Who We are

Is the New Reality a Cashless World? This article looks at global payment patterns and the advantages and disadvantages of a cashless economy. It also offers case studies on India and Sweden. Cashless Transaction A cashless transaction is a transaction that takes place between two persons, businesses, or organizations via an automated or online process. A digital transaction is a cashless transaction in which the transaction is completed without paper. Digital transactions include buying things from e-commerce websites, executing business contracts online, and even buying movie tickets through your smartphone app. Such operations are more precise, faster, convenient, and less complicated. Many people refuse to acknowledge that there are advantages to a cashless transaction because they cannot traverse digital gadgets or prefer to deal with cash. Continue reading to learn about various cashless transactions that make day-to-day trading easier. Global examples of a cashless world In 2014, global non-cash transaction volumes reached 387 billion, an increase of 8.9% from the previous year. The growth in developing countries was nearly 17 percent, compared to 6 percent in established markets, which accounted for most of the increase. Mobile card readers, electronic networks for processing high volumes of credit and debit transactions, and digitized private currencies have all posed a threat to cash's dominance in recent years. Since 2010, cards, particularly debit cards, have been the fastest-growing payment tool among established alternatives to money. In the meantime, check usage has been steadily declining for the past thirteen years. Although currency will continue to be used for the foreseeable future, several countries are moving toward a cashless society. Sweden has long been a proponent of cashless transactions, and the EU has placed limits on large cash purchases. China ranked fourth in terms of non-cash transaction volume in 2014, trailing only the United States, Eurozone, and Australia. According to financial analysts, eCommerce in China will be worth more than eCommerce in the United States, Japan, Germany, and France combined by 2020. Pros and cons of a cashless world In these cashless times, everyone must understand what a cashless economy is and its advantages and disadvantages. We'll go over the benefits and drawbacks of this cashless economy in this essay. Pros Reduced Crime Rates Carrying cash makes you a high-value target for thieves. It will be impossible to track your money or show that it is yours once it has been removed from your wallet and placed in a criminal's wallet. According to a study conducted by American and German academics, crime in Missouri decreased by 9.8% after They replaced cash welfare benefits with Electronic Benefit Transfer (EBT) cards. Paper Trails Created Automatically Similarly, in a cashless society, financial crime should disappear. Cash is commonly used in unlawful activities, such as illegal gambling or drug trafficking, because there is no transaction record, and the money is easier to launder. Money laundering becomes far more complicated if the source of funds is always known. When every payment you get is recorded, it's more difficult to hide income and evade taxes. Payments Across Borders Have Been Made Much Easier You may need to exchange your dollars for local currencies while traveling. If you're traveling in a country that supports cashless transactions, you won't have to worry about how much local money you'll need. Instead, your mobile device takes care of everything. Cons Privacy is sacrificed in digital transactions. Electronic payments do not have the same level of privacy as cash payments. You can spend and receive money anonymously with cash. You may have nothing to conceal or trust the organizations handling your data. The more information floating around online, the more likely it falls into the wrong hands. Hackers Pose a Threat to Cashless Transactions Hackers are the electronic equivalents of bank robbers and muggers. You're more vulnerable to hackers in a cashless culture. If you are targeted, and your account is emptied, you may not have any other options for spending money. Even if you're covered by federal law, restoring your financial position after a breach will be inconvenient. Technology may limit your ability to access funds. Glitches, outages, and unintentional errors can all cause problems, leaving you unable to buy what you need when you need it. Similarly, when systems fail, merchants are unable to take payments. In some ways, even something as basic as a dead phone battery might leave you "penniless." Security fears in a digital transaction world System safety Only an authorized person can access a program or software, making it secure. To maintain a system secure, the developer, the moderator during system support, and the user during system use should all be held accountable. People should use firewalls, encryption, biometrics, password protection mechanisms, and other countermeasures to defend a system from various attacks. Network safety A network is only secure if a network administrator manages it. The types of network security include firewalls, e-mail security, malware protection, network segmentation, access control, application security, behavioral analytics, data loss, and intrusion prevention, Virtual Private Network (VPN), and online security. Policies and practices that prevent and monitor unauthorized access, misuse, modification, or denial of a network and network-accessible resources should be enacted to preserve network security. Provisions of the law Another option to secure digital transactions is to draft and enforce strong digital transaction legislation, laws, rules, and regulations at the national and international levels. People are constantly dealing with the problems of contested transactions because no specific regulations or acts address digital transactions with non-financial institutions. Service providers and consumers could be held liable for safe digital transactions under legal laws. Anti-money laundering and counter-financial-terrorism legislation are also required. Financial and digital literacy Financial literacy refers to the capacity to comprehend and implement a variety of financial abilities, such as personal financial management, saving and investing. Digital literacy, on the other hand, refers to a person's capacity to access, assess, and generate understandable information using writing and other media on a variety of digital platforms. Along with sufficient financial knowledge, users should understand how to use a computer or mobile applications and networks to conduct secure digital transactions. As a result, service providers should simultaneously implement financial and digital literacy initiatives to educate their clients about secure digital transactions. Conclusion Certain firms would gain the most from a cashless society. While some people prefer debit and credit cards to cash because they are more convenient, businesses benefit from processing fees when customers use their apps and services to send and receive payments. Because handling currency is costly, companies would save money, and transactions will be easier to track if they switch to cashless payments.

Introduction How much sleep do you get? Most of us know that eight hours of sleep is recommended, but it might seem complicated with work, family, and social obligations often taking up more than 16 hours of the day. Maybe you've become accustomed to late flights, time zone shifts, and the occasional all-nighter. Perhaps you believe you can get by on four or five hours of sleep per night. Habits of deprived sleep habits of leaders The amount of sleep a leader receives and the "sleep culture" they instill in their subordinates are critical but frequently overlooked aspects of an organization's fabric. Sleep culture includes practices like responding to emails late at night or praising employees who do so. Because subordinates look to leaders for workplace cues, upper management's poor sleep habits are likely to rub off on the team. One study found that when supervisors had a lousy night's sleep, they were more likely to be abusive the next day, resulting in lower engagement and morale among subordinates. You still don't believe us? Here's evidence of the negative consequences of a lack of sleep on the leadership mentioned above attributes (emotional intelligence, passion and charisma, and practical problem-solving capabilities). Emotional Intelligence One study looked into how sleep affects the quality of the leader-follower relationship. During the first three months of working together, researchers tracked the sleeping habits of 40 managers and their 120 direct reports. According to the findings, chronically sleep-deprived leaders had worse connections with their employees and displayed more antagonistic attitudes, but the leaders were entirely ignorant of this dynamic. Charisma & Passion: We've all experienced being unmotivated, distracted, and low on energy after a night of poor sleep. The bad news is that those who are chronically sleep-deprived (get less than 7-9 hours of sleep regularly) may be experiencing these symptoms in varying degrees without even realizing it. "That doesn't apply to me," you could be thinking. I can always perform well with only a few hours of sleep." We're sorry to break it to you, but only 1-3 percent of the population falls into the "sleepless elite" category. You're most likely not one of them. Problem-Solving: A leader's capacity to make effective decisions is harmed by lack of sleep. In one study that looked at how people made financial decisions, one group was assigned 5 hours of sleep per night, while the other was given 8. One group was given 5 hours of sleep per night, while the other was given 8. Each group had the option of accepting a guaranteed amount of money or taking a chance on receiving a more significant amount of money with the risk of receiving nothing at all. The sleep-deprived group gradually changed toward the riskier option over a week, and strangely, they could not notice this movement in themselves. Five reasons why sleep is essential for businesses and organizations Getting enough sleep might save the United Kingdom up to £36 billion every year. Professor Culpin's research reveals that addressing sleep deficiency is critical to boosting productivity, employee wellbeing, and effectiveness, and he urges businesses to prioritize it. Professor Culpin shows how large percentages of working adults have never been so sleep-deprived in her book. Nearly half of the adult population in the United Kingdom and the United States does not get enough sleep. It negatively influences employees' ability to focus, make sound decisions, form relationships, and impact their health. Memory More sleep improves memory performance. Memory is essential for organizational success—such as remembering to arrive on time for meetings, recalling crucial sales data, or meeting a deadline—and an individual's fundamental identity. Decision-making Even one night of complete sleep deprivation can significantly impact one's ability to make appropriate decisions. Sleep-deprived people are more likely to get distracted by trivial matters, lose track of what has been said, and become distrustful. Creativity Tired minds produce tired thoughts. All parts of the creative process benefit from a good night's sleep, quantity, and quality. Health Even over a few nights, small changes in sleep duration or efficiency can cause health issues like elevated blood pressure, hunger regulation imbalances, and infection susceptibility. Mood One of the most common side effects of short-term and long-term sleep issues is a bad mood. Professor Culpin's recent research found that the most commonly stated result of lack of sleep was "irritability," followed by "feeling more anxious" and a desire to be "left alone." Alternatives organizations adopt healthy sleeping habits and how business leaders can partake in that. Encouraging and enabling healthy sleep are two surprisingly easy components of sleep leadership. Leaders who overtly emphasize the significance of sleep and implicitly emphasize the value of sleep by asking staff how they sleep are "encouraging." We contend that seeing these leadership actions causes employees to prioritize getting enough sleep. "Enabling" means taking concrete efforts to make healthy sleep more accessible, such as altering an employee's schedule or instituting a rule prohibiting late-night emailing. We contend that such behaviors create situations directly conducive to better sleep. Employers are interested in helping their employees understand how to achieve better sleep, given the toll bad sleep habits take on workers and the subsequent impact on productivity and healthcare expenditures. Here are five steps that businesses may do to help employees sleep better: Define your limits: The fact that people can work at any time and from any location does not mean they should. Researchers from Harvard Business School collaborated with teams from the Boston Consulting Group a decade ago to investigate what occurs when employees are compelled to take frequent vacations. 'After only five months, consultants on teams with scheduled time off viewed their work environments more favorably – on every dimension — than counterparts on non-experiment teams,' according to the findings. Set a positive example: Christopher M. Barnes and his colleague Gretchen Spreitzer, Ph.D., wrote in the MIT Sloan Management Review about how examples can operate adversely and positively: 'If executives send messages late at night, employees will feel pressured to check their email. Late at night.' To mitigate the issue, one executive continued to write emails late at night but scheduled them to be sent during regular business hours the following day.' Promote health benefits that address the underlying causes: Negative lifestyle factors, as previously mentioned, might have an impact on sleep quality. Smoking cessation programs, workplace fitness facilities, and wellness programs that encourage employees to get in shape can help workers improve their sleep quality and general quality of life. Conclusion Sleep issues, such as sleep apnea, could be a continuous lack of sleep. Multiple short pauses in breathing occur throughout the night with this situation. This poor quality rest can lead to various issues, including low energy and increased irritation, which can negatively impact your capacity to perform as a leader. Sleep apnea patients are also at a higher risk of significant health problems such as stroke, diabetes, and mood disorders such as anxiety and depression.