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But using the dynamic currency conversion to pay the restaurant bill directly in euros would end up costing them €107.60. Despite the high fees, our research shows that more than half of international customers still choose to pay in their familiar home currency. The companies which provide dynamic currency conversion options earn significant conversion revenues – a portion of which is often shared with the business where the transaction takes place. It's better to make electronic payments using the local currency. PeopleImages/iStockphoto/Getty ImagesGreater transparencyAnd despite the high conversion fees involved with dynamic currency conversion, most government regulators around the world have been hesitant to intervene.

Persons: Dirk Gerritsen, Coen Rigtering Organizations: CNN, European Union, Utrecht University Locations: French

☆ Don't send checks through the mail, the post office is warning. Criminals are stealing more than ever.
▼ + stars: | 2023-06-13 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Reports of check fraud have steadily risen since 2020, with stimulus checks becoming a target. There were 680,000 reports of check fraud in the US in 2022, compared to 350,000 in 2021. Don't put checks in the mail, the US Postal Service is warning. The Postal Service investigated and Fischgrund has recovered about 70% of the revenue, but some of the cases haven't yet been resolved. Fischgrund said he'd never previously had an issue with check fraud in the nearly 10 years he has run his own business.

Persons: Banks, Eric Fischgrund, Fischgrund, he'd, Leonardo DiCaprio Organizations: Morning, US Postal Service, US Postal Inspection Service, Federal Reserve, US Mail, Network, PR, Postal Service Locations: United States, New York

☆ Cross-border payroll is complicated — and risky. From tax and labor laws to forex and banking regs, here's what you need to know.
▼ + stars: | 2023-05-22 | by ( Sponsor Post | Created Papaya With Insider Studios | ) www.businessinsider.com time to read: +17 min

The challenges and complexities of cross-border payroll paymentsCross-border payroll payments can present several challenges and complexities for employers. Banking systemsSome countries have a less developed banking system, which can make the process of cross-border payroll payments more complex. Cons:Limited acceptance: In some countries, payroll cards may have limited acceptance, making them less attractive as a cross-border payroll payment method. The role of technology in streamlining the process of cross-border payroll paymentsMost payroll companies outsource the delivery of payroll payments. Manage cross-border payroll payments effectivelyAdopting a dedicated technology for global payroll payments — like Papaya Global — can make the process of paying your global workforce faster, smoother, and more reliable.

Persons: paychecks, Banks Organizations: Mastercard, Employers, Global, McKinsey Global, Insider Studios Locations: Canada, New York, India, United States, Belgium

Nestle (NESN.S) and Hershey (HSY.N) said they paid the LID premium. But when the COVID pandemic cratered demand, global cocoa prices plunged before they built up a cushion. Ivory Coast and Ghana say companies should pay both premiums. Industry data from the International Cocoa Organisation (ICCO) shows cocoa output in Ivory Coast rose to record levels in the 2020/21 season. Of the roughly 2 million tonnes of cocoa Ivory Coast produces each year, between 20-30% is grown illegally in protected forests by an estimated 1.3 million people, many of them children.

New York CNN —Visa, Mastercard and Discover announced they will pause a plan to implement a new merchant category code for the nation’s gun retailers after political pressure from Republicans. In the wake of mass shootings, some financial companies, including Mastercard and Visa, have explored the possibility of tracking gun sales through their payment systems. The merchant category code (MCC) system would have separately categorized sales at gun and ammunition stores. Nearly every retail item has a merchant category code. Accordingly, Visa is pausing implementation of the MCC.”It’s the latest example of companies changing their plans based on pressure from Republican lawmakers.

☆ Top Wall Street analysts pick these stocks for attractive returns
▼ + stars: | 2023-03-05 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

In these tough times, investors would be well advised to find stocks that are positioned to navigate a potential economic downturn. To help with the process, here are five stocks chosen by Wall Street's top professionals, according to TipRanks, a platform that ranks analysts based on their past performance. However, the company issued conservative guidance for fiscal 2023 due to the impact of high inflation on its low-to-moderate income customers. Further, he thinks that Kontoor's fiscal 2023 outlook "will likely prove conservative." Poser raised his fiscal 2023 and 2024 earnings per share estimates, reiterated his buy rating for Kontoor Brands and increased the price target to $60 from $53.

☆ Uber-backed ride hailing app Careem is halting its operations in Qatar
▼ + stars: | 2023-02-28 | by ( Emma Graham | ) www.cnbc.com time to read: +3 min

The Careem ride-hailing app on a phone outside the Mall of the Emirates in Dubai, United Arab Emirate. Uber-backed ride hailing service Careem announced on Tuesday an end to its operations in Qatar. While regulatory approvals in other countries were obtained, unfortunately, this did not happen in Qatar," Uber told CNBC. Careem told CNBC it "will no longer provide ride hailing services in the country as of 28 February 2023." Dubai-based Careem, which in other markets across the region offers its "Super App," initially ran a ride-only platform in Qatar, but launched food delivery in Qatar last February.

"We have a nice little sign in front of our register that says 'Hey, credit card fees, they cost us a lot of money,'" Victor Garcia, longtime owner of Sol Dias, told CNBC. CNBC | Cait FredaThe swipe fees aren't new, but the worsening problem comes at a time when Main Street businesses across the country are increasingly struggling with changing macroeconomic conditions. Although the central bank does not conduct the same survey for credit card transactions, the processes used for debit and credit cards are similar. Meanwhile, credit card fees amount to the third-highest operating expense on average for restaurants, according to the Texas Restaurant Association. The European Union cracked down on similar increases, capping fees in 2015 at 0.2% for debit card purchases and 0.3% for credit card purchases.

Abuja, Nigeria CNN —Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash. The new naira notes are, however, “fortified with security features that make them difficult to counterfeit,” President Buhari said last year. Across the country, banks have increasingly become targets of mounting anger over the frustrating search for the new naira notes. Angry Nigerians vandalise Bank premises over frenzy of new naira notes. Nigerians are desperately relying on their banks to distribute new bills after the February 10 deadline to exchange the old currency saw many scrambling to deposit their old notes.

☆ Swiss to vote on preventing cashless society, pressure group says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Swiss citizens will get the chance to try to ensure their economy never becomes cashless, a pressure group said, after collecting enough signatures by Monday to trigger a popular vote on the issue. There is no evidence of moves towards a cashless society by Swiss authorities. FBS said it had garnered over 111,000 signatures in support of the measure, above the 100,000 needed to trigger a popular vote. Under Switzerland's system of direct democracy, the proposal would become law if approved by voters, though government and parliament would decide how that law was implemented. Reporting by John Stonestreet; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ A software engineer borrowed an idea from 'Office Space' to steal funds and goods worth about $300,000 from his company
▼ + stars: | 2023-01-12 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

A Seattle software engineer is accused of stealing more than $300,000 from his former employer. Court documents stated Ermenildo Valdez Castro was inspired by the cult 1999 movie "Office Space." Castro is a former software engineer for the e-commerce site Zulily that's based in Seattle, Washington. Court documents stated he was directly involved in writing code for the customer checkout process. A document called "OfficeSpace project" was found on Castro's work laptop, according to a report by the Seattle Police Department that was attached to the court documents.

☆ Italy's Meloni may water down cash payments plan after EU talks
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +2 min

ROME, Dec 4 (Reuters) - Italy's Prime Minister Giorgia Meloni said on Sunday that she may water down plans to make it easier to settle small payments with cash rather than cards, following talks with the European Commission over the issue. "Until 60 euros, we would like not to force retailers to accept electronic payments. But let's say that the 60-euro threshold is indicative, for me it could even be lower," Meloni said in a video posted on Facebook. "Besides, there are obviously discussions on this with the European Commission, because the issue of electronic payments is one of the issues of the [EU recovery plan], so we have to see, we'll see how the discussions end," she added. Italy is the biggest recipient of the EU's post-pandemic recovery fund, standing to receive around 200 billion euros through 2026.

One of the so-called policy "milestones" in Italy's pandemic Recovery Plan agreed with Brussels in return for around 200 billion euros ($208 billion) of EU funds was the introduction of sanctions for retailers who refuse to accept card payments. "The scheme is formally compliant with the EU-funded plan," Santoro said. The budget also raises a limit on cash payments to 5,000 euros from a previous limit of 1,000 euros from next year. Italy has so far obtained almost 67 billion euros of the roughly 200 billion euros of EU funds it is due through 2026. It is eligible for a further 19 billion euros at the end of this year provided it can complete the 55 targets and milestones set for the second half of 2022.

☆ Americans plan to wager $1.8 billion on the first World Cup with widespread, legal sports betting
▼ + stars: | 2022-11-19 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +4 min

An estimated 132 million Americans now live in states where sports betting is legal, compared with just 10 million during the last World Cup four years ago. AGA reports the majority of those betting — 78% — say placing legal bets is important. "As the World Cup kicks off, anyone getting in on the action should have a game plan to bet responsibly," AGA Senior Vice President Casey Clark said in a press release. Legal gambling means you may not find yourself in trouble with the law for wagering on the World Cup or any other sporting event. Before mobile sports betting became widely legal, bettors had to go to a physical sportsbook or work with a live bookie to place bets.

☆ Walmart and Target push to lower credit card fees
▼ + stars: | 2022-09-20 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com time to read: +3 min

A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. Visa V Mastercard MA anddominate more than 80% of the US credit card market. Proponents of these bills say they would generate more competition in the credit card network market and break Visa and Mastercard's hold over the industry. "Credit card swipe fees inflate the prices that consumers pay for groceries and gas," Durbin said in July. "Bringing real competition to credit card networks will help reduce swipe fees and hold down costs for Main Street merchants and their customers."

☆ Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
▼ + stars: | 2022-09-20 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

In January last year, the retailer said it was pursuing a partnership with venture-capital firm Ribbit Capital, which backed Robinhood. The next month, Walmart lured Omer Ismail and David Stark, two executives from Goldman Sachs' Marcus, over to work on a fintech initiative. Insider's Ann Gehan, Carter Johnson, and Ben Tobin have identified the key people shaping this effort at its fintech called ONE. Done deals :Acrisure, a fintech company that operates an insurance broker and real-estate services company, has acquired B2Z Insurance. Aditxt, a biotech company developing tech around monitoring the immune system, raised $20 million after selling 3.33 million shares on Nasdaq.

☆ The 9 best no annual fee credit cards of February 2023
▼ + stars: | 2022-01-11 | by ( Darren Murph | ) edition.cnn.com time to read: +37 min

CNN Underscored’s comprehensive credit card methodology compares every aspect of each no-annual-fee credit card to our “benchmark credit card” — the Citi® Double Cash Card — to determine which cards can potentially bring you maximum value in addition to lowering your balances. The best no-annual-fee credit cards of February 2023Citi Double Cash Card: Best for flat-rate cash backBlue Cash Everyday® Card from American Express: Best for groceriesChase Freedom Flex℠: Best for diningCiti Rewards+® Card: Best for small purchasesChase Freedom Unlimited®: Best for flexible rewardsBilt Mastercard®: Best for rentersU.S. Bank Visa® Platinum Card: Best for 0% interest on purchasesDiscover it® Cash Back: Best sign-up bonusCapital One® VentureOne® Rewards Credit Card: Best no-annual-fee travel cardWhy did we select these cards as our best no-annual-fee credit cards for February 2023? What we like about the Citi Rewards+: There are three features of the Citi Rewards+ that make it worthy of consideration. If you’re just getting your feet wet with credit card rewards, then a no-annual-fee credit card could be the perfect starter card. Or, if you’re finding that the perks and benefits you’re currently getting on your credit card with an annual fee aren’t paying off, then a no-annual-fee credit card might serve you well.

Learn moreBiden authorized $1,400 stimulus checks by signing the American Rescue Plan on March 11. AdvertisementAdvertisementThe vast majority of stimulus check recipients are receiving their money via direct deposit. A stimulus check is a non-taxable cash payment sent to qualifying Americans by direct deposit, check, or debit card. Where's my stimulus check? You can check the status of your stimulus check using the IRS's "Get My Payment" tool, which updates once a day.

Persons: Tara Moore, Biden, Joe Biden, Wells, JPMorgan Chase Organizations: American, Plan, Service, IRS, White, Revenue Service, Express, Social Security, Railroad, Board, JPMorgan, Taxation, Economic Policy Locations: Wall, Silicon, Wells Fargo

☆ Emerging markets, M&A, and new services: here are the key trends to watch in the fast-changing payments space
▼ + stars: | 2019-09-23 | by ( Shannen Balogh | ) www.businessinsider.com time to read: +11 min

Emerging markets, led by Latin America, powered 6% growth in global payments revenue last year, according to a brand new report from McKinsey. Consulting firm McKinsey & Company published its 2019 Global Payments Map report on Monday at the Sibos conference in London. It flagged strong growth in areas of global payments revenue, and drilled down into changes that legacy financial institutions may need to make to capture some of the broader space. Emerging markets driving revenue growthMcKinsey expects payments revenues to top $2.7 trillion by 2023. One key factor of growth here is the increase in electronic payments, especially in emerging markets, the report said.

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