Consumers still prefer credit cards to paying with a smartphone

March 4, 2016

As Google gears up to launch its digital wallet service, Android Pay in the UK, many experts are still less than convinced that the idea of replacing a credit card with a smartphone is really going to gain mainstream consumer appeal.

According to Juniper Research, by the end of 2016, 148 million people around the world will be reaching for their handsets to make payments at in-store point of sales (POS) terminals.

In its latest white paper, “Contactless Payments: ‘NFC Handsets, Wearables & Payment Cards 2016-2020,” the research firm highlights that one-in-five POS terminals in the US now supports NFC (one of the technologies that facilitates payments by smartphones) and points to Apple as a catalyst for consumer interest in the technology. When Apple Pay went live in China in February, 40 million cards were added to the system in just 24 hours.

However, registering cards and using them via a handset are not the same thing.

Apple Pay has been live in the US for 18 months and Samsung Pay and Android Pay for a little over six months. Yet, according to research from Crone Consulting, just 12 million consumers regularly use Apple’s mobile payment system while 5 million use either Samsung Pay or Android Pay.

This means that so far, just 22 million Americans have made the switch from physical to virtual wallets.

And this is despite the fact that Samsung Pay has a distinct advantage over other systems, as it works with any type of POS terminal, new or old. Or the fact that the systems, although competitors, all have one thing in common — they’re mores secure than traditional magnetic swipe credit cards.

On Tuesday, Samsung announced that Wells Fargo Bank had become the latest financial institution to support its mobile payments technology. That means that 70% of America’s credit and debit card market is Samsung Pay compatible.

In Europe, where all three companies are now turning their attention, NFC credit and debit cards are already popular, allowing consumers to tap to pay for small purchases, and existing cards are much more secure, requiring a type-in PIN number for larger transactions.

Therefore, how UK consumers — considered the most tech savvy in mature markets — embrace the technology will highlight if the services are the shape of the future or simply a fad.

– AFP Relaxnews

Manulife: M’sians most indebted in Asia

March 3, 2016

Survey shows 68 per cent of Malaysians have debt, highest amongst eight countries in Asia.

KUALA LUMPUR: A recent survey by Manulife shows that 68 per cent of Malaysians currently have debt, the highest proportion of all eight markets surveyed in Asia, and more than double the regional average of 33 per cent.

The survey, the Manulife Investor Sentiment Index, was based on 500 interviews in Hong Kong, China, Taiwan, Japan, Singapore, Malaysia, the Philippines and Indonesia.

In a statement, Manulife said the average debt for Malaysians was RM56,000, nearly 10 times the average monthly personal income, mostly due to daily living expenses (60 per cent), with rental payments (44 per cent) and children’s education (37 per cent).

“Worryingly, much of the debt is long-term, with a quarter of those in debt not expecting to be able to pay it off for three years or more.

“The high debt levels reflect poor financial management, with investors failing to effectively manage their cash flow,” it said.

While 89 per cent of the surveyed Malaysian respondents track their expenses regularly, 44 per cent of investors spend 70 per cent or more of their monthly income every month, suggesting they are not acting on their tracking by curbing expenses.

Manulife Holdings Bhd Group Chief Executive Officer Mark O’ Dell said investors need to better manage their finances and track expenses to prevent them from incurring too much debt, especially considering the backdrop of more volatile financial markets and slowing economic growth.

“Without effective debt management, Malaysians are less likely to achieve their long term savings goals, which could jeopardise their future financial security,” he added.

– BERNAMA

Oxfam: Richest 1pc own more than the rest of us

Oxfam: Richest 1pc own more than the rest of us

PARIS, Jan 18 — The richest one per cent of the world’s population now own more than the rest of us combined, aid group Oxfam said today, on the eve of  the World Economic Forum (WEF) in Davos.

“Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population—a figure that has fallen from 388 just five years ago,” the anti-poverty agency said in its reported published ahead of the annual gathering of the world’s financial and political elites in Davos.

The report, entitled “An Economy for the 1%”, states that women are disproportionately affected by the global inequality. 

“One of the other key trends behind rising inequality set out in Oxfam International’s report is the falling share of national income going to workers in almost all developed and most developing countries... The majority of low paid workers around the world are women.”

Although world leaders have increasingly talked about the need to tackle inequality “the gap between the richest and the rest has widened dramatically in the past 12 months,” Oxfam said.

Oxfam’s prediction, made ahead of last year’s Davos meeting, that the richest one per cent would soon own more than the rest of us, “actually came true in 2015,” it added.

While the number of people living in extreme poverty halved between 1990 and 2010, the average annual income of the poorest 10 per cent has risen by less than US$3 (RM13.27)-a-year in the past quarter of a century, a increase in individuals’ income of less than one cent a year, the report said.

Few dozen super-rich people

More than 40 heads of state and government will attend the Davos forum which begins tomorrow and will end on January 23.

Those heading to the Swiss resort town for the high-level annual gathering also include 2,500 “leaders from business and society”, the WEF said in an earlier statement. 

Describing the theme — the Fourth Industrial Revolution — WEF founder Klaus Shwab has said it “refers to the fusion of technologies across the physical, digital and biological worlds which is creating entirely new capabilities and dramatic impacts on political, social and economic systems.”

Oxfam International executive director Winnie Byanima, who will also attend Davos having co-chaired last year’s event, said: “It is simply unacceptable that the poorest half of the world’s population owns no more than a few dozen super-rich people who could fit onto one bus.”

World leaders’ concerns about the escalating inequality crisis have “so far not translated into concrete action — the world has become a much more unequal place and the trend is accelerating,” she warned.

End tax-havens era

As a priority, Oxfam is calling for an end to the era of tax havens which has seen the increasing use of offshore centres to avoid paying taxes. 

“This has denied governments valuable resources needed to tackle poverty and inequality,” the report said.

As much as 30 per cent of all African financial wealth is estimated to be held offshore, it added, costing an estimated US$14 billion in lost tax revenues every year.

Getting hold of the proper level of taxes will be “vital” if world leaders are to meet their goal, set last September, of eliminating extreme poverty by 2030.

Byanima challenged those attending the Davos meeting “to play their part in ending the era of tax havens, which is fuelling economic inequality and preventing hundreds of millions of people lifting themselves out of poverty”.

Of the 62 people said to hold as much wealth as the poorest 50 per cent, Oxfam said that 53 are men and just nine are female, highlighting that women are ill-represented even at the highest levels.

The headline Davos guests include British Prime Minister David Cameron, US Vice President Joe Biden, French Prime Minister Manuel Valls and newly-elected Canadian Prime Minister Justin Trudeau. 

President Mauricio Marci of Argentina, Israeli Prime Minister Benjamin Netanyahu and Alexis Tsipars, the Greek prime minister, are also due to attend. 

Oxfam said it had calculated the wealth of the richest 62 people using Forbes’ billionaires list. 

— AFP

Even as a kid, Bill Gates demonstrated this super-important habit of successful people

In a recent Forbes interview, Bill Gates’ dad reveals what the Microsoft billionaire was like growing up.

Perhaps unsurprisingly, the young Gates was an extreme bookworm:

Just about every kind of book interested him — encyclopedias, science fiction, you name it. I was thrilled that my child was such an avid reader, but he read so much that Bill’s mother and I had to institute a rule: no books at the dinner table.

That Gates loved to read as a kid is hardly surprising. Today, his personal blog “GatesNotes” features upwards of 150 book recommendations for everything from scientific histories to graphic novels.

Among the world’s richest and most successful people, a passion for books and for lifelong learning is hardly uncommon. Author and self-made millionaire Steve Siebold has interviewed more than 1,200 of the world’s wealthiest people over the past three decades and has noted that reading for self-education is a common thread among them. 

Investing legend Warren Buffett reportedly spends about 80% of his day reading, and continues to include book recommendations in his annual shareholder letters.

In 2015, Facebook’s Mark Zuckerberg resolved to read a book every two weeks, and even started a book club called “A Year of Books” so that he could discuss those books with the Facebook community.

Media mogul Oprah Winfrey selects a book every month for readers to discuss online as part of “Oprah’s Book Club 2.0,” and when tech billionaire Elon Musk is asked how he learned to build rockets, he reportedly answers, “I read books.”

Experts say reading is crucial for anyone in a leadership position. Writing in The Harvard Business Review, author John Coleman argues that reading can make you a better communicator and more empathetic.

Meanwhile, Scotty McLennan, a lecturer in political economy at Stanford Graduate School of Business, suggests that novels can boost leadership skills by showing readers reality in a way that case studies and business books can’t.

Obviously, there’s no one secret to becoming wildly successful.

 But a weekly trip to your local library is an almost surefire way to increase your knowledge and your effectiveness in business settings.

Entrepreneurs should mind their own personal business

November 11, 2015

Learning and loving should be the first order of business for every self-employed businessperson

Being a self-employed entrepreneur is gratifying when you’re applauded for having had the guts, determination, skills and know-how to create a startup company. You suddenly join the ranks of legendary, self-made titans of industry who ‘did it their way’ and are memorialized in books, films and even memes.

But while it is fulfilling to be able to make a living by pursuing your passion (and being your own boss), the proverbial ‘sweat and tears’ abound for those of us who run our own businesses. Your ‘to do’ list is never-ending; partners and employees sometimes let you down; deals suddenly fall through; and with the Ringgit in the gutter and the economic climate stormy, your company’s wellbeing is a daily worry.

But don’t let setbacks derail you. Remember what the great Nietzsche said: “that which does not kill us makes us stronger”. And it’s true: every letdown I experienced helped me grow, every defeat made me tougher. Above all, what helped keep me anchored and on an even keel was keeping my mind focused on ensuring that I:

Am surrounded by loved ones
They’re your rock during your low points, and the ones you celebrate with when you’re on top of the world. They make it worthwhile, keep you grounded, and remind you of who you are and why you’re doing what you’re doing. Even when you’re talking business, only your family or true friends will tell you the truth, no matter how brutal it is. They will crush you before your competitors do – and help you rebound from it.

Make time for exercise
When stress kicks in, running becomes an essential part of my coping mechanism.
It gives me space to not think about anything, or to figure things out when I need to. Studies have shown that exercise, in addition to making you physically fit, helps your mind to connect the dots, think more creatively, and, of course, releases your endorphins.

Meditate
Many great, self-made figures meditate – Oprah Winfrey, Mark Zuckerberg and Deepak Chopra, to name a few. Meditation keeps me rooted in the present and gives me the clarity I need to achieve things I envision. It’s amazing how much focusing on my breathing and ‘letting go’ can do in helping me manage the chaos all around me.

Understand what makes me happy
If you can identify the experiences that make you happy, you can work towards creating more of them. Even little moments of happiness will accumulate to make you a more positive person – a happier person. That is important, because happiness brings success both to you and your business.

From an article published by coffeepreneur and traveler Isabelle Thye in http://www.theartsycraftsy.com/

For more illuminating reflections, lifestyle lessons and inspiring thought pieces, visit www.theartsycraftsy.com; or follow the blogazine on Facebook @theartycraftsyblog; or on Instagram and Twitter @theartsycraftsy.

Get in line for online shopping

October 30, 2015

Start with a click – and before you know it, you’ve ‘clicked’ with the best way to shop (for practically anything)

The internet is now the world’s largest marketplace, and shoppers have traded strolling through malls for surfing through cyberspace in search of products and services. With your fingers doing the walking, you can spend all day searching for all sorts of merchandise and facilities at the best deals – and have them delivered right to your doorstep (or booked from a great distance).

If you’re still not on the online shopping bandwagon, here’s what you’re missing out on:

Fashion finds

Everyone – from big, international labels to small, home-based designers; premium luxury brands, to affordable, ready-to-wear names – has made cyberspace an extension of their brick-and-mortar shops. From suits to bikinis, handbags to shoes – you have a wide variety of merchandise, styles and designs to choose from. Top regional portals like Zalora and Lazada showcase items in great detail – with high-resolution photos, material information and guides to sizes – so there’s little risk of not getting what you paid for. And the latest collections tend to hit the web first – so you’ll always be first in line for what’s most in vogue.

Bonanza deals

One of the biggest attractions of online shopping is finding exclusive deals, discounts and privileges. And the more you search, the more you’ll find! Local portals like Groupon and SavingMart, for instance, are unparalleled sources of coupons and special offers on everything from spa treatments to vacation packages, electronics to furniture that you CANNOT find offline. And lest you think the deals are only for third-rate, little-known products and services – think again!

Convenience

Forget about dressing-up, braving traffic, hunting for parking and roaming the nearest mall just to search for a pair of socks. Instead, simply pop online, browse, choose and order (then wait for you bell to ring). And we’re not just talking about durable goods and clothing. More and more Malaysians are even ordering groceries online and having them delivered to their door. ASEAN food portals likeHappyFresh and Food Panda offer a wide variety of top-notch foodstuff as well as freshly-cooked dishes – so, in theory, you won’t ever have to shop for food outside ever again!

First published by fierce ‘n fabulous fashion/lifestyle blogger Carinn Tan in http://www.extraordinarinn.com/

For more outside-of-the-box lifestyle solutions, snazzy fashion features and beastly-good beauty tips, visitwww.extraordinarinn.com; or trace Carinn Tan’s footsteps on Facebook @CarinnCarerynn; on Instagram and Twitter @Carerynn; or drop her a line at carinn.tan93@gmail.com.

E-commerce to drive Asean retail growth

E-commerce to drive Asean retail growth
           

E-commerce can help grow Asean's retail sector and will benefit both consumers and retailers in the region, the Asean Business Advisory Council (Asean BAC) said in its latest report.

In its 2015 report to leaders, Asean BAC said business-to-customers Internet sales in Asean account for only one per cent of total sales as opposed to eight per cent in developed economies.

According to global management consulting firm AT Kearney, Singapore is the only Asean country to be placed in the top 30 in a ranking led by the US, China and United Kingdom.

In the firm's 2015 Global Retail E-Commerce Index, Singapore ranked 14th with a 41.5 score in terms of online market attractiveness.

The study said the city state has infrastructure that makes the retail environment conducive for online shopping.

In terms of consumer behaviour, Singapore was rated at 89.4, a score higher than the US, which indicated a favourable consumer base for online transactions.

Asean BAC said e-commerce technology is essential for the integration of Asean's retail sector as it makes shopping easier for consumers. It also helps grow businesses without having to contend with too many pre-existing impediments.

But in order to develop e-commerce, the council said Asean needs to work on its logistics, develop an online payment system and promote access to finance.

Asean should also consider the establishment of a region-wide e-payment regulation system that will help companies identify their clients.

To speed up the payment process, an e-payment escrow solution could also be explored, the council said in its report.

Asean should also encourage partnerships between e-retailers and logistics players to improve trade efficiency.

The integration of logistics systems in Asean must be accelerated. The council added in its report that the Asean Single Window system should be fully-implemented.

Asean BAC said access to finance and use of regional e-commerce platforms will help Asean e-commerce players keep up with their international competitors.
------ The Brunei Times      2 June 2015