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  • Sun, July 08, 2018 4:50 AM | Deleted user

    What a great idea! Or is it? Mr. Harris clearly offers an example of career ownership, insofar as he’s described to take a job he didn’t love explicitly to donate more money to charity. It’s also a strong example of seeing career success on your own terms rather than looking for orthodox career advancement. But how generalized is the idea? Julia and I came up with the following checklist of questions.

    What’s your present situation? 

    Mr. Harris appears to have been a single man with few debts or responsibilities, so that he could begin giving money to charity from the beginning. How does that compare with your situation? Do you have student loans or similar debts to repay? What about early career investments like buying a home and establishing a family, or having young or elderly dependents, or supporting your children’s education?

    When can you start? Perhaps you can look ahead and see debts declining and income rising to the point where you can make a choice like Mr. Harris did? If so, perhaps you can make a commitment to start making substantial charitable donations in the future, and build that idea into your future financial planning? Who else will you consult with, and what might your spouse or significant other and family members have to say?

    How about getting rich first? 

    This approach mirrors that of Bill Gates and Warren Buffett in pledging their fortunes to charity. However, these are cases of people becoming extremely wealthy before making a pledge. Would you like to follow in their footsteps? Or, might you be willing to do so at a lower level of savings? If so, how would you go about determining what that level will be?

    What about your identity? 

    Mr. Harris soon gave up on his original idea and choose to work for a lower-paying charity. We can imagine him feeling much more satisfied with his daily work as a result. Doing what you see as socially valuable work first-hand is likely to feel different than doing a job you don’t like, then paying someone else to deliver social value.

    What about your colleagues? 

    An extension of the above point concerns the people you work with. Mr. Harris went from a group of derivatives traders to a group of concerned citizens. No disrespect to derivatives traders, but there’s a suggestion he went from beating the system to changing the system. There’s also a suggestion he had more fun with his new colleagues by doing so.

    What do you think? 

    As a career owner in a unique career situation, do you have an opinion you would like to share, or a question you would like to ask? Is this a subject that calls for wider conversation?

    Source: https://www.forbes.com/sites/michaelbarthur/2018/07/03/save-the-world-by-making-money/#eb416e125cba

  • Fri, July 06, 2018 5:06 AM | Deleted user

    Bitcoin was trading up 4.85% Monday morning after a bullish weekend for the digital currency.

    Track bitcoin in real-time here.

    Bitcoin was trading up 4.85% Monday morning after a bullish weekend for the largest digital currency by market capitalization.

    Bitcoin, which is known for its wild price swings, soared to $6,646 after a $200 pop around 9 a.m. ET, according to data from Markets Insider. That's its highest price in nearly 10 days, as the coin has climbed from its recent bottom near $5,900 hit on June 24.

    Since the beginning of 2018, the market for digital currencies has been under pressure, hitting a year-low in market cap of close to $230 billion on Friday. Autonomous NEXT, the financial-technology research firm, estimates recent market woes are tied to the initial-coin-offering market, the crypto-based fundraising mechanism.

    "ICOs were the reason the crypto prices shot to the moon last year, and they are also (part of) the reason why we are now seeing a prolonged weak market," the research group said in a note Monday morning.

    Autonomous' hypothesis suggests companies that raised funds at the end of 2018 for ICO projects are now selling off the ether they raised in order to pay employees.

    Still, the market was making a roaring comeback Monday with ether up close to 4% at $471 and bitcoin cash trading up 6.5% at $786.

    Mati Greenspan, a senior market analyst at eToro, said in a note out Monday morning that crypto charts show "several positive progressions" for bitcoin.

    "The most obvious is the break above the downward channel that we've been tracking," Greenspan wrote."The price has managed to sustain above $6,250 all weekend but is yet to show if the breakout is real or false."

    He added, "The second is a double bottom that can be seen as the price reached the lowest price of the year ($5,780) on two separate occasions (purple circles) but didn't go any lower."

    Source: https://www.businessinsider.in/Bitcoin-is-making-a-comeback/articleshow/64831097.cms

  • Thu, July 05, 2018 12:28 AM | Deleted user

    Sweden leads the world in cashlessness. In doing so it also leads the world in opening its citizens up to fine-grained financial surveillance. “Cashless society” is a euphemism for a “bank payments society”, in which every transaction must be passed through a complex of banks, card companies, phone providers and payments apps.

    In granting financial corporations complete control over the money system, our every economic interaction ends up logged in their databases for analysis. Sweden may end up being the first society in which every private economic action is recorded.

    Cashlessness is often presented as natural “progress”. Indeed, a recent BBC article about Sweden’s digital payments fetish asks: “So how did the Nordic nation get so far ahead of the rest of us?”.As if cashlessness is a state we are all willingly racing towards.

    Commentators often suggest the phenomenon is driven by “consumer demand”. It’s partially true. Ask a room of people to raise their hands if they wish to be able to use digital payment, and most will do so. But if you reframe the question as “Do you want to not have the option to use cash?” people are more hesitant. We like new options, but we don’t like having options removed.

    Automobile evangelists in the early 1900s pitched cars as the transport of the future, superior to other forms, such as horse-drawn carriages. The bicycle, though, has remained stubbornly persistent, despite the car’s greater speed, distance and carrying capacity. That’s because the bicycle is more efficient in certain contexts, and requires lower maintenance. Cars have come to cause congestion, pollution, accidents and urban sprawl, and nowadays we see the simple bicycle as one solution to the problems caused by the “superior” car.

    So it is with cash. The digital payments industry tries to cast cash as the horse-drawn carriage of payments; but cash is the bicycle, more flexible, resilient and convenient in certain settings, especially informal ones.

    People don’t “want” cashlessness any more than they “want” a society where you’re allowed to use cars only. And once people glimpse the dark side of bank digital payments – with surveillance, massive increase in financial cybercrime, and exclusion of people who cannot access the formal banking system – they will probably want cash to remain.

    There are, however, certain institutions – banks, payments companies, and governments – that really do want the death of cash. They are waging a war on cash, publicly smearing it as an outdated social evil while contrasting it against a romanticised vision of digital payments. Most ordinary people do not see cash as a “social evil”. They see it as a normal public utility. Private companies, though, see public utilities as competition. The only reason Visa ran its “cashfree and proud” campaign is because Visa loses revenue when you use cash.

    Engineering public consent for cashlessness is a subtle process. People may indeed enjoy a new payments app or contactless card, but financial institutions then use that to justify the gradual removal of the cash infrastructure – such as ATMS – in order to deliberately make cash harder to use. This feeds back, making digital seem relatively more convenient, “inspiring” more people to choose it.

    A similar self-fulfilling feedback loop can be seen in the European commission’s recent inquiry into implementing cash thresholds that would set limits on the size of cash transactions. Thresholds seemingly strike a compromise, hindering criminal groups, which may use large cash transactions, while having minimal impact on legitimate businesses, which use small cash transactions. Nevertheless, if you wanted to slowly create a cashless society, thresholds would be the ideal way to incrementally implement it. By gradually lowering the threshold over time, authorities slowly wean people off cash by making it increasingly harder for them to use it. It acts as a ratchet mechanism, pushing them into the arms of the digital payments industry.

    Maybe I’m wrong. Maybe ordinary people in Sweden do passionately desire cashlessness, and have driven it themselves. Maybe they are not aware of the downside of digital payment, or don’t care because they have relatively high levels of trust in their government and financial institutions. But this issue goes beyond Sweden. The Indian government recently tried to force-feed cashless society to its citizens through its botched demonetisation programme, which hit the poorest Indians hardest.

    And then there is the rapid digitisation of China’s money system. Two services, WeChat and Alipay, have gained massive ground in mobile payments. There are enormous surveillance implications to having hundreds of millions of transactions being routed through two companies that the Chinese government has access to. Payments are one of the last data frontiers. Your Facebook profile presents your public persona, but in your private payments you “put your money where your mouth is”.

    States having access to your payments data opens up potential for economic censorship. Want to disrupt a major protest in a country where everyone uses two major payments providers via phone apps that give location data? Order the companies to not process payments from any phone within the protest area.

    Corporations too are drooling over the potential to monitor customer payment data. They can pass it through their machine-learning systems to understand your traits and manipulate you with ever-increasing levels of subtlety.

    This is the world we celebrate when we congratulate Sweden for locking itself into a cage of digital payment. Maybe we should be more circumspect.

    Source: https://www.theguardian.com/commentisfree/2017/sep/13/cash-digitise-payments-money-cashless


  • Wed, July 04, 2018 7:31 AM | Deleted user

    Big Data offers the enterprise a world of opportunity to improve processes and save money. But the aggregation of troves of data points is a monumental task – let alone sorting, analyzing and making sense of that information.

    The potential cannot be ignored, however – particularly in the finance department, where information from accounts payable, accounts receivable, treasury and accounting hold the keys to insight into cash flow, predictable payment behavior and new opportunities to boost the bottom line.

    The issue, said Alexander Rinke, co-founder and CEO of Big Data company Celonis, is that oftentimes, businesses approach the analytics process by relying on static data points. While the information is there, the process by which organizations try to access it is flawed.

    “Fortunately for almost all big businesses,” Rinke recently told PYMNTS, “there is a data stream that’s already being created and aggregated within their IT systems, documenting every action that takes place, called event logs.

    “These ‘digital footprints’ are ubiquitous and can be leveraged to create a clear picture of what’s really happening within an organization’s financial processes, no matter how many IT systems are linked together,” he added.

    A relatively new type of data analytics software, called process mining, uses these logs to “visually reconstruct a business process, instantly exposing problems like bottlenecks, patterns of rework activities and dangerous noncompliance,” Rinke explained.

    What that means for financial processes like accounts receivable and accounts payable is a view of data in context, rather than isolated data points.

    “Data within AP and AR systems used to be difficult to analyze because static data points don’t always tell a story,” said Rinke, “but with process mining, organizations can finally see their information within the context of a process.”

    He noted that other types of analytics technologies are not necessarily able to identify problems unless analysts know to look for them.

    A 2014 survey from treasury management software company Kyriba found that 65 percent of corporate treasurers say they are challenged by a lack of visibility into cash forecasting data inputs, making it their largest forecasting challenge. More recently, corporate T&E software firm Coupa found that the majority of chief financial officers lack full visibility into company spend.

    Without a full picture of financial data in context, executives cannot know where to look for a problem, let alone identify one, said Rinke.

    “The problems that you’re unaware of can be the most insidious, because you can’t solve a problem that you don’t know exists, and that’s where analytics solutions like process mining fit in,” he said, adding that traditionally, process improvement initiatives have required manual interviews and workshops for analysts and consultants to uncover inefficiencies in various business processes.

    Today, businesses of all sizes are still challenged by the prospect of making sense of Big Data.

    A report by SAP published last September found that 74 percent of corporates surveyed acknowledged that agility is limited because of the size of their data landscape; 86 percent admitted they know they aren’t getting the most out of the data available within the enterprise.

    “Our customers are some of the biggest enterprises in the world, and these global organizations are constantly dealing with a near-incomprehensible degree of complexity in their processes,” said Rinke.

    “Up until now, it’s been an enormous challenge for businesses to get a singular view of their financial processes,” he continued. “Even the most efficient and well-designed processes at reputable firms can contain variations that lose them tons of money and cause big headaches.”

    Mergers and acquisitions, system upgrades and consolidation of IT source systems can also add to this struggle, contributing to a lack of visibility into financial processes like supplier payments and company spend.

    That complexity has corporates missing out on money.

    Failing to strategically use the information within IT systems has a significant impact on corporates’ bottom lines, he said, and opportunities like capturing early invoice payment discounts, or identifying frequent late-paying customers, are missed “a lot more often than they should, and certainly more often than anyone wants them to.”

    Process mining has the power to identify far more than payers with a habit of settling the bill too late. The technology is increasingly strengthening compliance and risk mitigation in the enterprise, too, but with companies continuing to struggle with an overwhelming volume of data, it’s also exposing their companies to additional risk.

    There is an upside to this problem, however: Rinke noted that today’s technological landscape is sophisticated enough to empower the C-suite, with the ability to identify patterns in their finances.

    “We have seen businesses identify and prevent six-figure accounting errors from happening within the first week of getting started with process mining, simply by looking at their processes with total transparency for the first time,” Rinke noted.

    “It should frighten business leaders to think that a pattern of recurring billing mistakes or missed discounts could potentially cost them millions of dollars,” he continued. “But it should comfort them that there are out-of-the-box solutions readily available to stop this sort of thing from happening.”


    Source: https://www.pymnts.com/news/b2b-payments/2018/celonis-process-mining-data-analytics-ap-ar/


  • Wed, July 04, 2018 6:33 AM | Deleted user

    Cash is dying. Long live plastic. Love them or hate them, you probably can’t do without them. In 2012, the total value of credit card transactions in the U.S. alone was $2.48 trillion. In the same year, two-thirds of all in-person sales were made with plastic, while only 27% were made with cash.

    Credit Cards are everywhere. They are used to buy just about anything, and they are here to stay. So it’s smart to learn a little about how they work. Here are 20 surprising facts you didn’t know about credit cards.

    Your credit card doesn’t really have an expiration date.

    Yes, I know it says so on your card, but you could continue using it after the expiration date. Ever notice how the number on your replacement card is the same? The expiration date on your card fills two main purposes. First, it is an estimate of the lifetime of your credit card and gives your credit card issuer a date to send you a new card. Second, it is used for online and over-the-phone purchases when the merchant cannot see your card. Asking for the expiration date allows the merchant to confirm you are the owner of the card and have it in your possession.

    There are enough credit cards in circulation to span the earth over 3.5 times.

    According to the financial reports of the three largest credit card companies in the world, there were over 1,635 million cards in circulation in 2013: Visa had 800 million, Mastercard had 731 million, and American Express® had 104 million. If you placed all those cards side by side, you could span 86,981 miles: the equivalent of three and a half trips around the world.

    The largest private antitrust settlement in history was over credit card fees.

    In December 2013, U.S. District Judge John Gleeson approved a $5.7 billion over Mastercard and Visa swipe fees. The initial settlement was higher, $7.2 billion, but it shrunk down to a measly $5.7 billion when 8,000 merchants – including Amazon and Wal-Mart – chose to drop out of the deal.

    The second largest antitrust settlement was also over credit card fees.

    The second largest antitrust settlement ($3.7 billion), was also over Visa and Master Card fees. For a great read on how this landmark case ended the monopoly the Visa and Mastercard credit cartel had on retailers, read “Priceless,” which was written by Lloyd Constantine: the very lawyer who represented the group of merchants (which included Sears!) during the court case.

    Sears is one of the founding fathers of plastic.

    It is hard to believe now, but Sears was once American’s golden retailer. The arrival of Sears catalogue was a special day in many households and the Christmas catalogue was what children’s dreams were made of.

    According to Charles R. Geisst’s book, “Collateral Damaged: The Marketing of Consumer Debt to America,” Sears devised the first retail store card back in 1911. The card continued in service until 2003, when Citigroup bought Sears’ card and its membership list. Sears also launched the Discover Card. It was announced during the 1986 Super Bowl. That was one year before American Express® launched its first credit card, when Mastercard and Visa controlled the entire credit card business.

    The first credit card could only be used in New York restaurants.

    In 1950, Frank McNamara, head of Hamilton Credit Corporation, founded the Diners’ Club Card: the first card that could be used in multiple locations. He had the epiphany of starting a credit card company after a business meal at the Major’s Cabin Grill, a popular New York restaurant. Before going to the restaurant, he had changed suits and left his wallet in his other suit (that was his excuse anyway). When he realized he had forgotten his wallet, he though about how useful it would be to have a card you could use instead of cash.,

    I know it doesn’t make sense. He would have been in the same pickle even if he had owned a credit card because it would have been in his wallet, but that’s how the story goes. In any case, Diners Club card was an instant hit. Although it could only be used at 28 restaurants and two hotels, it became a status symbol among the New York’s business elite, and grew to 10,000 members within the first year.

    The creator of the first credit card thought credit cards were just a fad.

    Although McNamara had the vision to see how convenient credit cards could be, he still thought credit cards would be just another fad. He sold his share in Diners Club for $200,000 – the equivalent of $1.6 million in today’s money. By the mid-1960s, Diners Club had 1.3 million cardholders and was accepted throughout the world.

    The first general-purpose credit card was sent as junk mail.

    In 1958, Joseph P. Williams, a Bank of America employee, had the bright idea of mailing 60,000 genuine BankAmericard credit cards to people in Fresno, California. The cards, which were made of paper and had a preapproved credit limit of $300, were totally unsolicited. By October 1959, Williams had managed to distribute 2 million credit cards to people all over California. Unfortunately for Williams and Bank of America, 20% of all credit accounts became delinquent, which meant Bank of America lost $8.8 million during the launch of the new card and Williams lost his job. Today, mailing unsolicited credit cards is illegal, although sending pre-approved applications is just fine.

    Credit card companies spent around $80 to acquire you as a customer.

    Credit cards spend an average of $80 in marketing and administrative costs to acquire every new customer, according to a 2014 report by the Database Marketing Institute. As long as customers keep their cards, credit card companies don’t mind. Every customer provides an average return of $120 a year.

    In 2012, 40% of households depended on their credit cards to pay for basic living expenses.

    You already knew Americans are addicted to credit cards, but you probably didn’t know quite how dependent we are on plastic. According to Demos’ 2012 National Survey on Credit Card Debt of Low-to Middle-Income Households, 40% of households used their credit card to pay for rent, mortgage bills, utilities, insurance and groceries. Not because they wanted to earn points but because they didn’t have enough cash to pay for basic living expenses.

    Standard credit card interest rates are illegal in most states.

    State usury laws limit the maximum interest rate a financial institution can charge. For instance, in Alabama it is 6%, in California it is 7%, and in New York it is 16%. However, thanks to the 1978 Supreme Court ruling on Marquette National Bank of Minneapolis vs. First of Omaha Services Corp, state usury laws don’t apply to national banks.

    Credit card companies place their headquarters in states with lax usury laws.

    The Supreme Court ruling on the Marquette National Bank of Minneapolis vs. First of Omaha Services Corp case allowed banks to charge their customers the interest rates allowed in the states where the banks had their headquarters. You know what happened. Credit card companies felt the sudden need to move their headquarters to states with extremely lax usury laws. Which is why Citibank has its headquarters in South Dakota (36% interest rate cap), Capital One is in Virginia (no cap), and Bank of America, Morgan Stanley, and HSBC are in Delaware (no cap).

    Your maximum liability for unauthorized credit card use is $50 per card.

    The Fair Credit Billing Act, or FCBA, sets a limit of $50 on your liability for unauthorized use of your credit cards, regardless of how much thieves steal from your account. It gets even better. If the fraudulent transactions are charged after you report your card stolen or lost, you are not even responsible for the $50. However, if your debit card is stolen and you don’t report it immediately, you are screwed.

    Women are more likely to pay late fees and carry a balance on their credit card.

    According to a 2012 report by the FINRA Investor Education Foundation, women are more likely to engage in costly credit card behaviors, such as carry a balance on their card, incur late fees, and make only the minimum payment on their balance. The same study reported that women consistently scored lower than men in financial literacy. When only men and women with high financial literacy were surveyed, the gender gap disappeared.

    The first two digits on your credit card identification number identify the type of industry that issued the card.

    If your credit card number starts with a 1 or a 2, it was issued by an airline. Number 3 is for companies in the travel and entertainment industry; all American Express® and Diners Club cards start with a 3. Numbers 4 and 5 are for banking institutions. If it starts with a 4, you have a Visa card. Number 5 is for Mastercard. Number 6 is for merchandising and banking; 7 is for gas cards; 8 is for telecommunication companies; and 9 is used for national assignments.

    Check out this handy little infographic for what all those numbers on your credit card mean.

    If your credit card company decides to increase your credit card’s interest rate, you can say no.

    Credit card companies don’t advertise this, but under the Credit Card Accountability and Disclosure Act, also known as CARD Act, you have the right of refusing to pay a higher APR. Ask them nicely and they might agree to keep the old interest rate, but make sure you get that agreement in writings. A more probable outcome, however, is that your credit card provider will lower your line of credit, hike your monthly minimum payments, or just cancel your credit card. Even if your credit card gets cancelled, you still get a minimum of 5 years to pay off your balance at the old rate.

    You can validate a credit card just by adding it’s numbers.

    By following the Luhn algorithm, a simple checksum you can easily check a credit card number is valid. This is how it works. Starting from the right, double every other digit on your credit card. Now, add the doubled digits to the ones you didn’t double. Note that if you have a double digit number such as 15, you must use the sum of its digits. For instance, 15 is 1+5=6. If the total sum is divisible by 10, it is a valid number. This method only protects against accidental errors, such as transposing the order of the numbers when reading them out over the phone. It was not designed to protect against sophisticated criminal attacks.

    Forty percent of all financial fraud is related to plastic.

    According to a 2013 report by LexisNexis, 40% of overall losses to fraud were directly associated with credit card and debit card products. In 2012, there were 12.6 million victims and $21 billion in total fraud, so credit card fraud was a pretty good business to be in, in 2012.

    Farmers started our addiction to credit and credit cards.

    Farming communities in the late 19th and early 20th centuries relied on the credit extended by the local general store because of the seasonal nature of their income. The more a community was centered on farming, the more they depended on credit. The store manager would record the amount customers owed on a ledger. As populations grew, keeping a record of customers’ accounts became harder. Stores would give customers credit cards, which at first were made of cardboard, as a way of identifying their account.

    The average US household credit card debt in 2013 was $15,191.

    Sadly, many indebted households can only afford to make minimum payments on their credit card balance. Assuming a credit card interest rate of 15.24% (average for 2013) and a minimum payment of 2%, the average household would take over 30 years to pay its debt. By the time the balance is paid off, the total amount paid — including interest — will be $39,756.

    Ok, that last fact wasn’t that surprising, but it it should be shocking that American households are spending that kind of dough on high-interest loans. The sad thing is that many of the costs associated with credit cards are avoidable when you understand how credit cards work. According to a study by University of Nebraska researchers, Sall Allgood and William Walstad, low financial literacy is an excellent predictor of whether consumers engage in costly credit card use practices, such as not paying a credit card balance in full, only making minimum payments, and exceeding an account’s credit limit.

    Ok, that wasn’t surprising either. What was surprising from Allgood and Walstad’s research is that perceived financial literacy, the level of financial literacy we think we have, was an even better predictor of credit card usage practices than actual financial literacy. In other words, people who thought they had a high level of financial literacy — but didn’t — were better at using their credit cards than those who had the same low-level of financial literacy and knew it. I’m not sure what that means, but it sure is surprising.

    Need cash in a hurry but don’t know which personal loan company you can trust? Supermoney is here to help you find the best options for all you loan needs.


    Source: https://www.supermoney.com/2014/04/credit-card-facts/


  • Wed, July 04, 2018 5:33 AM | Deleted user

    The Federal Reserve Bank of San Francisco recently released a report on cash use in 42 countries reporting that:

    Sweden has garnered attention as the poster child of cashless countries. Since the 1960s, Swedish banks have encouraged digital bank transfers, charged for checks, and invested heavily in card payment systems. The banking system collaborated to create an automated clearing house, Bankgirot, and to launch a popular mobile payments app, Swish.

    Sweden also has a cultural stigma against cash, with some Swedes associating the payment method with crime. The 2009 Money Laundering and Terrorist Financing Prevention Act required police reports to be filed for large cash transactions, and high-profile cash robberies have contributed to public wariness of cash.

    Sweden is certainly the country most often mentioned as having made the most "progress" toward becoming a cashless society.

    The idea of a Swedish Cashless Society has some well-known supporters, amongst them Bjorn Ulvaeus, one "B" in the name of the famous pop group ABBA, who once said in an interview:

    Banknotes and coins are expensive to manage, contribute to crime and are unhygienic. At ABBA the Museum, we decided from the beginning not to accept cash as payment. It has been shown to work very well.

    In today's news, I read the headline, 'One in every eight homes affected by break-ins every year.' The article talks about all possible prevention measures except one. It is the easiest to implement and absolutely the most efficient — remove the cash in society.

    At the moment, nobody has been able to explain to me what the thief is going to do with what he or she stole ... unless it can be turned into cash.

    The ABBA Museum is sponsored by MasterCard, so perhaps an anti-cash stance can be regarded as understandable. In any event, Ulvaeus mentions home break-ins when elaborating his negative views on cash. There is a public perception that one reason he started his anti-cash campaign is that his own son's apartment in Stockholm was broken into twice.

    It is perhaps worth noting rumors that Björn Ulvaeus had been personally sponsored by the large card schemes to act as an "ambassador" for the anti-cash campaign in Sweden. When these rumors appeared in the media, Björn largely vanished from the scene.

    In any event, it is certainly not only the ex-ABBA crooner who is against cash.

    Since 2006, the trade unions in Sweden have been anti-cash in a big way. The unions forced the banning of cash for payment of bus fares, raising concerns about driver safety and declaring that handling cash had become a "work environment problem."

    This might be seen as an odd concern to have in relatively untroubled Stockholm, when, for example, buses in a city such as Los Angeles still accept cash for fares.

    Ironically, this happened because cash use by bus passengers had actually gone up. The Swedish gaovernment had the year before introduced a flat fare of 20 krona for any bus journey and the public were very happy to simply present a note of that denomination to meet the price of their fare.

    So much for the claim by some that the public are driving the journey towards a cashless Sweden. The public are neither driving the buses, nor the attempted headlong rush towards a cashless future.

    Later, we will examine the crime figures from Sweden to confirm, or otherwise, the impact that removing cash from the economy has had on crime.

    Some researchers are actually predicting a specific date for the death of cash in Sweden. Sputnik International reported their forecast:

    "The smooth transition toward a totally cashless society could be completed already in 2023, when shops are likely to stop accepting cash altogether," a study from the Royal Institute of Technology and the Copenhagen School of Economics suggested.

    extrapolating the decreasing use of cash against the rising cost of handling cash, researchers Niklas Arvidsson and Jonas Hedman suggested that the world's first cashless society may become reality on March 24, 2023, which they called "the most likely critical point."

    Arvidsson has his own views of why cash seems to be dying in Sweden: "At present, 97 percent of traders accept cash, but only 18 percent of consumer payments are made in cash. So it's the consumers that are the driving force".

    We shall examine later the claim made by Arvidsson that consumers are the driving force in the journey towards a cashless society. That was certainly not the case in relation to the use of cash to pay bus fares. For now, we will simply welcome that he acknowledges that 97 percent of Swedish traders still accept cash.

    There are many financial services conferences each year. Frequently at such events, one or other of the highly paid consultants, who seem to crisscross the planet preaching the merits of a cashless society, will rise to their feet to talk about how difficult it is now to use cash in Sweden. Arvidsson neatly rubbishes that claim.

    In addition, the Swedish Riksbank has, as recently as 2016, rejected the claim that the public is driving the country towards a cashless state, as reported by Computer Weekly:

    Björn Segendorf, adviser at Riksbank's financial stability department, told Computer Weekly that the move [to ensure cash services are available to the public] is important in the face of rapid structural change in the Swedish payments market. [Cashless advances] have been beneficial, but as with every change there are certain groups who experience problems," he said. "We see the supply of cash services being too small, and that is what we want to address with this proposal."

    Of course, Riksbank itself had made several decisions years before that quickly led to a reduction in public access to cash. Such decisions included delegating cash management to a subsidiary of the commercial banks in 2005 and, later, sanctioning the closure of cash handling at Swedish Post Offices.

    It is not clear at this stage whether the intervention of Sweden's central bank will block the path leading to a cashless future. For now, we will simply note that Sweden's apparent move towards becoming the planet's first cashless state is clearly neither accidental, nor simply the outcome of choices made by the Swedish public.

    A far from accidental journey towards a cashless society. Read the full report here.


    Source: https://www.mobilepaymentstoday.com/blogs/a-closer-look-behind-swedens-cashless-crusade/


  • Mon, July 02, 2018 1:38 AM | Deleted user

    Dozens more companies—including big banks, retailers and start-ups—have begun to adopt Apple's mobile payments platform, the tech giant told The New York Times on Tuesday.

    SunTrust, Barclaycard, USAA, TD Bank and Commerce Bank are among the financial companies that have signed up for Apple Pay, the Times reported. Retail companies that accept the service now include Staples and chain grocers such as Winn-Dixie and Albertsons.

    The dozens of new clients give Apple Pay some reinforcements in the mobile payments fight brewing between a collection of big companies such as Google, Verizon and AT&T. A consortium of retailers, including Wal-Mart, Rite-Aid and CVS, are also working on their own mobile payments platform.

    "Apple doesn't release actual numbers in terms of how many people are using the the Apple Pay service, but Apple's CEO, Tim Cook, has said that about 1 million people had registered their card in the first 72 hours of being available but whether people are using it on a day-to-day basis remains to be seen" Dan Costa, editor-in-chief of PCMag.com, told CNBC.

    According to the Times, Whole Foods said it had processed more than 150,000 Apple Pay transactions since adopting the service in October. McDonald's said that Apple Pay accounted for 50 percent of its tap-to-pay transactions in November, the newspaper reported.

    "Retailers and payment companies see Apple Pay as the implementation that has the best chance at mass consumer adoption, which has eluded prior attempts," Patrick Moorhead, president of Moor Insights & Strategy, told the Times. "They believe it will solve many of the problems they had before with electronic payments."

    Erika Santoro

    Source: https://www.cnbc.com/2014/12/16/apple-just-got-reinforcements-in-mobile-payments-battle.html

  • Thu, May 17, 2018 3:22 AM | Deleted user

    World Finance Council

    Phone: +1 408 597 4074

    Email: media@worldfinancecouncil.org


    After the successful Edition of Fintech Dubai 2018, we are glad to World Finance Council is glad to announce our upcoming conference ''Payments Summit 2018" on October 24-25, 2018  at Omni Hotels & Resorts, San Francisco, USA.

    The Conference is divided into panel Discussion and one Workshop. 

    This Summit will run for two days starting from October 24, 2018 till October 25, 2018. The conference agenda is divided into 8 sessions with two panel discussion in each session. The sessions on Day 1 include Future of Cashless World, Technology and Innovation, IOT on Payments, Cyber-security in Payments, Policy and Regulation , Real Time Cross Border Payments, Virtual Payments. Further the sessions on Day 2 include Artificial Intelligence (AI) To Avoid Fraud, Future of Authentication, Quantum Technology, Big Data and Data Analytics in Payments, Mobile and Contactless Payments, Wallet Amounts, Partnership in Payments.

    To View more about the summit, Visit Payments Summit 2018 USA



  • Fri, May 05, 2017 3:37 AM | Azam Ghani (Administrator)

    FOR IMMEDIATE RELEASE: May 5, 2017

    World Finance Council

    Phone: +1 408 597 4074

    Email: media@worldfinancecouncil.org


    San Jose/Dubai, May 3, 2017: World Finance Council has rolled out dates for FinTech Dubai Conference & Exhibition 2018. The International FinTech conference is being organized in association with International Excellence Forum, Inc. (San Jose, USA). The conference is scheduled to begin on January 24, 2018 at Radisson Blu Hotel Dubai Deira Creek.

    The Conference & Exhibition is expected to be attended by 300+ FinTech Professionals & Experts from more than 50 countries. As per the World Finance Council, the FinTech Dubai Conference & Exhibition is expected to witness 20+ demonstrations, 40+ exhibitions and 16 panel discussions.

    The Conference & Exhibition will run for two days starting from January 24, 2018 till January 25, 2018. The conference agenda is divided into 8 sessions with two panel discussion in each session. The sessions on Day 1 include Emerging Payment Rails, Cashless World, New Market Platforms and RegTechs. Further, the sessions on Day 2 include Alternative Finance, InsurTechs, Digital Banks and Blockchain & Bitcoins.

    Mr. Azam Ghani, Director, World Finance Council said, “The FinTech Dubai Conference & Exhibition 2018 is committed to open new realms for worldwide FinTech startups. The FinTech Dubai will be a complete package of Financial Technology knowledge. It will bring together the worldwide Retailers, Enterprises, Financial Institutions, FinTech Companies & Investors.”

    About World Finance Council: World Finance Council is San Jose, California based Non Governmental Organization committed to improve finance policies and functioning by engaging public and private sectors. World Finance Council, with the help of its ally International Excellence Forum, Inc. (San Jose), provides channels to facilitate dialogue between public and private sectors, provide valuable insights and engage all finance stakeholders.

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