Do you pay too much for calls, forget to cash in discounts or cancel trial services? Undercover Economist Tim Harford points out we can be overconfident about handling price complexity. Businesses know this – and may take advantage of inattention to levy extra charges, he notes.
Cashing it all in?
Electronic currency could replace physical cash by 2026, a report quotes Deutsche Bank chief John Cryan as saying. Digital cryptocurrency or blockchain-based tokens via a system that allows authorities to control all transactions may be more “efficient”, he says, although there are concerns about privacy in a world without cash.
Nudging down spend
HSBC wants to nudge customers into better financial decisions using a new mobile app. People’s account data will be the basis for a range of electronic prompts and reminders sent to customers when a certain level of spending is reached, an article says. Willpower and good intentions are not always enough, says an executive in the article.