Cash crunch in the UK because of Wirecard’s collapse
Millions of people and businesses in the UK have been locked out of accounts linked to Wirecard after Britain's financial watchdog ordered the collapsed digital payments company to suspend UK operations. The Financial Conduct Authority on Friday suspended the operations of Wirecard Card Solutions after its parent company filed for insolvency in Germany following the discovery of a $2 billion hole in its accounts
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British economy contracted 2.2%, worse than expected
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Coronavirus has changed German payment behavior
Despite the technological innovation in Germany, Cash remained the king in the country as most of the small businesses were using cash as the only payment method, but Coronavirus has changed everything. It has changed German payment behavior faster than any single technology ever has. Since the onset of the coronavirus pandemic, cash payments have, for the first time, been actively discouraged in Germany
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British economy facing the deepest recession since 1706
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