Best of the week: how to pay taxes in Canada, crypto ban in Turkey, US retail trends 2021

crypto ban Turkey

We’ve gathered some of the best and most interesting articles over the last week.

1. US retail trends 2021: what to expect

The onset of behemoth retail players such as Amazon and Walmart redefined the concept of retailing consumer, capital, and industrial products to the customer. These companies leveraged their technological prowess to bring greater efficiency in the end-to-end supply chains along with giving superior customer satisfaction to their users.

2. Amazon to cover COVID-19 vaccine cost in India

Amazon India is set to cater COVID-19 vaccines for over a million residents in India.

PaySpace Magazine anticipates this step isn’t likely to influence the general vaccination rate in India. Despite the fact that the country’s vaccination rollout is among the highest globally, less than 15% of the population has received the first shot so far. This way, having a population of over 1.3 billion people, India has to perform at least 6 million vaccinations per day to contain the disease.

3. How to pay taxes online in Canada

Online options are more convenient, accessible 21 hours per day (the time from 3 a.m. to 6 a.m. is dedicated to maintenance), and better in terms of health safety in the current pandemic situation. Moreover, they don’t require much tech-savviness to perform the task.

Unfortunately, non-residents who do not have a Canadian bank account can make their payments to the CRA only by wire transfer or with an internationally issued credit card through a third-party service provider (for a certain fee). The owners of Canadian bank accounts can use the privilege of direct online payments.

4. Bitcoin price falls after Turkey bans crypto

Turkey has banned the use of Bitcoin as well as alternative cryptocurrencies as a payment method.

PaySpace Magazine considers that cryptocurrency ban not only in Turkey but in any other country is not a solution. The governments must regulate the crypto ecosystem, not ban them. The developed countries like the US, UK, Japan have already demonstrated a successful example of using crypto assets. However, Turkey didn’t consider the fact that the crypto market is a great opportunity for the government to make money. This industry isn’t not going to disappear but alternatively – it will end up on the illegal market. Besides, the demand for crypto is likely to rise.

5. Top 7 businesses you can start at home

Over half of all small businesses in the US and UK are home-based. In Europe, the exact statistics are unknown, but the situation is clearly similar. Family businesses (many of which are home-based) account for 40 – 50% of European private employment. One of the key drivers in the growth of home-based businesses is digitalization and e-commerce. Those factors enable profitability even with a small turnover and low initial investment. Therefore, starting a business at home is a great option for an average entrepreneur-to-be.

6. Here’s how many US millennials are going to travel this spring

Millennials are the most optimistic and eager to get back on the road. For instance, 58% of millennial respondents are planning a trip this spring, up from 50% of all age groups.

PaySpace Magazine anticipates that since fully vaccinated Americans won’t need to any longer take a test before traveling across the country and abroad, the US travel sector will witness a significant boost. Nevertheless, we don’t expect global air ticketing to recover in the nearest future because of the uncertain COVID-19 situation in the majority of countries. But still, do not hesitate to learn how to buy airline tickets online.

7. How to apply for a Wells Fargo bank account as a foreigner

Opening a bank account in a foreign country may seem extra complicated. Especially, when we speak of the US, where foreigners have faced difficulties in opening bank accounts or engaging in monetary transactions since the USA Patriot Act of 2001.

Nevertheless, nothing is impossible. Although the application process may not be too easy, foreigners, non-residents, expats, or travelers can open a bank account in the US. In fact, the “Big Four” banks offer plenty of banking opportunities for foreign citizens. It’s worth saying that larger banks are generally more open to non-residents than smaller banks.

8. World’s first NFT microinsurance launched

Hong-Kong-based insurtech YAS has announced the launch of ‘NFTY’, the NFT microinsurance. It leverages blockchain technology that certifies a digital asset such as media, songs, arts, and collectibles to be unique and therefore not interchangeable.

PaySpace Magazine considers that the NFT increased popularity has already raised the question of how to keep them secure. This way, we can expect the emergence of new NFT insurance players in the nearest future to protect the tokens from theft or other malicious hacks.

9. Pros and cons of starting a home-based business

PaySpace Magazine decided to discover whether starting a home-based business is really such a good idea.

To begin with, let’s clarify the notion itself. Home-based business (HBB) is a type of small business run from home without any external offices. As a rule, it has no employees outside of the given household. Except for the founder, family members may also participate in the business activities. Thus, in some cases, HBB can be classified as a family business.

10. American university launched NFC-enabled ID cards

Long Island University staff and students will now have access to digital identity cards.

PaySpace Magazine anticipates this move will gain popularity among Zoomers and also become a safe alternative during these uncertain times as it eliminates the necessity of human contacts.