A library of snippets
xxx
Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance.
The ‘Pay by Bank’ facility will be provided by Tesco Bank and enabled by Mastercard’s Open Banking Connect™ service. It allows Mobile and Online credit card customers to make payments directly from their current account via electronic payment services.
xxx
xxx
“Even where a crypto-asset would qualify as a MiFID II financial instrument (the so-called ‘security tokens’), there is a lack of clarity on how the existing regulatory framework for financial services applies to such assets and services related to them. As the existing regulatory framework was not designed with crypto-assets in mind, NCAs [national competent authority] face challenges in interpreting and applying the various requirements under EU law.”
From Leaked document: EU Commission aiming for a front position on crypto regulation – The Tokenizer:
xxx
xxx
The decision to make Aadhaar just a number has greatly contributed to the goals of cost reduction, determination of uniqueness, inclusion of the poor and in enabling Aadhaar to become a digital ID platform, rather than a standalone smartcard. There are multiple reasons for the success of this design.
xxx
xxx
Dhuri said specific information unique to each animal like the footprint, height, weight, colour and tail hair is recorded in the software.
“These details are then fed into the system, which generates a unique code to each cattle. Once the codes are uploaded in the system, they are then made available to all across the country. This unique ID allotted to each cattle is very useful when insuring cattle,” Dhuri said, adding that details of the software will be made available to the public in the next few days.
From Cows on cloud: Unique digital identity for cattle | Goa News – Times of India:
xxx
xxx
Dairy farmers who have an android phone can download the app and get all information pertaining to cattle. The app has been developed by two Belagavi-based software engineers – Prasad Desai and Sujit Hukkerikar.
“Prime Minister Narendra Modi had appealed for a proposal to digitise cattle in a bid to curb cattle theft in the country. Responding to this appeal, these two young software engineers developed this software and submitted it to the Union ministry of fisheries, animal husbandry and dairying and it was appreciated by the Prime Minister,” Raghunath Dhuri, a retired Veterinary officer, said.From Cows on cloud: Unique digital identity for cattle | Goa News – Times of India:
xxx
xxx
Third-party research commissioned by Square shows that 51% of small business owners support government bans on cashless businesses, that 83% of small business owners in America never plan to go cashless, and 73% believe the U.S. will never be a fully cashless society.
From Is the U.S. on Its Way to Becoming a Cashless Society?:
xxx
xxx
For example, Travas Clifton, owner of ModCup Coffee and a Square seller, has seen the benefits of being cashless first-hand at his three New Jersey cafes. When he learned that 81% of transactions across all locations were made with credit or debit cards, he decided that the remaining 19% of cash transactions were worth potentially risking to gain more time with his family and business. “An hour and a half [away from my shop to deposit cash] at 9 AM in the coffee business is valuable business time. That means I could be at one of my espresso bars serving people coffee. Instead I am having to hire someone to take my place at the bar. What I’ve realized is that [cash is] the same as a credit card, it’s costing me money to process so I said, scrap it, we’re going cashless” explains Clifton. Turns out, most of his customers were fine with the switch.
From Is the U.S. on Its Way to Becoming a Cashless Society?:
xxx
xxx
Businesses that refuse cash put at a disadvantage people who lack traditional bank accounts or can’t qualify for credit cards, consumer advocates say. About one-fourth of American adults were unbanked or underbanked in 2019 — meaning they lacked a bank account or had one but also used alternatives like check-cashing services, the Federal Reserve found. Those consumers are more likely to be in a racial or ethnic minority group, have lower incomes and be less educated.
From Who Gets Hurt When the World Stops Using Cash – The New York Times:
xxx
xxx
In fact, some state and local governments are forcing businesses like restaurants and retail shops to continue accepting cash — concerned that cashless businesses effectively discriminate against consumers who do not have bank accounts or credit cards.
New York City will require most stores and restaurants to accept cash as of Nov. 19, joining cities including San Francisco; Berkeley, Calif.; and Philadelphia, all of which mandated acceptance of cash last year. New Jersey required acceptance of cash statewide in 2019, and it has been illegal for businesses to refuse cash in Massachusetts for decades. Many other cities and states are considering similar steps.
From Who Gets Hurt When the World Stops Using Cash – The New York Times:
xxx
xxx
Joe Williams, the card’s original mastermind, had assumed that collections would be a breeze, late payments would never cross 4 percent, and existing bank credit systems would work. Instead, his optimistic projections did not hold. Simply giving people credit cards created far more bad debt than Bank of America had ever seen (on a customer % basis). Delinquencies were over 20 percent. Merchants hated paying 6 percent fees. Criminals quickly figured out how to replicate the cards, and fraud grew out of control. Less than two years after the Fresno drop, Williams quit. The credit card almost died then and there.
xxx
Snippings