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Forbes
27-06-2025
- Business
- Forbes
What Are The Pros And Cons Of Going Cashless?
What are the pros and cons of going cashless? From tap-to-pay cards to crypto wallets, digital transactions are redefining how people store, spend, and manage money. Because of its convenience, more and more people are going cashless. For example, according to a 2022 survey by Pew Research, 41% of adults in the U.S. do not use cash in a typical week, up from 29% in 2018 and 21% in 2015. This is corroborated by data from Capital One Shopping, which estimates that in 2025, up to 51.6% of Americans use cashless transactions. Nonetheless, going cashless opens you to issues of privacy, unchecked spending, and accessibility. This article explores the benefits and potential drawbacks of going cashless in today's society. Overview Of Cashless Payment Methods In recent years, the expansion of fintech and global internet access has created a wide spectrum of tools that support digital payments. Credit and debit cards are considered the most common methods. They offer security features, spending limits, and credit-building capabilities, but may also lead to debt if mismanaged. Mobile wallets, such as Apple Pay and Google Pay, allow you to store your card details on your smartphone for secure, contactless payments. Online banking apps also facilitate cashless transactions through bank transfers, bill pay services, and peer-to-peer platforms. Additionally, emerging technologies like cryptocurrencies has introduced decentralized, blockchain-based alternatives to fiat money. While a truly cashless economy needs integration and accessibility to these systems, the transition may affect consumers differently based on habits, technological literacy, and economic status. Benefits Of Going Cashless Cashless transactions are fast, streamlined, and require little effort. At a coffee shop, for example, a tap or scan is more efficient than counting bills or coins. When shopping online, digital wallets can store your payment details and autofill them at checkout. You can also set up automatic payments for recurring bills, thereby avoiding late fees and saving money. This ease of use enhances your consumer experience by removing barriers, saving time, and giving you instant access to goods and services. Digital payments generate precise records, which can be easily reviewed, categorized, and analyzed. Each transaction leaves a data trail that you can import to budgeting apps or spreadsheets, facilitating better tracking of your expenses and alignment with your budget. With this, you can recognize spending patterns, reduce unnecessary expenses, and set more accurate financial goals. It's especially beneficial if you are working toward paying off debt or saving for major expenses, where every dollar counts. Visibility and transparency of your financial behavior can lead to better-informed decisions and habits. When cash is stolen, it's most likely gone forever. Digital funds, on the other hand, have built-in security measures. Most cards and mobile wallets offer fraud protection, encryption, and the ability to immediately freeze or cancel compromised accounts. For example, if your smartphone with a digital wallet is lost, the device can be remotely wiped and the payment function deactivated. Two-factor authentication, biometric ID, and PIN requirements add another layer of protection, which makes unauthorized access more difficult than stealing a wallet. Of course, cashless systems are not foolproof and you still need to be vigilant about common scams and cyberthreats, but they have better protection compared to keeping cash with you or storing them at home. Many digital payments systems offer tangible benefits when you use them. For example, credit cards usually give cashback, travel points, or purchase protection. Some retailers may also incentivize mobile wallet payment systems with discounts or loyalty points. Partnered with discipline in how you use cashless payments and paying your bills on time, these rewards can be substantial in the long-run. The Covid pandemic highlighted a previously overlooked aspect of cash: it is a germ-carrier. As societies reevaluated modes of contact during the pandemic, contactless payments surged in popularity. Bank transfers, QR code scans, and other cashless methods allow you to complete transactions without touching keypads or exchanging physical currency, making them cleaner and safer during public health crises. Drawbacks Of Going Cashless As mentioned above, your transactions leave a digital trail. And while that can be good for tracking your expenses, your other data may also be accessed by banks, credit card companies, or other third party merchants to analyze your user behavior. While some of this data aggregation and access can power useful services like fraud protection or personalized offers, it also opens the door for invasive marketing and data breaches. Some advocates warn that cashless systems can lead to surveillance, where governments or corporations track your behavior for non-financial purposes. Unlike cash which is inherently anonymous, digital payments tie purchases to a user identity. Using cash creates an automatic spending limit. When your wallet is empty, spending stops. But when you are using digital accounts, you may draw from credit or overdraft reserves, allowing you to spend beyond your actual means. If you are prone to impulse spending or do not have disciplined habits, this can lead to debt accumulation, destroying your budget and derailing your financial goals. It's best to set up daily or monthly spending or transaction limits using your bank's app or digital wallet to prevent overspending. Cashless systems are inherently dependent on technology. That includes not only your smartphone or internet connection, but also the infrastructure behind the financial institution, payment processors, or mobile platforms. Power outages, technical glitches, cyberattacks, or even software updates can create vulnerabilities or access issues. If a server is down, or an app crashes, you may be unable to purchase necessities if you don't have cash on hand. While some cashless payment systems are free, others may charge fees that increase your overall spending. For example, credit cards often have annual fees, aside from interest charges. Some merchants also pass on transaction fees through surcharges or price increases. Peer-to-peer apps may also charge for instant transfers or international transactions. Even free services sometimes users through data harvesting or advertising. As such, the convenience of cashless payments can come at a subtle cost over time. Final Thoughts Choosing to go cashless is not either-or. It's a personal choice depending on your habits, values, and access to technology. For many, a hybrid approach is best: familiarizing and using digital tools while still retaining some use of cash. At the end of the day, what you want is to have more control over your finances, regardless of the way you pay for things.
Newsweek
24-06-2025
- Business
- Newsweek
Man Buys 1950s Camera at Estate Sale, Can't Believe What Else Is in the Box
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. An avid collector found a small piece of history in the mint-condition 1950s box he purchased from a local estate sale. Noah Simmons, from Virginia, has always had an eye for an eye-catching bargain, especially when it comes to sifting through items at yard sales and the many thrift stores scattered across the U.S. "My mom and grandfather instilled a love for thrifting in me," Simmons told Newsweek. "They hunted for good deals at Goodwill and yard sales all through my childhood. The cheaper they could get their hands on something, the more meaning it had to them." While consumers continue to feel the pinch, the market for cheaper, secondhand goods has never been better. Statistics compiled by Capital One Shopping, found that the market for secondhand goods in the U.S. generated $53 billion in revenue over the course of 2023 alone. There are now over 25,000 resale, consignment, and not-for-profit resale shops in the U.S. Simmons has already shared his family's passion for unearthing these kinds of gems, but it is only recently after quitting a job at Verizon after 5 years that he has had a chance truly to delve into what is out there. "It's given me time to explore my many hobbies and interests, one of which is thrifting," Simmons said. "I love a good treasure hunt, and there is treasure to be found everywhere you look; you just have to be tuned in." Simmons was certainly "tuned in" during a recent trip to an estate sale located in a suburb not far from where he lives. "A woman's parents had passed away, and she and her husband were hosting the sale to clear everything out before they sold the house," he said. That was where Simmons came across a table full of five different cameras. One, in particular, caught his eye. "It was leatherbound, without a scratch on it. All of the original paperwork was with it, down to the handwritten receipt from 1956," he said. "It didn't have a price tag on it, but I scooped it up along with the other cameras. They sold it to me for a measly $15. "There were fully intact manuals, exposure guides, and other papers," Simmons added. "At the bottom of the stack was the most curious little pamphlet titled, 'THINGS TO DO IN A CBR ATTACK' issued by the U.S. Army in 1954 to active duty soldiers." A quick Google of the word "CBR" revealed to Simmons that it was an abbreviation of "chemical, biological or radiological." Concluding that the document was likely produced at the height of the Cold War, when an attack of this kind represented a realistic threat, Simmons read on, eager to learn how people in the 1950s were supposed to react. "Inside the pamphlet was a guide on what to do in case of each attack," Simmons said. "Sprayed with blood gas? Crush amyl nitrate in a mask, keep warm and quiet. Vomiting gas? Pull mask clear from chin to vomit, replace and clear mask." Noah Simmons, left, discovers something unexpected inside the box, right, to the 1950s camera. Noah Simmons, left, discovers something unexpected inside the box, right, to the 1950s camera. TikTok/noahbsimmons. Simmons said the most interesting information concerned what to do in the event of an atomic explosion. The card states: "IF you see BRILLIANT LIGHT, brighter than sunlight—Fall flat on ground, into a hole if possible. After 1 minute CONTINUE MISSION. LATER IF sickness occurs—seek medical aid." Though the pamphlet's discovery was a huge surprise, Simmons has his own ideas as to how it ended up there. "My theory is that the camera was taken abroad with the owner while he was on active duty," Simmons said. "He must have tucked the pamphlet into the camera box for safe keeping." Simmons shared the discovery to TikTok under the handle @noahbsimmons. There could be one further twist in the tale of this estate-sale discovery. "A few weeks later, I got curious if it still had film in it," Simmons said. "After taking it into a dark room and opening it up, I felt a used film still in it!" The film is Kodak Kodachrome, a type now defunct and difficult to get developed. However, Simmons has learned about a man in the U.S. who still develops this type of film. "We are hoping to get in touch with him and get this film developed," he said. "The dream is to get this film developed and bring the photos to the family members." In the meantime, Simmons hopes this story and his other experiences unearthing forgotten items from yesteryear, inspires others to "keep their eyes open" for similar finds. "If you do find something special like this, I think it is your personal duty to try and get the contents back to the family," Simmons said. "I'm sure they will appreciate it infinitely more than you ever could."
CNBC
04-06-2025
- Business
- CNBC
This 1 thing is a 'worthy investment' in your health and wellness, executive coach says—even as costs rise
The probability of a recession occurring this year stands at around 40%, according to a report released by J.P. Morgan at the end of May. While it is a much lower estimate from even a month ago, consumers still have some reservations and some admit to experiencing economic anxiety. At the same time, 82% of U.S. consumers consider wellness a top priority and continue to invest in it, according to an April report from Capital One Shopping. Stevi Gable Carr predicts that consumers will begin to decide which health products are worth the investment and which are not, especially as costs remain high on items like eggs and President Trump's tariffs cause worry about "uncertainty" in the future. Gable Carr is the founder and CEO of WISe Wellness Guild, a consultancy and media agency with a focus on wellness. "I think we might see a downturn in some wearables and maybe supplements that aren't tried and true or vetted or FDA-approved," she says. "I think we are going to see a really big shift into things like mental health, the democratization of therapy." Investing in wellness does not have to end in someone breaking the bank, Gable Carr, who is also an executive coach, tells CNBC Make It. Some investments stand out as a higher priority than others, and she believes mental health is one of them. "If I were going to make one suggestion, prioritizing your mental health if you are feeling that's something that's going to be a challenge for you, I absolutely say is a worthy investment," Gable Carr says. Giving the proper attention to your mental health, and investing in the necessary resources, is not something that Gable Carr thinks people should cut corners on. "People are using ChatGPT and AI as a therapist. And while I think that is wonderful for scaling access to these types of things, I am still a bit skeptical about the replacement of a real human, being able to connect with you when you might be in a place of mental health crisis," she says. "If I were going to put my money towards one thing, it would definitely be in working directly with a therapist or a counselor in any capacity." Gable Carr finds that improving your mental health can lead to positive changes in your occupational health and financial health as well. When people don't view each of those three aspects as a "triangle relationship," it can lead to negative outcomes, she explains. "In where we are today with the wealth gap, there's a lot of pressure for people to continue to grind, and they are abandoning a lot of other pieces of their life in order to go and try to make more so they can consume more," Gable Carr says. "We've almost taken the human out of human , and we created human doings. I think that the human has not served us." Connecting with a mental health professional isn't always easy financially, Gable Carr acknowledges. Even spending more time with loved ones and less time alone can have benefits for your happiness. "I do think that art of gathering is going to be something that we really see in this next phase that is going to be prioritized," she says. "Getting back to just connecting with one another, sitting down for dinner together again, not eating in our cars, not being on our cell phones all the time."
Yahoo
03-06-2025
- Business
- Yahoo
Capital One must face social media creators' lawsuit alleging stolen commissions
By Jonathan Stempel (Reuters) -Capital One must face a lawsuit by social media creators who said the bank's free browser extension stole their sales commissions when consumers bought their products and services. In a Monday night decision, U.S. District Judge Anthony Trenga in Alexandria, Virginia said creators plausibly alleged that Capital One knew or should have known that it diverted their commissions by overriding tracking codes that showed consumers had seen their content. The proposed class action involves affiliate marketing, where creators promote content through links that appear on their platforms and social media channels, and are provided by online merchants and third-party marketers. Creators said the Capital One Shopping browser extension, used by more than 10 million people to find discounts, made it appear at checkout as though consumers made purchases from merchants' sites after clicking referral links from the bank. They said this let McLean, Virginia-based Capital One collect millions of dollars of commissions that bloggers, influencers, YouTubers and other creators had "rightfully earned". Trenga said creators can pursue claims that Capital One was unjustly enriched, interfered with their contracts and ability to make money, and violated the federal Computer Fraud and Abuse Act. He dismissed a conversion claim and four state law claims. Capital One did not immediately respond to requests for comment on Tuesday. In seeking a dismissal, the bank said it was up to merchants to decide how to allocate commissions. It also said the lawsuit reflected creators' frustration that merchants "do not always share their view that they did all the work." Norman Siegel, a lawyer for the creators, said they looked forward to continuing to prosecute their case. Microsoft and PayPal face similar litigation over their Microsoft Shopping and PayPal Honey extensions. Capital One is the sixth-largest U.S. commercial bank by assets, after buying Discover Financial Services in May. It acquired its browser extension when it bought online shopping startup Wikibuy in 2018. The case is In re Capital One Financial Corp, Affiliate Marketing Litigation, U.S. District Court, Eastern District of Virginia, No. 25-00023.
The Citizen
19-05-2025
- Business
- The Citizen
How SMEs can leverage cross-border e-commerce opportunities
Understanding regional buying behaviours and adapting accordingly helps brands stand out in competitive foreign markets. The rise of cross-border e-commerce trade is unlocking new opportunities for South African businesses eager to expand their reach and revenue. Cross-border e-commerce, also referred to as international e-commerce, involves the buying and selling of goods and services online across national borders, with buyers and sellers located in different countries. It transcends geographical limitations, enabling businesses to reach global markets and consumers. According to Capital One Shopping research, cross-border transactions already account for at least 31.2% of all global online sales, and it is projected to grow 219% faster than global e-commerce through 2028. The market is expected to reach $5.06 trillion in sales within the next three years. The research was released on January 28, 2025, stating that approximately 4% of African retail sales are made online. African e-commerce is expected to grow by 25% from 2023 to 2025, driven by the increased availability of smartphones. Benefits of cross-border e-commerce Gregory Saffy, Managing Director for Sub-Saharan Africa at FedEx, said that there remains a largely untapped opportunity for small and medium enterprises (SMEs). 'That is set to change with e-tailers bold enough to navigate the global landscape standing a chance to reap huge benefits in the years to come.' However, he added that there are important practices that businesses need to consider when expanding outside their home territory. 'To boost global sales, SMEs must tailor their offering to local preferences. This includes researching your chosen market, translating product descriptions where needed, using local currencies, adjusting sizing or packaging, and aligning messaging with cultural norms.' Localisation builds trust and relevance, increasing the likelihood of purchase. Understanding regional buying behaviours and adapting accordingly helps brands stand out in competitive foreign markets. ALSO READ: Six ways to avoid burnout as an entrepreneur Tax and customs obligations in cross-border e-commerce Saffy said that it is also important to understand your tax and customs obligations as a business owner, as every country has its own duties, including VAT rules and customs requirements; it is essential to research these thoroughly. 'Transparency around duties and delivery timelines will help to prevent customer dissatisfaction. Staying compliant not only avoids legal trouble but also enhances credibility and paves the way for further global growth.' He advises business owners to also offer multiple payment options, because international buyers are more likely to complete a purchase when they have access to familiar and secure payment methods. 'Integrating globally renowned and reputable payment platforms that enable transactions in multiple currencies and across borders will improve conversion rates. 'Flexibility in payment options shows professionalism and meets the expectations of today's sophisticated online shopper.' Headache-free delivery Saffy added that it is important to establish an efficient and headache-free delivery system, as this is key in cross-border success. 'Outsourcing logistics also allows businesses to focus on growth while reducing the operational administration burden. Partnering with experienced logistics providers helps SMEs manage international shipping and customs clearance seamlessly.' He said there will always be challenges when entering new markets, but with the right tools and support. 'We believe that South African SMEs are well-positioned to seize the rewarding cross-border opportunities ahead.' NOW READ: Political uncertainties that will impact SMEs in the coming months
