BOE Tells Banks to Speed Up Digital Efforts as Cash Use Declines

The Bank of England wants British banks to find faster ways to make day-to-day digital payments with pounds, as it tries to keep a grip on money in an increasingly cashless world and keep up with progress in other nations.

Innovations that allow people to pay businesses directly from bank accounts instead of through credit and debit cards would save consumers and retailers time and money, according to a paper published Tuesday by the BOE.

It pointed in some places like Sweden and Brazil people can use a phone number or QR code to send cash through “interbank payment systems” ...