Sunday, 29 January 2017

Why Your Business Should Ditch Cash - WSJ

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When Sweetgreen opened in 2008, 40% of its take was cash. By 2016, that value dropped to between 10% and 15%.

[From Why Your Business Should Ditch Cash - WSJ]

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Why Your Business Should Ditch Cash - WSJ

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After his business was robbed for the fifth time in just over three months, the owner of Park Cafe & Coffee Bar in Baltimore decided to do something that would have seemed radical for a neighborhood business just a few years ago: He stopped taking cash. It was a desperation move, but what happened next surprised owner David Hart. His sales didn’t go down.

[FromWhy Your Business Should Ditch Cash - WSJ]

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A funny thing happened to the way to the Forum

Wow. Consult Hyperion’s 20th annual Forum, Tomorrow’s Transactions 2017, will be held at the America Square conference centre in London on 26th/27th April. The Forum, thanks to the wonderful support from our friends at Vocalink, PaySafeGroup, WorldPay and Olswang, will once again provide a unique environment for learning, investigation, discussion and debate about the future of electronic transactions. The future of people, businesses and government in the post-industrial online and interconnected economy.

This year’s invited keynote will be given by Professor Lisa Servon, one of the world’s leading authorities on financial and social inclusion. All delegates will receive a copy of Lisa's new book “The Unbanking of America: How the New Middle Class Survives”.

Other speakers and panelists include Gilad Rosner (IoT Privacy Forum), Nick Telford-Reed (WorldPay), , Amy Parsons (Discover), Sandra Alzetta (Visa), Terry Cordeiro (Lloyds Bank), Jane Zavalishina (Yandex Data Factory), Tim Jones (Mondex co-founder), Will Judge (MasterCard), Katie Evans (Money and Mental Health), Vasily Suvorov (Luxoft), David Rennie (gov.verify), Emma Lindley (Innovate Identity), Andy Tobin (Evernym), Ben Whittaker (Masabi) and other people who are shaping the future of retail electronic transactions right now will be discussing PSD2, shared ledgers, AI, real-time payments, the Internet of Things, financial inclusion, open-loop migration and everything else shaping strategy across a variety of industries.

In addition to a fireside chat about instant payments with David Yates (CEO, VocaLink) and Ron Kalifa (Vice Chairman, WorldPay), there will be an introductory keynote by Dave Birch (our Director of Innovation), the judging of the annual Future of Money Design Award for artists and at the end of the first day a 20th anniversary drinks and networking reception.

You’d be mad to miss it.

As always, the Forum is limited to 100 people so run, don’t walk, to our web site and buy a place right now. I look forward to seeing you all there.

CHYP Forum 1998

...........the second Consult Hyperion seminar on.......... .............. D I G I T A L ... M O N E Y ................ The Tower Thistle Hotel London March 8-9th 1999 in association with Financial Times Virtual Finance Report DEMOS E-Finance Forum with a keynote address by Sir Richard Body, M.P. and a special presentation by Tim Jones, Managing Director Retail Banking, NatWest. ..................Confirmed Programme..................... Day One: Economic & Business Issues Chair Duncan Goldie-Scot Editor, Financial Times Virtual Finance Report Keynote Address: European Multiple Currencies Sir Richard Body, M.P. Digital Money is a Social Issue David Birch, Director, Consult Hyperion. The European Digital Money Picture Dag Fjortoft, Deputy General Manager, Europay International. Telecommunication Service Providers as Payment Operators Norman Bishop, Product Manager for Micropayments and E-Cash, BT. Retailing and Digital Currencies Paul Arnold, Head of Tesco Direct. The European Mass Market: Digital TV's Requirements for Digital Money Richard Cass, Transactional Commerce Manager, British Interactive Broadcasting Digital Money and Digital Phones: Europe's Advantage Tim Baker, Wireless Marketing Comms. Manager, Gemplus Transforming Businesses with Digital Money John Noakes, Business Manager for E-Commerce & Supply Chain, Microsoft UK. Day Two: Regulatory & Technical Issues Chair Ian Christie Deputy Director, DEMOS A Legal Pespective on Digital Money in Europe Conor Ward, Partner in Computers, Communications & Media, Lovell White Durrant. A View from the European Commission Philippe Lefebrve, Head of Sector in Financial Systems, European Commission DGIII. The Technologies of Digital Money Marcus Hooper, Principal Payments Technologist, IBM United Kingdom. Visa and Digital Money Jon Prideaux, Executive VP New Products (EU Region), Visa International. Making Digital Money Work. Tim Jones, Managing Director of Retail Banking, National Westminster Bank plc. Experiences from an Operational Micropayment Scheme Nigel Moloney, Senior Manager in Emerging Markets Group, Barclays Bank. Mondex: A Status Report Victoria Mejevitch, Mondex Product Manager, Mondex International. The Common Electronic Purse Specification (CEPS) Daniel Skala, Executive VP for Sales, Proton World International. .....................Administration......................... The detailed programme is on line at http://www.hyper.demon.co.uk/digmoney2.htm The seminar costs 995 pounds Sterling per person excluding VAT. The fee includes the seminar, documentation, meals, a cocktail party and various materials (books, CD-ROM etc). For further information or to reserve a place please contact Ms. Gill Louise Viccario, International Conference Bureau Tel: +44 (0) 181 858 3370 Fax: +44 (0) 1295 271700 <mailto:ps@projectsport.demon.co.uk> <http://www.projectsport.com/> ============================================================

The smart label that wants to restyle your life

 

 

 

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Brands can send over styling tips and recommendations, or offer loyalty points and discounts. A top can present its wearer with some trousers it might suit. A pair of running shoes can signal when they are worn out.

From The smart label that wants to restyle your life

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Japan’s digital identity slow to catch on | GovInsider

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Japan’s national digital identity has only reached a third of its residents, a year after launch.

Out of 30 million cards, only 9.83 million have been distributed, according to Japan Times. One of the reasons for the delay was due to a series of computer glitches at the Japan Agency for Local Authority Information Systems, tasked with the production of the cards.

The system, My Number, allows citizens to access social security, tax payments, e-government services and health records.

From Japan’s digital identity slow to catch on | GovInsider

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Friday, 27 January 2017

Digital transactions decline in January as cash crunch eases - Livemint

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According to provisional data released by the Reserve Bank of India on Monday night, the usage of debit and credit cards at point-of-sale (PoS) terminals has declined in January after peaking in December.

From Digital transactions decline in January as cash crunch eases - Livemint

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Monday, 23 January 2017

Are contactless cards putting your cash at risk? | The Independent

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UK Cards Association has declared that there have never been any confirmed reports of money being “stolen” from a contactless card while it’s still in the cardholder’s possession in the UK

From Are contactless cards putting your cash at risk? | The Independent

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Sunday, 22 January 2017

Donald Trump plans new deal for Britain as Theresa May becomes first foreign leader to meet new president since inauguration

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A deal to reduce barriers between American and British banks through a new “passporting” system was being considered by Mr Trump’s team

From Donald Trump plans new deal for Britain as Theresa May becomes first foreign leader to meet new president since inauguration

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Top 5 payments trends for 2017 - Adyen

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Customer recognition plays a key role in understanding behavior, and delivering personalized services such as loyalty rewards, customized payment and delivery options, and targeted offers. And as more channels emerge, from messaging app purchases, to in-store queue-busting kiosks, cross-channel customer recognition becomes all the more important.

A key element of customer recognition is one-click payments.

From Top 5 payments trends for 2017 - Adyen

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Saturday, 21 January 2017

Money production cost rose 4.4. pct in 2016: BOK

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The cost of producing South Korean money jumped 4.4 percent in 2016 from a year earlier as the country printed more 50,000 won (US$42) bills, the central bank said Monday.

South Korea spent 150.3 billion won on printing bank notes and minting coins in 2016, compared to 144 billion won in 2015, according to the Bank of Korea.

From Money production cost rose 4.4. pct in 2016: BOK

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Sunday, 15 January 2017

Saturday, 14 January 2017

The Notaries Society

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A notary is a qualified lawyer whose task it is to authenticate documents and transactions so that they can be effective in countries outside England & Wales

 Until 1533 notaries were appointed on papal authority by the Archbishop of Canterbury. Following the break from Rome, appointments continued to be made by the Archbishop of Canterbury - but on the authority of the Crown. The Archbishop's jurisdiction was, and is, exercised through one of the oldest of the English courts - the Court of Faculties, now physically located at the Precinct adjoining Westminster Abbey in London.

From The Notaries Society

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POST Post-cash choices in India

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Unified Payment Interface, or UPI, provided by various banks could be considered safer than other modes in this respect. In case of UPI, one needs to enter only the Virtual Payment Address, or VPA, of the recipient, which is more secure and easy than sharing credentials such as account numbers and IFSC codes.

From Digital payment: Post demonetisation, which digital payment method to use? Here’s how to choose - The Economic Times

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According to provisional data released by the Reserve Bank of India on Monday night, the usage of debit and credit cards at point-of-sale (PoS) terminals has declined in January after peaking in December.

From Digital transactions decline in January as cash crunch eases - Livemint

I think, however, that there is some evidence that India’s transition to post-cash economy is real and that the electronic alternatives have traction. In true Clayton Christensen disruptive innovation tradition, I look to the less-regulated corners of the market and the margins of conventional products to uncover the next big thing. And here, I note, that not only are the red light districts responding to the new order by adopting mobile payments, but so are kidnappers.

The modus operandi of the criminals came to the fore with the abduction of 26-year-old resident of Indore, Harish Chouhan. After being released by abductors after recieving ransom through a PayTM account,

From Mathura kidnappers accept online payments - Vrindavan Today

Not Bitcoin, I note. So, I think that we can conclude that mobile payments do indeed provide a viable post-cash infrastructure but that early adopters of new payment technologies are responding positively to the challenges of the transition. All good news for us on the digital money side of the means of exchange fence.

Wednesday, 11 January 2017

2017 – a decisive year for innovative retail payment services

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As operator, the Eurosystem is enhancing the TARGET2 functionalities as relevant to address ACHs’ needs by November 2017. These steps need to be complemented by concrete interoperability arrangements between ACHs. In this regard, the Eurosystem encourages the industry to establish operational links between ACHs by the November 2017 deadline.

From 2017 – a decisive year for innovative retail payment services

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Tuesday, 10 January 2017

2017 – a decisive year for innovative retail payment services

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The proposed settlement service, which is called TIPS (TARGET Instant Payment Settlement), would leverage the pan-European nature of TARGET2 to offer settlement of instant payments directly and without credit risk. Three days from now, on 9 January 2017, the Eurosystem will launch a market consultation on the user requirements for the centralised settlement service. I would like to take this opportunity to unveil some of the features the new service could have. First, TIPS would help participants to comply with the SEPA Instant Credit Transfer (SCT Inst) scheme by providing pan-European reachability. Common functionalities across jurisdictions would ensure harmonisation of practices and market integration in the settlement of instant payments. Second, participation in TIPS would follow the same criteria as participation in TARGET2. It is not intended to change the criteria for access to central bank money. Those who do not have access to central bank money (or those who may not wish to open a TIPS account) may establish contractual agreements with a TIPS participant to use the participant’s TIPS account for the settlement of instant payments. They may also be authorised by the participant to instruct directly on this account. Third, it goes without saying that TIPS would respect the principle of full cost recovery. It is anticipated that the price per transaction would not exceed 1 euro cent, with the aim of ultimately reaching a level of around 0.5 euro cent. Fourth, market participants would be able to connect to the service via a network service provider of their choice, as long as this network vendor meets the criteria that the Eurosystem will establish.

From 2017 – a decisive year for innovative retail payment services

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Monday, 9 January 2017

The Internet Banking Union may help you transfer money from Alipay to Wechat pay - Kapronasia

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This week, the Internet Banking Union (IBU) was approved by China’s central bank the People’s Bank of China (PBOC) thus creating a 'Digital Union Pay' that may bring cross-platform interoperability to digital payment platforms including Alipay and WeChat Pay.

From The Internet Banking Union may help you transfer money from Alipay to Wechat pay - Kapronasia

The IBU will be set up by the China Payment Clearing Association and, although it has not announced the exact shareholders, it is clear that there will not be more than 50 of them and they will all be from third party payment companies

Can government really fix the IoT mess? | CIO

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The lack of security, he said, is “a form of invisible pollution. And, like pollution, the only solution is to regulate.”

From Can government really fix the IoT mess? | CIO

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Sub-national currencies struggle to survive | The Economist

Local currencies face three hurdles.

First, they are relatively illiquid, being accepted only at willing local businesses. They are, in effect, a form of self-imposed economic sanction, narrowing the range of choice for consumers and businesses.

From Sub-national currencies struggle to survive | The Economist

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Second, local-currency schemes suffer from a trust deficit: they are not backed by the central bank, so holders do not want to risk having too much.

From Sub-national currencies struggle to survive | The Economist

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Finally, having to deal with two parallel currencies imposes transaction costs—and those wanting to back local businesses can easily use the national currency.

From Sub-national currencies struggle to survive | The Economist

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Friday, 6 January 2017

Millions under a mattress: US agents find $20m in cash after fraud raid | US news | The Guardian

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About $20m was seized from under a mattress in a Massachusetts apartment after a Brazilian man was arrested for laundering money linked to a multi-billion dollar global fraud.

From Millions under a mattress: US agents find $20m in cash after fraud raid | US news | The Guardian

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China Media Warn Trump of ‘Big Sticks’ If He Seeks Trade War - Bloomberg

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She said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999.

From China Media Warn Trump of ‘Big Sticks’ If He Seeks Trade War - Bloomberg

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Thursday, 5 January 2017

POST After the euro, the digital euro

Hello. It looks as if the number of currencies in the world is set to go up again. Across the English Channel, satisfaction with supra-national monetary arrangements is waning.

[Marine le Pen] said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999.

From China Media Warn Trump of ‘Big Sticks’ If He Seeks Trade War - Bloomberg

I wonder how she got hold of the draft manuscript for my forthcoming book “Before Babylon, Beyond Bitcoin: From Money We Understand to Money That Understand Us” that the good people at the London Publishing Partnership have agreed to publish in June? Oh well, since the cat is out of the bag, I may as well give you a sneak preview…

I remember hearing the Chancellor of the Exchequer talking on the radio during the great financial crisis. He referred to the difficulties of currency union and spoke about the problems in Ireland, Greece, Portugal and Cyprus. He spoke about the problems of maintaining monetary policy across currency unions between economies with different fundamentals. All true. But he didn’t explain why this is different for the UK. How is the insanity of trying to maintain a currency union between Germany, Luxembourg and Greece any different to the insanity of trying to maintain a currency union between England, Wales and Scotland? The fact that they are in a political union does not alter the facts on the ground: they have fundamentally different economies. The Chancellor was arguing that if Scotland opted for independence, it would be impossible to maintain a currency union between England and Scotland. But surely that is true now! The best monetary policy for England is not necessarily the best monetary policy for Scotland, and technology means that what was optimal for commerce at the time of the Napoleonic Wars may no longer best for the modern economy.

If the argument for currency union is only about transaction costs within economic zones, then former Chancellor of the Exchequer John Major set out a potential way forward in 1990 (although the idea dates from 1983) with his alternative to the euro, which was at the time was labelled the “hard ECU”. The ECU was the “European Currency Unit”, a unit of account set using a basket of currencies, that was intended to help international business by minimising foreign exchange fluctuations. Major’s idea for the hard ECU was a fully-fledged currency with a “no devaluation” guarantee (Hasse and Koch 1991). Whereas the ECU reflected the weighted average of inflation rates in the countries concerned, the hard ECU would be linked to the strongest currency (which would have been the Deutschmark, of course). This guarantee would be backed by a commitment from participating central to buy back their own currency or make good exchange losses in the event of devaluations.

Imagine what that kind of parallel currency might look like today. It would be an electronic currency that would never exist in physical form but still be legal tender (put to one side what that means in practice) in all EU member states. Thus, businesses could keep accounts in hard ECUs, even in a post-EU England, and trade them cross-border with minimal transaction costs. Tourists could have hard ECU payment cards that they could use through the Union without penalty and so on. But each state would continue with its own national currency (you would still able use Sterling notes and coins in British shops) and the cost of replacing them would have been saved.

The reason for doing this is to minimise the costs of doing business across Europe while giving each country control over its own currency. But the more general point that I want to make is that the advance of technology gives us new choices in the way that money works. The way that money works now is not a law of physics: it is a set of institutional arrangements that could be changed at any time. Thus, if anything, Ms. le Pen is not being radical at all.

Published in The Futurist Magazine in September 2012 as part of a compilation of pieces envisioning life in 2100, this article asks if we will still have money in 2100, and speculates on what form it may take if we do

It is quite likely that we will still have money in 2100, but it may not be issued by governments any longer.

[From Publications - The European Futures Observatory]

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