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Ukraine restricts cash use

Cashless Payments, NewsBy SMI 28/07/2015

The National Bank of Ukraine, the country’s Central Bank, has issued a press release stating that it has passed a resolution which restricts the use of cash within the country. The bank has passed a “Resolution On Setting a Cap on Cash Payment” (Resolution No. 210, dated June 6, 2013) whereby cash payments have been…

ECB releases euro counterfeit banknote info

Banknotes, NewsBy SMI 18/07/2015

The European Central Bank (ECB) has issued its latest information regarding counterfeit euro banknotes identified during the first half of 2015. The reported figures show a decrease in the number of counterfeit banknotes withdrawn from circulation during the first half of 2015 compared to the last half of 2014. In total, 454,000 banknotes were withdrawn…

Poland to Introduce 500 Zloty Banknote

Banknotes, NewsBy SMI 23/06/2015

The National Bank of Poland has reportedly announced that it will be issuing a 500 zloty banknote. The Central Bank has said that the new denomination, which will become the highest denomination in the Polish banknote series, will be issued within the next 2 years. The new note design will include a portrait of King…

Sweden introduces new banknotes and coins

Banknotes, Coin, Currency, NewsBy SMI 17/02/2015

On Monday 16 February 2015 the Riksbank, the Central Bank of Sweden, introduced its new series of banknotes and coins. It is the first series to be launched in 30 years, and the new designs include a new denomination 200 krona banknote and 2 krona coin – the 2 krona coin was last issued in…

Contactless payment limit increases to £30

Cashless Payments, News, TechnologyBy SMI 06/02/2015

From September 2015 the UK spending limit on contactless cards will increase from £20 to £30 per transaction. When the technology was first introduced the spending limit was £10, which increased to £20 following fast take-up of the payment method. The increase to £30 follows a serge in the use of contactless payments in the…

Bundesbank records 63% rise in counterfeit banknotes

Banknotes, Coin, Currency, NewsBy SMI 02/02/2015

Germany’s Central Bank, The Deutsche Bundesbank, has released their 2014 counterfeit banknote statistics which shows a large increase in comparison with 2013. The number of counterfeit banknotes removed from circulation during 2014 by banks, retailers and police authorities totaled 63,000 notes, with a nominal value of €3.3 million, a 63% rise compared to 2013. Though…

Increase in euro counterfeit banknotes

Banknotes, NewsBy SMI 27/01/2015

The European Central Bank (ECB) has released its banknote counterfeit figures for the second half of 2014, showing an increase in the number of fake banknotes withdrawn from circulation. 507 thousand counterfeit banknotes were removed, an increase of 53% compared to the first half of 2014 and an increase of 44% compared to the same…

Lithuania joins the euro

Banknotes, Coin, Currency, NewsBy SMI 02/01/2015

The new year brings a new currency for Lithuanians, as, on the 1st January 2015, Lithuania became the 19th member of the euro currency area, replacing the previous Lithuanian litas currency to the Euro at an exchange rate of €1= LTL 3.45280. Lithuanians have 2 weeks to continue paying for items using Lithuanian litas, but…

Poland leads Europe’s contactless payments

Cashless Payments, NewsBy SMI 04/02/2014

During 2013 Poland made almost 840 million contactless payments using Visa cards, making it the top country in Europe for Visa contactless payment transactions. There was an 11.3% growth in contactless payments, almost double the increase in the number of payments in general, including ATM withdrawals, which was 6.8%. Source: Warsaw Business Journal

Increase in Euro Counterfeit Banknotes

Banknotes, NewsBy SMI 15/01/2014

The European Central Bank (ECB) issued a press release this week confirming the total number of counterfeit euro banknotes which were withdrawn from circulation. During the second half of 2013 the total number of banknotes withdrawn saw an increase of 11.4% compared to the volume removed during the first half of 2013. Though this number…