Don’t Show Me the Money!

A cashless society was once the stuff of science fiction. It is hard to image when living in a world in which every wallet held banknotes and coins, but the movement towards a cashless society has begun and it is fast gaining pace. It might just be that before we know it, we’ll be living in a world of digital currency.

Sweden showing the way

A number of digital currency proponents in Sweden are asking why bank notes should be printed at all in an increasingly high-tech world in which people are more familiar with screens and scanners than paper. Now is the time, they believe, to begin to transition towards digital money.

Catch a bus in a Swedish city and you will need to purchase a prepaid ticket or buy one with a cell phone text message. In fact, there are towns where it is no longer possible to go into a bank and use cash. Of course, this poses a problem for people living in rural areas and the elderly who do not have credit cards.

Interestingly, the Swedish Bankers’ Association says the shrinkage of the cash economy is already making an impact on crime statistics. The number of bank robberies in Sweden plunged from 110 in 2008 to 16 in 2011 — the lowest level since it started keeping records 30 years ago. It says robberies of security transports are also down. Almost US$ 1.2 billion is spent securing cash in Sweden each year. This amounts to 0.3% of the kingdom’s GDP.

Of course, this doesn’t mean that somewhere down the line thieves will not find new ways to part people with their digital money.

In fact, cybercrimes are on the increase. According to the Swedish National Council for Crime Prevention, the number of computerised fraud cases rose to nearly 20,000 in 2011 from 3,304 in 2000.

A digital economy also raises issues around privacy because of the electronic trail of transactions. Many who support the idea of phasing out cash, believe that other anonymous payment methods need to be introduced instead.

Going cashless has also spawned a multitude of other services that enable people to transfer small sums of money without having to resort to the ATM. Internet start-ups in Sweden and elsewhere are now hard at work developing payment and banking services for smartphones – devices for small traders that plug into the back of an iPhone to make it work like a credit card terminal. Sweden’s biggest banks are expected to launch a joint service later this year that allows customers to transfer money between each other’s accounts in real-time with their cell phones.

The flipside of the coin, is that banks could make bigger profits in a digital economy. Small traders in Sweden are charged about 5 Swedish kronor ($0.80) for every credit card transaction, and a law passed by the Swedish Parliament prevents them from passing on that charge to consumers.

The digital currency picture in other European countries is quite different. In Italy, for example, three-quarters of all consumer purchases are still paid for in cash. Many believe this is due to the low confidence in the authorities and the banking system.

South Africa in transition

MasterCard advisors’ estimate that cashless payments account for 43% of the total value of consumer payments in South Africa, which means that South Africa fits into a category of countries described by MasterCard as “transitioning” – countries in which cash payments account for between 40% and 60% of the value of all consumer payments.

South Africa’s readiness score of 54, indicates that many prior impediments to expansion of cashless payments are being eliminated – the result of the broad movement away from cash to the uptake of new cashless payment technologies like mobile, contact-less and EMV Chip, as well as a modern payments infrastructure. Even payday loans provider, wonga.co.za, is a cashless loan provider that relies on cash loans via electronic means.

Emerging economies – Indonesia (31%), Russia (31%) and Egypt (7%) – have just started down the path towards a cashless society, but are in many cases changing cash share of payments at a much faster rate than developed nations.

Countries like Brazil (57%), Poland (41%) and South Africa (43%) – having only recently put all the aspects of a modern consumer payments infrastructure in place – are now in a transitioning stage, and are quickly shifting share away from cash.

China has had the quickest shift away from cash. The cash share of consumer payments is estimated to have drop by as much as 20% between 2006 and 2011.

Way of the future

A recent Gartner report indicates that worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44% increase from $163.1 billion in 2012. The number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012.

What Is an Unsecured Loan?

A  loan sanctioned or given   only  on  the  basis  of  the  borrower’s financial position, credit worthiness, credit history, and personal reputation, without engaging any collateral is called an unsecured loan. Here borrower signs a promissory note but does not  hypothecate any  specific  asset(s) as  collateral  security,  and  so  this  is  also  called  a signature  loan. Since  the  risk  of  the  lender  is  high,  higher  interest  rates  are  attached  to such loans.

Some of the most common examples of  unsecured loans in UK are personal loans, credit cards, medical bills, and payday loans.  Among the above personal loans are the most common.  For  personal  loans  and  credit  cards  the  banking  companies  take  the general  information  such  as  name,  social  security  number,  address,  and employment information  of  the  borrower  along  with  his  place  of  work  and  proof  of  earnings.  They consider  the  option  of  loaning  out  a  certain  amount  of  money  based  on  the  ability  to payback.

Unsecured Loan

Medical  bills  are  another  form  of  unsecured  loans  wherein  the  hospitals  provide  care and regarding  insurance  is  provided  upfront.  However,  there  are  a  number  of  costs  that are  not  covered  by  the  insurance  company  and  the  patient  party  is  liable  to  bear those expenses. A patient party signs an agreement before receiving any care or treatment that they will be responsible for any portion of the bill for which the insurance company does not pay.

Thus in a nutshell any organization, banking or non-banking financial institution issuing loans in UK agrees to loan out to money with the agreement that the second person will pay interest when he/she repays the loan. This type of lending is increasing in popularity, mainly because of the almost complete anonymity.

The  element  of  risk  with  any  loan,  whether  secured  or  unsecured  always  exists. But  in case  of  unsecured  loans in UK the  risk  is  more  as  the  individual  or  an  entity  seeking  the  loan might falter payments because of unforeseen reasons like sudden joblessness or death of the principal bread earner, which might lead to a situation wherein the lender might end up walking away with nothing. So it is better to keep in mind that “Don’t loan out money unless you’re prepared to be without it”

8 Phrases which Successful People never Say

To succeed as a businessman or at work, a person should start behave in the way similar to the way the most successful people act. Of course you may find something special that will work for you but if you are on the beginning of the route it is better to learn from others people experience.

Of course some principles are not the only thing that will lead you and your business to success. Issue of funding is also very important here as you need to create a stable source where money would be accumulated and wisely distributed. Thus beneficial business loans or online pay day loans on a good terms may be required.
So the following is a list of expressions which people who have succeeded never say:

1. It is impossible to do that
If companies and people are able to solve their clients problems and to meet their customers demands quickly and efficiently they succeed. Success comes to those who can satisfy their consumers needs the best way possible.

2. I have no idea about how to do that
People who have succeeded always catch every possibility to learn something new, to broaden their knowledge, to improve their skills in order to become successful in their job, field, etc. For instance, if a successful entrepreneur travels to any foreign country many times he/she doesnt usually miss the chance to study its language.

3. What is it?
If a person acknowledges his/her lack of knowledge the problem doesnt disappear, simply a client will find the other one who is competent at this or that question. Of course its better to be honest and if you really dont know anything you can persuade a customer that you will find out for sure all necessary information about the problem.

4. I am the one who knows how to do it
Successful people tend to attract and collaborate with clever, talented, hardworking people, as same as they are. Businessmen who succeeded usually trust other people and this can be very useful and bring good results. If you acknowledge those who helped you in such a way you enlarge your further success.

5. It is not the time yet
Many famous people such as Benjamin Franklin or Steve Jobs will not say that it is very early for them to be there. To be successful many outstanding businessmen always do what they have to do and it doesnt matter when and where they have to be to meet with the clients, to have an interview. If you do a business and want to be successful in it you have to neglect your sleep-awake-cycle.

6. I have lost my chance
A successful businessman will never reject the opportunity to have late business dinner if he/she is tired. Of course, he/she may be very tired next day but still he/she will never miss the chance to broaden his/her business contacts and in such a way to make great contributions to his/her further prosperity.

7. I dont know how to find a common language with him
A successful person always knows how to get on well with the people he/she works with. To find people who you really like in business can happen very rarely but it is very important to be able to build good working relations with your partners, it is a direct way to become successful.

8. I will do it sometime later
Many people say these words to sound polite and after often forget about them. But successful businessmen usually try to follow their words because they have to build good connections with people. They know that being thoughtful of others is an investment into relations that will bring great results in future.