From 1st march, all federal benefits in the US are to be paid electronically. The news comes according to a rule from the U.S. Department of the Treasury.
Electronic payments aim to add convenience, security and safety to Social Security instalments. According to Prescott News, nine out of ten people already receive payment electronically. However, the initiative is significant in signalling a complete move away from paper to digital.
We are witnessing similar moves from governments worldwide as the financial benefits of switching to digital are realised. Electronic payments are said to save the taxpayers USD120m a year as paper costs are eradicated.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.