Polar Moment's Payments Perspective: November 2024

Welcome to the November edition of Polar Moment’s Payments Perspective! This month, we discuss the latest developments in the global payments landscape, from transformative government initiatives to funding milestones that will define the future of digital transactions.

Treasury Committee Investigates Cash Acceptance

The UK’s Treasury Committee is examining the challenges posed by declining cash usage. The Bank of England has raised concerns about rising infrastructure costs as cash transactions dwindle. This could cause problems for businesses and consumers who still rely on physical currency.

This investigation will explore the implications for financial inclusion, especially for vulnerable groups. It will consider policy measures to ensure continued access to cash while supporting the broader transition to digital payments. Find out more here.

National Payments Vision: a Strategic Leap for the UK

The UK government unveiled its National Payments Vision (NPV) earlier this month. This comprehensive strategy aims to revolutionise the payments landscape by fostering innovation, enhancing security, and promoting financial inclusion. The NPV outlines plans to modernise payment systems, encourage collaboration between fintech firms and traditional banks, and reduce barriers for SMEs entering the digital payments space.

Key goals include bolstering consumer confidence in emerging payment methods and reducing reliance on outdated infrastructure. As the UK positions itself as a leader in financial innovation, the NPV represents a step toward a future-proof, resilient payments ecosystem. Find out more here.

Polar Moment Expands Influence in Cashless Payments

On 19^th November 2024 Latitude 91 Ltd. (parent company of Polar Moment) announced the acquisition of full ownership of Game Payment Technology (GPT). This makes GPT a wholly owned subsidiary of Latitude 91. Polar Moment’s work with GPT has introduced groundbreaking technology that brings cashless functionality to gaming and amusement machines.

As cash use declines, the success of the Game Payment solution could serve as a model for other cash-dependent industries, such as vending, transportation, and event ticketing. A seamless transition to cashless solutions can address regulatory restrictions, improve customer experience, and secure revenue streams. Polar Moment and GPT are positioned to lead the charge in transforming cash-based industries through digital payments. Find out more here.

SIX Group Acquires Aquis Exchange

SIX Group, a Swiss stock exchange operator, has agreed to acquire Aquis Exchange, a leading UK-based capital markets firm. This acquisition will enhance SIX Group’s presence in the European trading ecosystem, integrating innovative trading solutions with its robust infrastructure.

The move reflects a trend of consolidation in financial markets as firms seek to leverage synergies and expand their global reach. For Aquis Exchange, this partnership offers an opportunity to scale its innovative trading technology across new markets. Find out more here.

Stay tuned for the next edition of Polar Moment’s Payments Perspective, which will be published slightly later than usual due to the holiday season. In the meantime, we hope this season brings you joy, relaxation, and the opportunity to reflect on a year of accomplishments. From all of us at Polar Moment, have a Merry Christmas and a prosperous New Year!

Click subscribe to receive next month's edition of Polar Moment's Payments Perspective straight to your inbox!

Get In Touch

At Polar Moment, we are committed to delivering payments consultancy and software development services that drive tangible business results. Whether you need strategic advice, technical implementation, or training, our team is here to help. Contact us today to discuss how we can support your business.