Snippings

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“Evidence from Norway indicates that in 2007, 40 percent of Norwegian adults checked somebody’s tax information online, higher than the penetration of Facebook in Norway. Anonymity of the snooper was removed in 2014, and visits fell dramatically (88 percent by one measure), but still you can imagine paying others to snoop for you or the information eventually getting out over time.”

From “Tax Returns Shouldn’t Be Filed in Public – Bloomberg”.

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Bundesbank, which now calls for a European alternative for Apple Pay and Google Pay

“der Bundesbank an, die nun eine europäische Alternative für Apple Pay und Google Pay fordert.”

From “Apple Pay und Google Pay: Bundesbank will europäische Alternative”.

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Although both my bank and credit card provider swiftly cancelled the stolen cards, reassuring me that no one had emptied my account or used up my credit facility, and saying they would issue new ones, it now means I am temporarily cashless.

From Cashless society? Fine… until you lose your wallet as our Personal Finance editor found out | Daily Mail Online.

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According to the report obtained by the Associated Press, as many as 17.5 million ticket purchases were blocked last year for “social credit offenses” such as unpaid taxes or fines. Other would-be travelers were barred from purchasing train tickets as many as 5.5 million times and according to an annual report from the National Public Credit Information Center, as many as 138 people were stopped from leaving the country.

From China’s Social Credit System Barred Millions from Traveling in 2018.

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Now Business Minister Heather Humphreys has warned that there are fears that ATMs might have to be removed from the streets of in rural towns and villages.

From ATMs might have to be taken off the streets after cash machine raids, Business Minister Heather Humphreys warns – Irish Mirror Online.

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Losses due to ATM related physical attacks were €36 million, a 16% increase from the €31 million reported during 2017… These figures do not take into account collateral damage to equipment or buildings, which can be significant and often exceeds the value of the cash lost in successful attacks.

From ATM Physical Attacks in Europe on the increase | Secure Transactions.

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The Chinese have, to an extent, leapfrogged the credit and debit card revolution that overtook advanced economies in the last century, with most of new adopters using mobile technology to go cashless… almost two-thirds of online sales and more than one third of payments in stores were now made through leading mobile wallet operators including Alipay and WeChat Pay.

From China’s march to be the world’s first cashless society: China Daily contributor, East Asia News & Top Stories – The Straits Times.

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In the years since the crisis, global shadow banks have seen their assets grow to $52 trillion, a 75% jump from the level in 2010, the year after the crisis ended.

From Shadow banking is now a $52 trillion industry and posing risks.

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However, forcing store owners to deal in cash restricts their ability to design the shopping experience as they see fit and may saddle them with unwanted financial and security costs.

From The War on Cashless Stores | AIER.

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Incumbent banks should not rely on central banks to come to their aid should the financial landscape become disrupted by new payment service providers, one of Europe’s senior central bank officials has warned.

Speaking alongside a panel of experts at the Spring World Bank and International Monetary Fund meetings on April 10, Benoît Cœuré said the European Central Bank was “not in the business of helping banks”.

From Central banks will not rescue firms from future of payments – ECB’s Cœuré – Central Banking.

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