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Capital Markets

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Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Banks

Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Currencies

China stock market unfazed by falling renminbi

China’s renminbi slump has companies and individuals alike scrambling to move capital overseas, but it has not damped the enthusiasm of China’s equity investors. The Shanghai Composite, which tracks stocks on the mainland’s biggest exchange, has been gradually rising since May. That is the opposite of what happened in August 2015 after China’s surprise renminbi […]

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Financial

Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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Categorized | Financial

No more waving at waiters for the bill


Posted on March 26, 2014

Flypay

The exaggerated writing gesture used by restaurant diners to get a waiter’s attention is a hand signal understood almost everywhere in the world. There is a reason for this recognition: no one enjoys hanging around to settle their food bill.

Help is on its way, however, in the form of a couple of smartphone app businesses.

London-based Flypay launched its service this month in mid-market UK restaurant chains Wahaca and Burrito Mama, having secured a £1m investment from private equity firm Entrée Capital.

Diners either scan or enter a Flypay code to receive an itemised bill on their smartphone. Once payment has been made, using debit or credit cards, the app notifies the restaurant, leaving the diners free to leave, and saving the waiting staff the bother of bringing over chip-and-pin terminals.

    A similar service is offered by MyCheck, which operates in Tel Aviv, London and New York, and has raised $6.1m since it was founded in 2011. MyCheck is the largest mobile payment company in Israel, with more than 100,000 direct subscribers and more than 1m indirect users through its partnership with Pango, the country’s nationwide electronic parking payment provider and Isracard (MasterCard Israel).

    More than 400 merchants in Israel accept MyCheck, which allows users to pay for petrol, parking, taxis and hotels as well as settle restaurant bills.

    Flypay’s app may be more limited in its scope but it claims to make the bill payment process more efficient. For instance, unlike MyCheck, Flypay does not require a four-digit pin to be handed to a waiter. Whichever system cracks it, eating out is unlikely to be the same again. The only worry left for diners will be how to split the bill.