The Cash uprising is upon us. Its agenda: safeguarding the use of cash. And I understand why.
Given a choice, most of us prefer handling less physical money. Consumers in Europe paying using a mobile device – a wearable, tablet or smartphone – tripled in the past year to 54 per cent of them. Visa knows this from questioning 36,000 online participants as part of its 2016 Digital Payments Study.
But this technology is costing us.
Going contactless is especially problematic – this is where you make a physical purchase, but don’t punch in your PIN; instead you wave your card, key fob or smartphone over a reader, and the payment is processed.
It has both halved the amount of time at the till and increased mindless, money-depleting translations. The retail world is salivating I’m sure.
MasterCard Canada has seen a 25 per cent higher spend when its contactless brand credit cards are used.
It’s our propensity to overspend in a shop more so than when shopping virtually that’s the issue here.
LivePerson, a platform that, in their words, transforms customer care from voice calls to mobile messaging – let’s just leave it at that - found that a huge 77 per cent of consumers surveyed give in to temptation when shopping in-store. Compare this with 50 per cent of those questioned giving in to urges while shopping online.
This makes perfect sense if you think about it (I hadn’t): we tend to do more targeted shopping online, or just research a product before going somewhere to buy it. Unfortunately, we spend a lot more than we plan to as the LivePerson data shows.
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Read more from Nima Abu Wardeh:
How to create the ultimate lazy person's portfolio
Could you live without spending for a year?
Ten years later, the credit crunch's effects are still felt
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Shops are more enticing – their clever displays incorporating behavioural tricks all lined up - just begging us to reach out and take one. It’s the small stuff that adds up. The enticing Dh50 here and Dh30 there, on show as you gear up to check out. You pick up the knick knacks, and with a flick of your wrist, hey presto, you’re perfecting your losing- track-of-spend magic trick.
Last summer, credit checking service, ClearScore, revealed that this had happened to two out of five shoppers surveyed in the UK.
It’s a problem that’s set to grow. Especially with banks in the UAE vying to bring out more digital payment options.
Yes, it’s convenient, but it’s also scary. It’s what it does to mindsets and habits that’s the worry.
Handing over cash is more emotional. We feel that pain in a different way to when we spend digitally. But we’re being actively discouraged from doing so – or even prevented in some cases.
Some outlets only allow cashless transactions. Like buses and tubes in some countries.
Others go further, not allowing cash transactions in coffee shops for example. Sweden, Belgium and Canada, are being lauded as leading the way to becoming cashless - more accurately, less-cash societies.
Not everyone is happy. Overspend aside, there are people who are not able to go cashless. Perhaps there’s an aversion – pensioners for example, who are uncomfortable with the technology – or the underbanked as the official terminology goes; those who have poor access to mainstream financial services normally offered by retail banks. Then there’s the unbanked. Like migrant cash-in-hand workers.
This is part of what the Cash Uprising is tackling. Heard of it?
It’s a loose coalition of interests in Sweden.
The group is made up of a number of vested interests - the ATM and cash-transportation industries - as well as some small business owners, immigrants and pensioners.
Last summer, the Swedish deputy finance minister took delivery of a petition signed by 136,000 pensioners asking the government to safeguard the use of cash. They argued not everyone has access to a bank account, and citizens have a right to decide how they pay for what they need. This I agree with.
Handing over control of how we pay for things has other ramifications too.
Like being prevented from spending on things as we choose. This happened in 2010, when Visa and MasterCard blocked all donations to Wikileaks, and since then reportedly blocked payments to a number of virtual private network services.
The big picture of going cashless includes the threat of disempowering sections of society that find it challenging to embrace new technology, handing over control of how we spend our money, and what I started with: being sucked into overspend.
Each of these is a danger. Which are you willing to risk? I realise that you’re probably looking at where your own interest lies. Fair enough. So here are my thoughts for you: beware the ping of electronic transactions I say. Get your cash out. When it’s gone, stop spending. Cash, not ping, is king.
Nima Abu Wardeh is founder of cashyme.com. Share her journey on finding-nima.com
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
SPEC SHEET: NOTHING PHONE (2)
Display: 6.7” LPTO Amoled, 2412 x 1080, 394ppi, HDR10+, Corning Gorilla Glass
Processor: Qualcomm Snapdragon 8+ Gen 2, octa-core; Adreno 730 GPU
Memory: 8/12GB
Capacity: 128/256/512GB
Platform: Android 13, Nothing OS 2
Main camera: Dual 50MP wide, f/1.9 + 50MP ultrawide, f/2.2; OIS, auto-focus
Main camera video: 4K @ 30/60fps, 1080p @ 30/60fps; live HDR, OIS
Front camera: 32MP wide, f/2.5, HDR
Front camera video: Full-HD @ 30fps
Battery: 4700mAh; full charge in 55m w/ 45w charger; Qi wireless, dual charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)
Biometrics: Fingerprint, face unlock
I/O: USB-C
Durability: IP54, limited protection
Cards: Dual-nano SIM
Colours: Dark grey, white
In the box: Nothing Phone (2), USB-C-to-USB-C cable
Price (UAE): Dh2,499 (12GB/256GB) / Dh2,799 (12GB/512GB)
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
Company profile
Name: Envi Lodges
Started: September 2021
Co-founders: Noelle Homsy and Chris Nader
Based: UAE
Sector: Hospitality
Number of employees: 12 to 15
Stage of investment: Series A
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
Dengue fever symptoms
- High fever
- Intense pain behind your eyes
- Severe headache
- Muscle and joint pains
- Nausea
- Vomiting
- Swollen glands
- Rash
If symptoms occur, they usually last for two-seven days
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's