Payday loans and early-access features enable customers to have access to their payroll funds earlier than it would normally appear in their account. On one hand, on-demand pay allows employees to access their earnings instantly and potentially avoid taking loans. On the other hand,some concerns were expressed by the National Consumer Law Center, saying that service that advances wages and expects to be repaid later should be viewed as a loan. In addition, such services do not come free of charge, and sometimes the ‘tip’ rate can be quite hefty in comparison to the amount of the advance.
Additional concerns raised are difficulties that people may face when they will need to close the gap in their upcoming paycheck or pay fees and taxes.
In the U.S. cannabis industry is thriving,however, accepting payments is challenging since federal law classifies cannabis as illegal. Mike Eckler lists the following payment options: cash, cash & cashless ATMs, & Cryptocurrencies. The other two options P2P transfers and processing credit cards under incorrect MCCs put the merchants in even more trouble as they are in breach with the payment regulation.
It seems that there is an urgency to change the law and allow proper and regulated trade as well as payment acceptance.
In 2020: 57% of purchases were paid for with mag stripe credit cards and 25% were contactless cards as per NFCW post. The data quoted is from the study conducted by Cantaloupe in partnership with Michigan State University and is based on sales and transaction data from approximately 122,000 vending machines linked to Cantaloupe’s digital payments platform across the US.
61% of consumers in Indonesia, Malaysia, Thailand and Singapore prefer real-time payments as a favoured way to pay. This number levels up with cash payments.
56% of respondents use digital wallets requiring cash or card top-ups
30% quoted credit cards
Additionally, 54% of consumers in Southeast Asia expect their usage of real-time payments to increase when they travel abroad.
UAE Central Bank Roadmap for 2023-2026 includes:
Digital ID infrastructure
Use of technology in inspection, monitoring and insurance systems