online survey "immovable" 24 percent of consum-
conducted by Edelman Intelligence, an independent research company, and ers will never abandon cash – no
found that in making in-person retail payments, U.S. consumers want to matter what technological advance
preserve the right to choose the payment method that best fits their situation or leap forward is available to them.
and often choose cash. They carry cash at all times, replen-
ishing their wallets and purses reg-
Mobey Forum advises banks on virtual currencies ularly at ATMs.

Mobey Forum, a global industry association empowering banks and other
financial institutions to shape the future of digital financial services, pub- PARTNERSHIPS
lished a report outlining the most important and influential developments
across the virtual currencies industry. What Banks Need to Know About Virtual Kyriba expands with
Currencies Right Now explores the key considerations for banks and financial WorldFirst partnership
institutions when taking the first steps on the road to creating their own
strategic approach. The forum's Virtual Currencies Expert Group, co-chaired Kyriba, a provider of cloud trea-
by Hans Henrik Hoffmeyer, co-founder of Coinify, and Peter Stephens, CIO sury and financial management
at DrumG Technologies, was formed in 2017 to explore the strengths, weak- solutions reported that it added
nesses, opportunities and threats posed by virtual currencies to banks and WorldFirst, the foreign exchange
financial institutions globally. and international payments expert,
as a new strategic partner to fur-
Travelex finds 24 percent of consumers refuse to go cashless ther empower financial executives.
"Responding to client demand for
Travelex, a foreign exchange and money transfer specialist, released its study a better international payments
on attitudes about cash and other payment technologies, Titled Do we really
want a cashless society?, the study looks at cash and cashless technology usage experience and to support a grow-
ing trend for global trade, Kyriba's
in four markets – the U.K., Australia, Brazil and South Africa – indicates that
a cashless society may not be a realistic ambition: the survey revealed an partnership with WorldFirst will
streamline payment processes,
increase the speed and transpar-
ency of cross-border payments, and
also reduce the transfer fees associ-
ated with international payments
and FX transactions," Kyriba noted.
Mastercard, Microsoft aim to
advance digital ID innovation

Mastercard and Microsoft Corp.
formed a strategic collaboration to
improve digital identity manage-
ment. "Currently, verifying your
identity online is still dependent
on physical or digital proof man-
aged by a central party, whether it's
your passport number, your proof
of address, driver's license, user
credentials or other means," the
partners said. This dependence can
place a huge burden on individuals.
Together, Mastercard and Microsoft
aim to give people a secure, instant
way to verify their digital identity
with whomever they want, when-
ever they want.

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