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Here's How ADP's Acquisition Of Global Cash Card Might Help It Grow Further

Here's How ADP's Acquisition Of Global Cash Card Might Help It Grow Further

Finance
Shutterstock photoADP has recently acquired Global Cash Card , the company offering pay cards and other electronic payment accounts, thereby allowing employers the option to pay their employees with cards instead of paper paychecks or electronic deposits. The pay cards are currently the most rapidly growing form of payment and a significant driver to this growth is the rise of the gig economy (more short-term positions and independent contractors). Pay card transactions allow independent freelancers to consolidate all their income and expenses in a single account. Not only does it help the employees, but also from an employer's standpoint, digital payments are cost effective, more secure, and immediate.Scope Of Growth For Pay CardsThe value of Form 1099 transactions is expected to be some...
Bharat Financial Inclusion preparing pitch for diversification ahead of merger

Bharat Financial Inclusion preparing pitch for diversification ahead of merger

Finance
KOLKATA: Bharat Financial Inclusion, which will soon be merged with IndusInd Bank, is in the process of diversifying into two-wheeler loans and home loans which may help it de-risk the asset portfolio from a monoline micro loan business. Managing Director MR Rao said the new loan products will be offered to existing customers to grow in size but microfinance will remain its core focus and will be crucial to get new customers. “It (diversification) is not a defence mechanism. It has always been a part of a larger plan. We are getting ready to offer more products to our existing customers who have the ability to repay,” Rao said in an exclusive interview. Post-merger, Bharat Financial will work as a business correspondent for the Hinduja group promoted IndusInd while its entire loan por
The internationalisation of China’s currency has stalled

The internationalisation of China’s currency has stalled

Finance
ON OCTOBER 18TH, President Xi Jinping will preside in Beijing over the most important political event in five years. At the Communist Party’s 19th congress much will be made of the triumphs achieved in nearly four decades of reform and opening up. So expect a glossing over of one part of that process where progress has largely stalled: the “internationalisation” of China’s currency, the yuan.This seems odd. Just a year ago, the yuan became the fifth currency in the basket that forms the IMF’s Special Drawing Right (SDR). This marked, in the words of Zhou Xiaochuan, China’s central-bank governor, in a recent interview with Caijing, a financial magazine, “historic progress”. Symbolically, China’s monetary system had been awarded the IMF’s seal of approval. A further boost to prestige was the
In England, shops to accept demonetised £1 coins

In England, shops to accept demonetised £1 coins

Finance
Thousands of shops in the UK will ignore the Royal Mint’s deadline to stop accepting old £1 coins, despite warnings that it could create chaos, The Telegraph reported. A trade association representing 170,000 small shops has advised members to continue taking the round £1 coins, which ceased to be legal tender on Sunday. Poundland, the discount store, has also said it will continue to let customers use the old coins, of which 500 million remain in circulation, to pay for items beyond the cut-off point. Bosses described the move as a “no-brainer”. The Royal Mint and the Treasury are understood to have told businesses that they want a “clean break” from the round pound to avoid potential chaos being created by some shops continuing to accept them as payment. Officials are worried that a
Here's the right way to handle that big money inheritance

Here's the right way to handle that big money inheritance

Finance
What's the best way to use an inheritance?It's a question worth considering, with the U.S. on the cusp of a significant wealth transfer. Baby Boomers are poised to inherit $ 12 trillion from their parents and then in the coming decades, pass on an estimated $ 30 trillion to their own heirs.If you receive an inheritance, the first thing to do is pause, said Gail Cohen, chair of the board or directors and general trust counsel for Fiduciary Trust Company International. Take time to grieve and process the loss of your loved one."I don't think any big decisions should be made during that period of time," she said.Before you start spending, take stock of any obligations or costs around the inheritance, said Susan Bradley, a certified financial planner and the founder of the Sudden Money Institu...