It’s no secret that emerging markets are producing an increasing number of millionaires each year.
The Financialist, Credit Suisse’s digital magazine about business and economies, recently released a Global Wealth Report which looked at personal wealth around the globe. The report found that in the next five years more and more millionaires will come from countries in the developing world, such as Brazil and China.
By 2017, China, which currently has 964,000 millionaires, will have 1,901,000 millionaires—a growth of 97 percent, according to The Financialist. And Brazil, which currently has 227,000 millionaires, will have 497,000 millionaires by 2017—a growth of 119 percent. Russia and Malaysia will also see their numbers of millionaires grow over the next five years with a growth of 109 percent and 108 percent respectively.
See the full infographic below.
WASHINGTON (AP) — A technical problem affecting the Visa network barred some people around the United States from using their credit and debit cards for about 45 minutes on Sunday, the company said.
The outage was caused by a recent update Visa has made to its system, said Visa Inc. spokeswoman Sandra Chu. She said Visa had trouble processing some transactions as a result, but the system is operating normally now.
Chu said the problem Sunday was unrelated to the security breach potentially affecting Visa and MasterCard customers that was reported Friday by credit card processor Global Payments Inc.
The outage occurred from around 2:40 p.m. to 3:20 p.m. EDT, a person from a major bank said. The person spoke on condition of anonymity because bank employees were not authorized to speak publicly. Visa had notified the banks that are members of its network of the problem.
Consumers and merchants reported having Visa cards rejected on Sunday.
At the Shoot Smart gun range in Fort Worth, Texas, manager Jared Sloane said credit and debit transactions stopped working early in the afternoon.
Sloane said a few customers walked out when told they could only pay with cash or check, but otherwise the problem wasn’t yet much of a disruption.
Shoot Smart said problems with transactions were persisting at about 6:40 EDT.
Chu said Visa’s system was fully up and operational.
Associated Press writer Paul Weber in San Antonio contributed to this report.
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But there was actually a far more interesting technology shown today.
It lets you walk into a store and buy a product without touching your phone, money, or a credit card — or even taking your wallet out.
Like the credit card reader, it’s pretty obviously inspired by Square, whose Card Case app was introduced about six months ago. But I never actually got how revolutionary the concept of touchless retail payment was until I saw it in action today.
Here’s how it works.
You need a PayPal account and the PayPal mobile app on your phone. You use the app to look up nearby retailers that accept PayPal. If you find one that you want to shop at, you check in — just like you’d do on Foursquare or any other check-in service.
When you walk into the retailer, their PayPal app (used with the PayPal Here reader) will automatically recognize you. If you want, you can pay with a credit card or cash.
But if you want to use your PayPal account, you simply tell the person behind the counter and the amount will automatically be debited.
You don’t have to do anything else.
I didn’t get what a big deal this was until I tested it out after the event at a nearby cupcake store that had signed up for PayPal Here.
It’s like walking into your local bar and saying “put it on my tab.”
In fact, this feature isn’t new at all. It’s called PayPal Local, and it’s been around since late 2010 in San Francisco. But I’ve never seen it in use, anywhere. That’s probably because most merchants aren’t interested in setting up this system JUST to take PayPal payments in the real world.
Either way, if PayPal or Square doesn’t do it, some other company will. Maybe Amazon or Google, maybe Foursquare or another check-in company, maybe a credit card company or bank. Or maybe some startup.
But the idea — walking into a store, being recognized, and being able to buy something without having to use any physical object to complete the transaction — is too great to pass up.
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Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.
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