Learning the friendly way

‍Tap Global Group Plc (AQSE: TAP), the regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology, announces that is ceasing new UK based customer onboarding until completion of a review to fully comply with the Financial Conduct Authority (FCA) Regime of Financial Promotions, which will be introduced on the 8^th October 2023.  

In addition, Tap has been conducting a detailed review of its existing client base to assess whether clients are investment professionals or certified sophisticated investors that it may be permitted to continue to engage with in respect of the continued offer of its cryptoasset services that constitute regulated cryptoasset promotions.

Tap is fully committed to ensuring customers benefit from the assurance that Tap’s services are being delivered within a fully regulated, compliant environment and in accordance with best practice regulatory standards and requirements. Tap is reviewing all marketing, onboarding, customer protection and suitability assessments to ensure there is full adherence with the FCA Financial Promotion Regime.  

In addition, Tap is partnering with an FCA authorised firm to review and approve all relevant marketing material and onboarding processes to further validate a compliance first approach to the services offered to Tap customers.  

Tap will continue to provide further updates and advise UK customers when services are ready to be resumed.        

About Tap Global PLC

Tap’s group of company’s provides a fully regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology. Tap Global Limited is regulated by the Gibraltar Financial Services Commission, as a distributed ledger technology (“DLT”) service provider.  

Through a single app, Tap’s over 200,000 users can access several major cryptocurrency exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best-execution and pricing in real time. Through the Tap card, users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.  

Tap is one of only a handful of unified solutions operators fully regulated to provide DLT services and was the first cryptocurrency FinTech company approved by Mastercard in Europe.  

Learn more: www.withtap.com  

Any questions regarding this document or application of any law, rule or regulation can be referred to us via email at Compliance@tap.global.

Tap partners with Total Processing to allow Visa debit deposits, improving its customer’s experience

Tap, the dynamic fintech platform can now offer its customers the ability to top up their accounts via Visa card deposit thanks to its new partnership with Total Processing, a leading payments specialist.

This strategic partnership offers Tap customers a new and improved way to effortlessly replenish their accounts, further enhancing the platform's reach, accessibility and convenience.

Renowned for its crypto-inclusive financial solutions, Tap provides a user-friendly platform to allow its customers worldwide to easily manage their crypto and fiat assets. The company is thrilled with its latest collaboration with Total Processing, an award-winning payment processing company that focuses on a customer-centric approach to offer a seamless payment solution.

By integrating Total Processing's innovative payment offering, Tap extends this enhanced service to hundreds of thousands of customers, allowing them to directly fund their Tap accounts using Visa cards. Moreover, Tap continues to provide the flexibility of Mastercard and bank transfer deposit options, serving users in over 40 countries.

The decision to partner with Total Processing aligns with Tap's dedication to delivering a superior user experience. In response to some users experiencing issues with Visa card deposits, the fintech platform has seamlessly transitioned to Total Processing as its new trusted payment processor for frictionless Visa card loading. This move underscores Tap's commitment to delivering high-quality financial services to its valued customer base.

This enhancement is effective immediately and extends across all the 40+ countries where Tap operates. The company remains dedicated to delivering professional and world-class financial solutions, ensuring its users have access to a seamless and efficient experience.

Kriya Patel, CEO of Tap, commented, "Tap is highly committed to providing a best-in-class offering for our customers, and Total Processing delivers the perfect partnership to help achieve this goal. Tap looks forward to working closely with Total Processing to further enhance our customer-focused, innovative payment solutions."    

Alex Leigh, Co-founder of Total Processing, added: "We are excited to join forces with Tap in this strategic partnership, as it aligns perfectly with our commitment to customer-centric payment solutions. This collaboration empowers Tap's users with seamless Visa card deposit options, reinforcing our dedication to a frictionless payment experiences."

-ENDS-

About Tap
Tap is a pioneering force in the convergence of the cryptocurrency economy and traditional financial systems, striving to establish an equitable, accessible, and transparent financial landscape. Since its inception in 2018, Tap has been guided by the bold vision that individuals worldwide should enjoy effortless and secure management of their fiat and cryptocurrency assets. Presently, Tap offers a reliable and user-friendly platform that harmoniously integrates various financial services into a single, convenient hub.

For more information on Tap, visit: www.withtap.com

About Total processing
Founded in 2015, Total Processing is a leading provider of intelligent payment solutions that enable businesses to streamline their payment workflows, reduce costs and boost revenue. The company offers a range of payment processing services, including recurring payments, 198+ alternative payment methods, an agnostic payment gateway, risk prevention tools and in-depth transaction data, all managed within a unified platform.
With a focus on its customers, it provides adaptable solutions and a user-friendly interface to ensure smooth payment processing for its merchants.

For more information on Total Processing, visit: www.totalprocessing.com

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In the complex world of economics, recessions are a common concern, and knowing what they are matters. But what exactly is a recession, and why is it important to understand? A recession is a significant economic downturn that affects individuals, businesses, and entire nations. It's more than a financial term; it's a real-life event that can impact us all.

In a world where economic stability matters to us all, this knowledge is essential. In this article, we'll explain what a recession is and why it's important for everyone, whether you're an economist or just someone trying to navigate the modern world. Let's unpack what a recession is and explore why it matters.

The economic aspects of a recession

To grasp the significance of a recession, let's take a look at its economic aspects. We'll begin by looking at key economic indicators, like Gross Domestic Product (GDP).

GDP is like an economic health check. It measures the total value of goods and services produced in a country. When GDP shrinks, it's often a sign of a looming recession. By monitoring GDP, economists gain a better understanding of economic ups and downs.

Economic growth, measured by GDP, plays a vital role in preventing recessions. It creates jobs, helps businesses grow, and boosts consumer confidence. It goes without saying that a strong economy is better at handling tough times.

How recessions affect businesses and industries

When a recession hits, it affects businesses and industries in various ways:

Decreased consumer spending

In a recession, people usually cut back on non-essential spending. This hurts businesses that rely on such purchases.

Decline in production and sales

Less spending leads to less production and fewer sales. Businesses may end up with too much inventory and unused equipment.

Job losses and unemployment

Businesses struggling in a recession often have to lay off workers. This leads to more people without jobs, which is tough for families and communities.

Bankruptcies and closures

Some businesses can't survive a recession's pressures and go bankrupt or close. This can affect entire industries.

The COVID-19 pandemic showed how a global recession can be triggered. Lockdowns, travel restrictions, and supply chain problems disrupted businesses worldwide, requiring governments to step in and help.

Identifying the causes and indicators of a recession

By understanding these causes and economic indicators, people and policymakers can take timely action to prevent or deal with recessions and highlight the value of informed decision-making in our connected global economy.

Causes of a recession

Recessions are not random occurrences, they often stem from a combination of economic factors, financial market fluctuations, and global events. By understanding these causes, people are often better able to anticipate a looming recession and mitigate its effects. 

First and foremost, recessions often have roots in economic imbalances, such as excessive debt, inflationary pressures, or overproduction. When these imbalances become unsustainable, they can trigger a recession.

On that note, the health of financial markets and the housing sector is closely tied to the overall economy. The bursting of housing bubbles and disruptions in financial markets, like banking crises, can set the stage for economic downturns.

And lastly, events like geopolitical conflicts, natural disasters, or global health crises, as witnessed during the COVID-19 pandemic, can have ripple effects that lead to recessions. After all, the global economy is interconnected. 

Economic indicators that signal a recession

Economic indicators act as early warning signals, helping us identify the onset of a recession. These act as data points that provide insights into the state of an economy and serve as barometers for assessing economic health.

Below are several examples of key indicators:

Yield curve inversion

This occurs when short-term interest rates surpass long-term rates, often signalling an impending recession.

Unemployment rate

A rising unemployment rate can indicate economic distress as businesses cut jobs in response to slowing growth.

Consumer confidence index

A drop in consumer confidence can foreshadow reduced spending, which can lead to economic contraction.

Stock market performance

Plummeting stock market indices can signal investor pessimism about future economic prospects.

Recessions vs depressions

We’ve all heard of The Great Depression in the 1930s, but was this a recession or a depression? 

A depression is a severe and long-lasting economic downturn. It's marked by extensive declines in various economic sectors, often lasting for years or even decades. Much like recessions, depressions bring widespread unemployment, significant drops in consumer spending and business investments, and a massive decrease in GDP.

However, they differ in a number of ways, namely the magnitude and duration, the impact it has on business, jobs, and the GDP, and, typically, how the government responds. 

The key difference between a recession and a depression is how bad and how long they last. Recessions are shorter and less severe, typically lasting a few months to a couple of years. Depressions, on the other hand, are much more extreme and can drag on for years or even a decade or more.

Depressions also hit businesses, jobs, and GDP much harder than recessions. In a depression, businesses struggle to survive, unemployment soars and GDP takes a nosedive to historic lows. While recessions hurt, their effects are usually less severe.

Governments respond differently to recessions and depressions. Depressions often lead to major government intervention, including big stimulus packages, bank rescues, and public projects to kickstart the economy. Recessions may also prompt government action, but it's usually not as extensive or urgent.

How to prepare for a recession

Unfortunately, recessions form an integral part of economic cycles and are inevitable. Fortunately, there are some steps individuals can take to better buffer themselves against the harsh effects of an impending recession. 

Here are two of the most important steps:

Build an emergency fund

Start by creating a sturdy emergency fund. This fund should cover at least three to six months' worth of living expenses and acts as a safety net in case of unexpected job loss or financial crises.

Minimize debt

Simplify your finances by reducing debt and cutting non-essential expenses. Clearing high-interest debts and trimming unnecessary spending can free up resources to tackle more essential needs.

Securing income and job stability becomes equally important as the economy faces uncertainty. Here are several strategies to ensure you maintain job security. 

Upskilling 

Invest in your skills and stay adaptable to changing job demands. Continuous learning and gaining skills in demand boost your employability and resilience in a shifting job market.

Networking 

Cultivate a robust professional network. It can provide job leads, referrals, and opportunities when times are uncertain. Networking increases your chances of finding new employment or additional income sources.

Diversifying sources of income

Explore multiple income streams beyond your primary job. Consider part-time work, freelance opportunities, or passive income ventures. These can help soften the blow of a recession.

In an unpredictable economic world, these steps give individuals and households financial preparedness and adaptable income strategies and can provide a sense of security and resilience in tough economic times.

Closing thoughts

Understanding recessions, its indicators, and its real-world impact is essential. Key points include recognising economic aspects like GDP and understanding how recessions affect businesses. 

Identifying causes and signals empowers proactive responses while distinguishing recessions from depressions clarifies their severity and the need for government intervention. Practical steps, like building emergency funds and upskilling, boost resilience. In an uncertain economic world, knowledge and preparedness are our reliable allies for navigating recessions successfully.

Did you know that there are 6 unique money personalities, with each one playing a heavy role in your ability to handle and manage money? In this article we’re taking a look at each one, helping you not only identify which category you fall into but also recognize where you can improve your money management practices.

What is a financial personality and how does it affect money management?

A financial personality looks at the big picture of how you handle your money. From how you think about money, the views that guide your actions, and the actions that stem from your beliefs. It's not just about how much money you have; it's also about how effectively you handle the money that comes into your life.

Money management is a learned skill so don't feel disheartened if this doesn't come naturally to you. Sure starting early influences financial habits, but that doesn't mean that these skills can't be learned over time.

These financial personalities are built around a set of traits and characteristics that shape a particular style of money management. They're designed to help us become more aware of our behavior, keep our personalities in check when red flags trigger a knee-jerk reaction and assist us in achieving a healthier financial future.

These personalities coincide with the five main personality traits that are often used when reviewing someone's financial status: conscientiousness,  neuroticism, extraversion, agreeableness, and openness to experience. Used by researchers, these traits help to shape how one might handle money. 

Each top 6 financial personality reflects traits of the following

The six types of financial personality are based on your personal financial habits and include The Saver, The Spender,  The Investor, The Dreamer,  The Optimist, and The Pessimist. Each financial personality speaks volumes about how one views and acts with money.

1. The Saver

If you're a saver, you've already established yourself as someone who is good at saving money. You have a natural ability to save money and concentrate on long-term objectives. You know exactly how much money you want to save each month, and you stick to your plan even when tempted away from it.

You are practical with your savings as a saver. One of the things you might have done is to make direct debits from your bank account to a savings account or wealth management solution.

2. The Spender

Spenders are impulsive and rash. They're not great at handling money, either. They don't save well, invest, or budget. They're more interested in ways to generate income versus growth. You're likely a spender if you struggle with these financial decisions.

Spenders are focused on short-term pleasures and luxury items. They find it difficult to save since they're so concentrated on pleasuring themselves right now.

3. The Investor

You can take advantage of investment opportunities as they arise, even if they appear risky or complex. You keep an eye on the market and stocks to make sure that any investments that aren't performing are removed from your portfolio. They're down for both aggressive or conservative investments.

Investors are enticed by the potential return on investment; they desire high returns without too much risk—so, if they see two alternative investment options with equal potential gains but one with greater risk, they'll pick option B every time.

4. The Dreamer

Dreamers are usually content with what they have and understand how to manifest their desires. The difficult part is not allowing emotions to control spending or budgeting decisions. Instead, dreamers develop a plan and stick to it - no matter the temptation.

If you consider yourself a Dreamer, your financial habits are likely to be the ones that will make you financially successful. Dreamers are usually intuitive and have a clear idea of what will make them happy in relation to their finances. They come up with creative ways to put their plan into action.

5. The Optimist

Optimists are individuals who believe that good things will occur. They tend to have a happy disposition and see the silver lining in every situation. Optimists are more likely to be wealthy financially than other personality types since they save money and make investments, take calculated risks, and generally have a talent for making money.

Surprisingly, optimists tend to have not only better physical health and happiness but also greater financial success! It may sound too good to be true, but there is data to back this claim up. Studies show that optimism and wealth often go hand-in-hand. For example, one study found that people who are optimistic about the future make more money than those with a negative outlook.

6. The Pessimist

The last distinctive financial personality on the list is the pessimists. They are always looking for ways to save money, and they don't just stop at finding opportunities. Financial wellbeing is important and they always anticipate needing to save. If you're a pessimist, then you're probably thinking of ways to cut costs right now. 

Although pessimists might come across as boring, they have great financial stability because they never spend money on unnecessary things and shy away from risks.

Pessimists always think ahead. The Boy Scouts of financial personalities, they're cautious and they plan for the worst-case scenario so that they'll be ready to handle it if it ever happens.

How these financial personalities can help with managing money

Understanding which category (or categories) you fit into will give you a greater understanding of how you might react in a situation demanding your attention. 

With greater self-awareness comes a greater understanding of how one might make decisions pertaining to their finances. If you want to make more informed decisions about your finances, begin by taking the time to learn about your relationship with money.

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With inflation rates soaring across all corners of the globe, the rising cost of living is taking its toll on everyone involved. Before we dive into how you can stay afloat in these uncertain times, let's first cover the basics.

When inflation occurs, the prices of goods and services go up, which in turn decreases the buying power of consumers. This leads to a decline in economic growth as people now have less spending power and high costs to contend with. 

Everything is more costly than it was a year ago—and even a few months ago. The cost of living has been going up dramatically, with costs for basic expenses like household goods and services on the rise. So, how can you stay ahead of the curve?

Below we cover three important steps to take in order to stay ahead of the rising cost of living. Protect your finances and protect your livelihood with these three top tips:

1. Safeguard your finances from inflation

While saving is vital to anyone's financial health, in periods of increasing inflation it's best to diversify and not keep all your savings in a fiat currency. This is due to fiat currencies depreciating in value during inflation, equating to a reduced amount of money in several weeks or months. 

Instead, try to move some of your savings into vetted investments, this allows you to keep your funds safe and grow their value at the same time. This might also lead to capital appreciation and dividends, should you invest in dollar-based investments. 

Explore alternative options that protect your funds from inflation but also allow them to grow. 

2. Increase your income

For a while now, consumer prices have been increasing steadily. It's unfortunate but it doesn't look like things will be getting any cheaper in the near future. You can't keep waiting and hoping for a better situation - you need to take action. 

The best way to do this is by focusing on ways to increase your income. Here are three options below, however, there are plenty more available online. Consider spending some time exploring this avenue. 

Apply for a promotion

Ask for an increase/promotion: If you're currently earning a salary, it's probably time to talk to your employer about boosting your earnings. Make a thorough account of what you've achieved and why you deserve a raise—and present it to the correct person. Look for resources on how to ask for a raise if you don't feel confident to do so right now. 

Learn a new skill

Add a new skill to your resume: With thousands of free tools online, look for a new skill that both interests you and leverages your current skillset. Learning a new skill is not only great for your mind but can also contribute to that promotion you are after or a high-paying job. Find an in-demand skill and get learning. 

Monetize new skill

Turn your skill into an income: Whether it's your new skill or something you're naturally talented in, consider turning your skills into income-generating products. From creating online classes to consulting to publishing online books, turn your skill/s into money. Again, there are plenty of resources online that can assist you in this endeavor. 

Focus on building wealth through avenues already accessible to you, from asking for a raise to creating an online course, these new avenues of income can help you stay afloat in periods of inflation.

3. Be wise with your money

This goes without saying, but no matter how much money you make, you want to stick to your budget and follow your financial plan. Now isn't the time to be spending lavishly. Also ensure that you have the resources in place to fall back on should you experience any unexpected hard times, like losing a job or emergency. healthcare costs 

A great 3-step plan for preparing for, and then overcoming, inflation is to:

• Create a budget to cover basic expenses and lifestyle expenses, and stick to it.
• Pay off debt. Interest rates are going to increase meaning that you will be paying more for your current loan.
• Keep building your emergency fund. This is the first port of call when starting to save. Aim to have six months of living expenses saved up in an accessible account. 

What is the cost of living index?

A cost-of-living index is a price index that measures the relative cost of living over time or in different regions. The index takes into account changes in prices for goods and services, as well as substitution with other items when prices vary.

As an example from the U.S. according to the Consumer Price Index (CPI), between March 2021 and March 2022, the cost of living index rose by 8.5% (before seasonal adjustment). This is the highest 12-month increase that has been reported since December 1981.

The bottom line on the cost of living

While inflation doesn't need to cause mass hysteria, it is a time to be more consistent and cautious with your money. Be mindful of what you're spending your money on, be aware that loan repayments will increase, and be prepared for increases in everyday goods and services. By following these three steps above (safeguard, increase, and be wise with your money), you should be able to stay ahead of the curve. 

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While everyone's wants and needs might be different, there is always a clear line in the sand between the two. When getting to grips with one's personal finance, distinguishing the key differences between the two becomes important.

Needs encompass basic needs like food while wants lean more toward things one desires, like luxury goods. Being able to distinguish between the two, and acting on this, is imperative to one's healthy financial standing. 

In this article, we take a look at these two categories and assist you in differentiating between the two.  

What falls under NEEDS?

The need category looks at living expenses that one needs to stay healthy in their day-to-day living. These include everything from rent to the utility bill, medication and healthcare needs as well as food, commuting, and any work-related expenses. 

These are the basics required by one in order to function, and these should make up the bulk of your expenses. These expenses are also used to determine the amount you'll need when establishing your emergency fund. It is generally accepted that emergency funds should cover six months living expenses.

What falls under WANTS?

‍The wants category is likened to goods we could live without but choose to buy. These are not required for day-to-day living, however, when funds allow they can provide a more enjoyable quality of life. These include vacations, buying a house or car, entertainment, memberships, streaming accounts, etc. 

How to determine needs from wants

While some needs will be glaringly obvious, it's often the case that some wants sneak into the needs category. Here are three simple tools to help you distinguish between the two. 

Form vs function

If in doubt, consider how a product or service will be used. Clothing for instance: if the clothing will be worn to work it falls into the need category, however, if it's a clothing item centered around going out or recreation use, this will fall into the want category. 

‍Embrace brand variety

Needs and wants will differ from person to person, so it's best to have a solid grounding on what falls into needs and wants specifically for you. For instance, if you were looking to upgrade your smartphone, someone working in the tech or digital marketing space might be required to have a certain product, while in other cases getting the latest and greatest will fall into the want category. In this case, it might be best to explore other devices that have a lower total value.

Should you split expenses?

Grocery shops will more often than not fall into the need category, as feeding yourself is essential to survival. However, if the grocery shop consists of wine, chocolate, and other treats, this will fall into the wants category. 

While we don't expect you to scour through each grocery bill, be mindful of what you're spending your money on and try to balance shops between the two. For instance, if you splurge on a grocery shop one week with wants but register it in the needs category, consider adding the next week's grocery bill to the wants category. 

Is saving a want or a need?

Saving for long-term financial objectives like settling debt, retirement plans, and emergency situations might be tough for someone who makes less money. Because these costs are not immediate, they are not always recognized as a necessity.

However, settling debt can be a necessity to ease the financial strain. Furthermore, an emergency may strike at any moment, and during that time, an emergency fund will save one from falling into further (if not crippling) debt. As a result, it's vital to understand that even if your earnings are low, saving is beneficial in the long run, therefore, savings fall into the need category. 

How to navigate spending between wants and needs

Here are two easy steps to help you navigate your spending habits:

Create a budget

Establish a realistic budget and decipher how much you can spend on wants, needs, and savings. By creating a framework you can stick to, you can easily avoid any financial problems and still enjoy a good quality of life. 

A common ratio used in the budgeting world is the 50:30:20 method. Use 50% of your income on needs (rent, food, bills), 30% on wants, and put the remaining 20% straight into your savings.

Be realistic about your wants

If you're looking to save more money or are working on building your emergency fund, consider adjusting your spending on wants. Being more strict with what you can and cannot buy or lowering your standards somewhat can assist you in saving money and rather allocating the funds to a retirement fund for example. Other ways to reduce spending habits are to get a roommate or use public transport. 

In conclusion

Spending intelligently is without a doubt one of the most important ways to make your money go further. The principles, on the other hand, are focused on saving more, spending moderately on necessities, and sparingly on wants. Paying more attention to desires might lead to issues and limit financial development.

Consider carefully what your needs and wants are and then gradually attempt to lower your standard of living. By focusing on your essential needs without disregarding the importance of saving, you'll be on the fast track to financial ease in no time.

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