Contactless payment systems on the way
From next year supermarkets customers in the UK will be able to pay for their goods via a contactless payment system with the Co-op the latest major UK supermarket to sign up to the program. These cards, which are issued by Barclaycard and Visa, simply allow customers to pass their card across a sensor which will take their details and automatically deduct money from their accounts. No PIN numbers will be required for sales under £15 although sales in excess of this figure will need to go through the "normal channels".
It will be interesting to see how the public react to these contactless payment systems because ultimately, as with the Oyster card on the London Underground, they are commonplace in other areas of the UK economy. It will also be interesting to see whether the growing number of supermarkets currently looking to sign up to the system will push other retailers towards this efficient and relatively cheap, at least for retailers, payment system.
We have seen the introduction of various contactless payment systems in the past although many of these have fallen by the wayside due to a lack of public confidence. Whether this particular move, backed by Barclaycard and Visa, is different remains to be seen.
Move to green energy hitting fuel poverty suffers
Those at the very bottom of the UK income spectrum are being hit disproportionately hard when it comes to investment in green technology and green energy. This is the conclusion of a report produced by the government's Fuel Policy Advisory Group which will force the UK government to think again about the green energy policies which are currently in place. But why should green energy cost more?...Read More
Gordon Brown's Big Give-Away we will all pay for
He stepped up to the centre stage, he smiled for cameras and then Gordon Brown attempted to blow away all the problems which he has encountered over the last 12 months, but he forgot one thing. He forgot to tell the consumer who would be paying for the £1 billion giveaway, he forgot the basic rules of economics.
Mr Brown told a packed press conference that over £910 million pound...
Government defends upcoming benefits reforms
Upcoming government benefits reforms might negatively affect pensioners' personal finances, the Times reports.The new legislation, which will come into effect from October, reduces the amount of time in which pensioners can claim backdated council tax and housing benefits, along with pension credits, from 12 months to three.This is despite 110,000 over-65s claiming from beyond this deadline in 200...Read More
Marks & Spencer and the 1p sale
In celebration of the company's 125th birthday, Marks & Spencer will next week roll out 2 million products for sale at just 1p each. In order to highlight the company's origins as a penny bazaar we will see items such as purses, cufflinks, socks and sweets available across the UK sold for just one pence on a "when it's gone it's gone basis".
At a time when the UK retail sector is st...
British Gas Profits Questioned by Energy Minister
11/02/2014 Profits posted by British Gas have been questioned by the energy minister, Ed Davey, who has further suggested the company may have to be broken up if proof of a monopoly is found. In a letter to regulators, Davey said that profits made by “the big six” energy firms were higher than originally thought and suggested a market investigation should be conducted, pointing out that...Read More