Cashless Economy

Cybercrime is one of the most crucial problems faced by the countries across the globe these days. It includes unauthorized access of information and break security like privacy, password, etc. of any person with the use of internet.  Cyber theft is a part of cybercrime which means theft carried out by means of computers or the Internet. Read more

Financial fraud cost UK consumers £732m in 2017, with authorised push payments (APP) costing an additional £236m. UK Finance  figures report that 58% of fraud involves payment cards, opposed to 16% for online banking and 1% for cheques. “In 2018, over a third of the world’s consumers experienced debit or credit card fraud,” says Justin Hansen, security architect at Venafi. “This may have a serious impact on credit assessments, as organizations are forced into a hard choice of either excluding customers that appear risky – potentially through no fault of their own – or relaxing their...

As we embrace digital payments, the number of digital transactions is growing at an annual rate of almost 14%. Some countries, such as Sweden, are even on the verge of becoming cashless economies. This new trend has many environmental specialists wonder what the ecological impact of the disappearance of cash would be. Beyond the ethical questions posed by cashless payment solutions – liberty of choice, respect of privacy and exclusion of vulnerable people – digital economies also raise the issue of their impact on the environment. First believed to be eco-friendly, the death of cash could in...

If you want to get a coffee at Bluestone Lane, across the street from City Hall, you’ll have to bring a credit card. Along with a handful of other restaurants in town, most of them based in Center City, this high-end coffee chain does not accept cash. But Councilman William Greenlee thinks that very idea is classist. He introduced a bill that would outlaw the practice in Philadelphia, specifically citing Bluestone Lane and the fast-salad chain Sweetgreen as examples of cashless offenders. “To me, it borders on discrimination,” said Greenlee. “It [hurts] the lower income person who might not...

On an X9 bus headed toward Metro Center last week, riders quickly tapped their SmarTrip cards as they got on board. But at one stop, the line paused as a man slid dollar bills into the cash feeder. The brief slowdown illustrated why Metro planners are considering barring cash on as many as 13 express bus routes, forcing the 12 percent of bus riders who use bills and change to switch to SmarTrip cards. Critics worry that the idea, headed for a November vote by Metro’s board, will make it harder for the poor, homeless and disabled to take express buses — relegating them to a sort of...

On a recent summer day, as Steffen Kaplan strolled down a New York City street looking for lunch, he grew frustrated: The first three places he looked at were cashless, which meant his dollar bills were no good. Kaplan avoids using credit cards to prevent overspending. “It’s a great formula for staying out of debt,” he says. But it was not a great formula for satisfying his hunger. And the more he thought about it, the more frustrated he grew that eateries were declining to accept cash. “I don’t think it’s cool that you walk into a place and can’t buy anything,” says Kaplan, a social media...

New Jersey lawmakers shelved a vote on advancing a bill that would prohibit retailers from refusing to accept cash. The measure was tabled before a Senate Commerce committee hearing after the retail giants and other stakeholders expressed concerns with the bill, said State Sen. Nellie Pou (D., Passaic), who chairs the committee and is sponsoring the legislation. Consumer advocates say cashless businesses effectively discriminate against poor customers who don't have access to credit or bank accounts, and seniors who aren't comfortable paying with plastic or digital devices. Read more

For centuries, London has sustained a street-level economy where performers and vendors make a living from the spare change of strangers — but they are being forced to adapt as cash falls out of fashion. “Things are changing in London and people tend to use cards to pay for things”, Campbell said, before an afternoon gig. “That makes busking a dying art if people aren’t carrying cash any more.” Read more

United Kingdom-based electronics retailer Dixons Carphone has revealed a major data breach that involves 5.9 million payment card details and 1.2 million personal data records, according to the company’s statement and a BBC report. Dixons Carphone said that a review of its systems and data has discovered “unauthorised access to certain data held by the company”. The firm said that, while an investigation is ongoing, it has found what it is calling “an attempt to compromise” 5.9 million cards in one of the processing systems of its Currys PC World and Dixons Travel stores....