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The end of advertising as we know it
The next five years will bring more changes to the advertising business than the previous 50 years. That’s the conclusion of an IBM study of consumers and advertising experts. Read about the four major trends the research project sees emerging.
Everybody is well aware that the advertising game has undergone some pretty radical changes. Online advertising, animation, keywords and contextual ads, to name a few. But that’s just the beginning according to IBM, which is predicting that the next five years will bring more change for the advertising industry than we saw during the previous 50 years.
That’s the conclusion of an IBM Institute for Business Value report titled “The end of advertising as we know it”. The study’s results are based on the input of 2,400 consumers and 80 advertising experts. It invites us to imagine a bold new frontier in advertising, a marketing environment where:
1) Spending on interactive, one-to-one advertising formats surpasses traditional, one-to-many advertising vehicles that we’ve used for decades in the form of newspaper, radio stations and TV networks.2) A significant share of ad space is sold through auctions and exchanges, rather than proprietary channels.3) Advertisers know who viewed and acted on an ad, and pay for their advertising based on results rather than “impressions.”4) Consumers self-select which ads, choosing to receive only those messages about products and services that interest them. They then share preferred ads with their peers.5) User-generated advertising that is as prevalent as spots created by professional advertising agencies.
Naturally, these conclusions don’t bode well for radio, television and newspaper advertising, though that is assuming their operational models don’t undergo some significant changes, which is already happening. Traditional media outlets all have websites and are experimenting with new advertising models and packages. This aside, notions that companies are going to entirely abandon brand-building ad campaigns entirely in favor of measurable direct-response campaigns is surely folly.
Still, statistics show there is a major reordering of spending priorities underway by advertisers, as more and more ad dollars continue migrating from traditional media venues to online channels. This is due in part to the high priority advertisers place on reach young people who haven’t yet established their buying patterns.
The IBM report believes there are four powerful trends at work that are reconfiguring the advertising business.
Attention. Consumers are increasingly in control of how they view, interact with and filter advertising in a multimedia environment. TiVo alone shook up the television advertising business, as viewers shifted their attention away from linear TV watching and have adopted tools that allow them to skip advertisements, as well as rate their favorite ads and easily share them with friends. This is happening while people spend less time with tradition media outlets and more time with online media. Those surveyed for the IBM report say they spent as much time online as they do watching television.
Creativity. Technology has unleashed the creativity of everyday people. Popularity of user-generated and peer-delivered content is rising. People aren’t happy just consuming media; they want to participate in its creation. New ad revenue-sharing models – such as YouTube, Crackle and Current TV – have allowed amateurs and semiprofessionals to create low-cost advertising content. IBM’s study indicates the trend will continue. Example: User-generated content sites were the top destination for viewing online video, attracting 39 percent of survey respondents. Meanwhile, established media players, like publishers and broadcasters, are taking on traditional agency functions and developing more of their own creative.
Measurement. Advertisers are demanding more targeted and measurable advertising campaigns, putting pressure on the traditional mass-market model created by newspapers, radio and television. Two-thirds of the advertising experts IBM polled expect results-based formats to account for 20 percent of ad spending within three years. Those dollars will be shifted from the currently dominant impression-based model. The exodus from traditional media ad campaigns began at least a couple of years ago and shows no signs of letting up.
Advertising inventories. New advertising industry players are making ad space that once was proprietary available through open exchanges. As a result, more than half of the ad professionals polled expect that within the next five years open platforms will account for 30 percent of the revenue currently flowing to proprietary advertising channels, such as TV channels and radio stations. Mighty media empires have already been crippled by the new world order created by the internet. Ad exchanges will further democratize the business and take the media moguls down yet another peg.
Advertising campaigns have been a key component of corporate empire building for generations. The advertising agency business itself became a big industry. Those were simple days by comparison to the fragmentation taking place today. New technologies have proliferated options for ad creation, placement, targeting and measurement. The array of diagnostics available for analyzing online performance is seemingly endless, and technology’s rapid advance means we’ve just reached the edge of this new landscape.
It’s all become very unpredictable, interesting and egalitarian.
1 Read the article and answer the following questions:
1. Write one sentence reporting something you learned from this article.
2. Sum up the advertising business changes mentioned in the article.
3. Comment on their advantages and disadvantages from the viewpoint of consumers, admen, businessmen and traditional mass media.
4. Can you think of any other changes to take place in (the near/distant) future in the sphere of advertising?
5. How can all these changes influence the quality and amount of advertising?
6. Do you think the advertising business changes will affect the impact and role of advertising in the world?
7. Is it possible that they will change the nature, character, essence of advertising?
Top 10 Principles for Positive Business Ethics
Business ethics have become a hot-button topic. There are often ethical conflicts between making money and doing what is right. There can be dilemmas about doing what is best for your employer, what’s best for your own career and doing what’s best for the customer. Business ethics is about negotiating these mine-fields. Here are Top 10 Principles for Positive Business Ethics:
1. Business Ethics are Built on Personal Ethics. There is no real separation between doing what is right in business and playing fair, telling the truth and being ethical in your personal life.
2. Business Ethics are Based on Fairness. Would a disinterested observer agree that both sides are being treated fairly? Are both sides negotiating in good faith? Does each transaction take place on a level playing field? If so, the basic principles of ethics are being met.
3. Business Ethics Require Integrity. Integrity refers to wholeness, reliability and consistency. Ethical businesses treat people with respect, honesty and integrity. They back up their promises, and they keep their commitments.
4. Business Ethics Require Truth-telling. The days when a business could sell a defective product and hide behind the buyer beware defense are long gone. You can sell products or services that have limitations, defects or are out-dated, but not as first-class, new merchandise. Truth in advertising is not only the law, business ethics require it.
5. Business Ethics Require Dependability. If your company is new, unstable, about to be sold, or going out of business, ethics requires that you let clients and customers know this. Ethical businesses can be relied upon to be available to solve problems, answer questions and provide support.
6. Business Ethics Require a Business Plan. A company’s ethics are built on its image of itself and its vision of the future and its role in the community. Business ethics do not happen in a vacuum. The clearer the company’s plan for growth, stability, profits and service, the stronger its commitment to ethical business practices.
7. Business Ethics Apply Internally and Externally. Ethical businesses treat both customers and employees with respect and fairness. Ethics is about respect in the conference room, negotiating in good faith, keeping promises and meeting obligations to staff, employers, vendors and customers. The scope is universal.
8. Business Ethics Require a Profit. Ethical businesses are well-run, well-managed, have effective internal controls and clear expectations of growth. Ethics is about how we live in the present to prepare for the future. A business without profits (or a plan to create them) is not meeting its ethical obligations to prepare for the future well-being of the company, its employees and customers.
9. Business Ethics are Values-based. The law and professional organizations must produce written standards that are inflexible and universal. While they may talk about ethics, these documents are usually prescriptive and refer to minimal standards. Ethics are about values, ideals and aspirations. Ethical businesses may not always live up to their ideals, but they are clear about their intent.
10. Business Ethics Come From the Boss. Leadership sets the tone, in every area of a business. Ethics are either central to the way a company functions, are they are not. The executives and managers either lead the way, or they communicate that cutting corners, deception and disrespect is acceptable. Line staff will always rise, or sink, to the level of performance they see modeled above them. Business ethics starts at the top.
Ethics is about the quality of our lives, the quality of our service, and ultimately, about the bottom line. An unhappy customer complains to an average of 16 people. Treating employees, customers, vendors and the public in an ethical, fair and open way is not only the right thing, in the long run; it’s the only way to stay in business.
Philip E. Humbert
1 Read the article and answer the following questions:
1 What does the term business ethics mean?
2 Why have business ethics become a hot-button issue nowadays?
3 Could you comment on the above-listed principles? (Express your agreement or disagreement; prove your point of view; cite some facts to exemplify the principles.)
4 How could these 10 principles be listed in order of importance (from your point of view)?
5 Are there any principles that you think should be added to this list?
Closing the dustbin lid
Banks will soon find it a bit harder to game the euro-zone's liquidity support
No one could accuse the European Central Bank (ECB) of taking its lead from America. While policymakers there contemplate the salvation of Fannie Mae and Freddie Mac, the troubled government-sponsored mortgage firms, the ECB is set to tighten up its rules to ensure that what it offers to banks is strictly liquidity support, and nothing more. A change to the rules that govern its money-market operations could be agreed on by the bank at its next rate-setting meeting on September 3rd and 4th.
If so, it will mark a minor reversal in a global trend. As the credit crunch has intensified, central banks have relaxed the conditions for supplying ready cash to commercial banks. The Federal Reserve has made loans available for longer, and to more banks, to provide some security of funding. The Bank of England has temporarily widened the range of securities it accepts to include less pukka bonds, such as asset-backed securities (ABS).
Jean-Claude Trichet, the ECB's chief, has been able to boast that, unlike these central banks, the ECB has not had to change its lending policy. But there is growing concern that the ECB's liberality is being abused. A worry is that banks in countries where housing busts have made investors wary of mortgage-backed assets have created securities for the express purpose of gaining central-bank funding. This practice may be exposing central banks to too much credit risk, as well as stalling the recovery of the market for mortgage-backed assets.
There are signs of an increased dependence on ECB funding in some markets. The supply of central-bank cash in Ireland and Spain has more than doubled in the past year, both in size and as a share of the euro-area total. Ireland's huge share is bloated by lending to non-Irish banks located in Dublin. Fitch, a credit-rating agency, said in May that standards for newly minted mortgage-backed securities in Spain had slipped since the credit crunch started. Despite this, such securities are appraised at close to their face value. Because trading in ABS is so limited, there is no reliable market benchmark.
Another concern is that affiliates of foreign banks are using the ECB as a source of funds for lending outside the euro area. Macquarie, a Sydneybased investment bank, was recently able to secure an ECB loan through a euro-area affiliate, putting up a security backed by Australian car loans.
The ECB has been discussing for several months how to tighten the rules to prevent such abuses, without disrupting its cash lifeline to banks. One idea is to increase the "haircuts" it subtracts from the market value of collateral, in order to protect against a decline in asset prices (the bigger the haircut, the smaller the amount that can be borrowed). Haircuts vary from less than 1 % for the safest and most liquid government bonds to 18% for some long dated asset-backed securities. Increasing the haircuts for some securities would offer extra protection against the risk that initial valuations of collateral are too generous.
When accepting collateral, the ECB could also restrict or ban the use of some securities that seem to have been created primarily to take advantage of central-bank funding. One tactic would be to rule that only a small fraction of any ABS or corporate-bond issue could be permissible. A severe haircut on newly created securities that have not been traded in private markets may be considered too. The ECB could insist that collateral is backed by income streams in euros, which would curb banks from using its funds to finance loans made outside the euro area.
Yves Mersch, head of Luxembourg's central bank and a member of the ECB's governing council, said at the weekend that any adjustments to the bank's collateral policy would amount to fine-tuning. The bank is unlikely to want to disrupt the flow of liquidity by making big changes.
The ECB's main concern should be to shield its constituent central banks from the risk of loss if a bank defaults, and to ensure that banks are not shifting their credit risk onto the ECB on favourable terms. That would amount to a subsidy to those banks putting up poor-quality collateral. Protecting central-bank capital is especially important in the euro area, which has no central fiscal authority. If a multinational bank collapsed and defaulted on its loans from the central bank, making good on any losses on the collateral would be a messy business.
1 Read the article and answer the questions:
1 What do you mean by "haircut" in the described financial environment?
2 Explain what is implied by the liquidity of a bank
3 What circumstances was the situation in the European banking sphere deteriorated by?
4 Describe the level of an increased dependence on ECB on some markets (use the chart).
5 Give a summary of the article, using up-to-date information concerning the matter described.
Competition is all
There is more to making markets work than laisser faire
Questions surrounding competition policy tend to divide economists — and not necessarily along party lines, so to speak. Mainstream pro-market economists agree almost to a man that competition is an indispensable spur to efficiency and innovation, and hence to higher living standards and faster economic growth. There is far less agreement over the character and extent of the government intervention that is required to make sure competition thrives. Recall, for instance, how the Microsoft anti-trust case divided the economics profession between those who thought that vigorous enforcement action was called for and those who felt that Microsoft's dominance of its markets could and should be left to correct itself.
In the annual public lecture of Britain's Royal Economic Society, John Vickers, a distinguished scholar and chairman of Britain's Office of Fair Trading (oft), points out that this tension in economics goes back a long way. Just compare, he says, two of the best-known quotations from Adam Smith:
It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest.
People of the same trade seldom meet together, even for merriment or diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
The point of the first quotation is to say that self-interest, uncoordinated except by the invisible hand (that is, by competition), promotes the public good. The second says, in contrast, that producers set out to subvert competition unless they are somehow prevented from doing so. So the first remark is broadly sympathetic to the principle of laisser faire, whereas the second apparently takes an opposite view. But Mr Vickers explains that Smith's comments must be seen as complementary rather than contradictory. Questions about the desirability of competition, especially those bearing on how best to arrange incentives so that welfare is improved, must be kept separate from questions about the inevitability of competition. «There is no inconsistency in regarding competition as beneficial but vulnerable to being undermined — for example, by cartel activity.»
Mr. Vickers argues that the right way to think about competition policy is to see it as a form of regulation expressly intended to bring out the best of laisser faire. To the extent that competition policy succeeds, other forms of economic regulation will then become less necessary. Thus, judicious use of one kind of economic regulation — competition policy — can hope to lower the aggregate burden of all kinds taken together.
Seen this way, competition policy extends far beyond antitrust as traditionally defined. Notably, Mr. Vickers regards reform of Europe's common agricultural policy as a species of (long-awaited) competition policy. Cartel-busting, though, remains a central concern. And in this area Mr. Vickers reports that efforts in Europe have been stepped up. Britain, in particular, he says, has learned from America's experience. America relies heavily on combining leniency for those who first come forward with information and severity against hard-core offenders. Promising partial or total immunity to whistle-blowers transforms the incentives facing cartel members, making their conspiracies against the public far less stable, even before the trust-busters turn their gaze upon them. The British authorities have adopted this strategic use of leniency.
Mr. Vickers also argues that broad-based deregulation should often be regarded as a primary tool of competition policy — not a view that the OFT or similar agencies have always eagerly espoused. Much of the public may be sceptical too, often regarding efforts to replace direct control with competition as a cause of subsequent grief. Excellent reading on this is a new paper by Alfred Kahn, doyen of America's regulation economists. In a study jointly published by the American Enterprise Institute and the Brookings Institution, Mr. Kahn assaults the widely held view that America's deregulation of airlines and telecoms has been a terrible failure — and the main cause of the financial disasters lately visited upon those industries.
1 Read the article and answer the following questions:
1 How does the extent of the government intervention affect competition?
2 How did the Microsoft anti-trust case divide the economics profession?
3 What is the main point of the first / second Adam Smith's quotation?
4 What quotation is sympathetic to the principal of laisser faire?
5 Are the Smith's comments complementary or contradictory?
6 According to Mr. Vickers what is the right way to think about competition policy?
7 What is the central concern of the competition policy?
8 What has Britain learned from America's experience of cartel-busting?
9 What is a primary tool of the competition policy?
10 According to Mr. Kahn what was the main cause of the financial disaster which had stroken airlines and telecoms?
2. Are these statements correct or incorrect according to the text?
1 Mainstream pro-market economists agree that competition is an important spur to faster economic growth.
2 John Vickers states that competition disputes have arisen recently.
3 Adam Smith's quotations should be seen as contradictory.
4 If the competition policy succeeds, other forms of regulation will become irreplaceable.
5 Leniency for hard-core offenders is the core principle of America's competition policy.
6 Total immunity makes conspiracy against the public far more unstable.
7 OFT has always eagerly espoused deregulation as a primary tool of the competition policy.
On line banking
Self-service banking for consumers and small business owners, enabling users to perform many routine functions at home by telephone, or cable modem connection. Home banking, also called on-line banking or PC banking, gives consumers an array of convenient services: they can move money between accounts, pay bills, check balances, and buy and sell mutual funds and securities. They can also look up loan rates and see if they qualify for a credit card or mortgage.
Home banking services date to the early 1980s, and since then have grown enormously as home computers become more affordable and easier to use. The ability to transact banking accurately and in the privacy of the home any time of the day has made home banking an attractive alternative to visiting local financial institutions. In the 1990s, financial institutions broadened their home banking services by giving consumers direct access to banking information via the Internet enabling many to do their banking from anywhere in the United States or around the world.
Online banking (or Internet banking) is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society's secure website. This allows customers to do their banking outside of bank hours and from anywhere where Internet access is available. In most cases a web browser such as Internet Explorer or Mozilla Firefox is utilized and any normal Internet connection is suitable. No special software or hardware is usually needed.
Online banking usually offers such features as:
- bank statements, with the possibility to import data in a personal finance program such as Quicken or Microsoft Money
- electronic bill payment
- funds transfer between a customer's own checking and savings accounts, or to another customer's account
- investment purchase or sale
- loan applications and transactions, such as repayments
- account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank-or with other institutions.
There is a growing number of banks that operate exclusively online. Because these online banks have low costs compared to traditional banks they can offer high interest rates.
Protection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, encryption alone does not rule out the possibility of hackers gaining access to vulnerable home PCs and intercepting the password as it is typed in (keylogging). There is also the danger of password cracking and physical theft of passwords written down by careless users.
Many online banking services therefore impose a second layer of security. Strategies vary, but a common method is the use of transaction numbers, or TANs, which are essentially single, use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third option, used in many European countries and currently being trialled in the UK is providing customers with security token devices capable of generating single use passwords unique to the customer's token (this is called two-factor authentication or 2F A). Another option is using digital certificates, which digitally sign or authenticate the transactions, by linking them to the physical device (e.g. computer, mobile phone, etc). While most online banking in the United States still uses single password protection, the FDIC has issued regulations requiring that banks implement more secure authentication mechanisms by the end of the year 2006.
Banks in many European countries (including the Scandinavian countries, The Netherlands, Austria and Belgium) are offering online banking for e-commerce payments directly from customer to merchants. For instance, see IDEAL.
Some customers avoid online banking as they perceive it as being too vulnerable to fraud. The security measures employed by most banks are never 100% safe, but in practice the number of fraud victims due to online banking is very small. Indeed, conventional banking practices may be more prone to abuse by fraudsters than online banking. Credit card fraud, signature forgery and identity theft are far more widespread "offline" crimes than malicious hacking. Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking can be more insecure if users are careless, gullible or computer illiterate. An increasingly popular criminal practice to gain access to a user's finances is phishing, whereby the user is in some way persuaded to hand over their password (s) to a fraudster, you should use online banking ok son!
1 Read the article and answer the following questions:
1 What operations and services can be available due to home banking?
2 Speak about the security of remote banking.
3 Discuss pros and cons of home banking.
Smart cards: the ultimate plastic
Empty out the contents of your wallet, and you're likely to find a jumble of plastic and paper--credit cards, a driver's license, a health-care ID, perhaps a few frequent-flier cards. You'd also find a fistful of dollar bills and loose change. What if you could combine all of those things into one neat credit card-size package? Instead of fumbling for coins when you make a phone call or hop onto the subway--just insert the card into a special slot. Doctor's appointment? The card contains your medical history and insurance information.
That's the promise of smart cards--slips of plastic that resemble a credit card, but with one big difference: Embedded in them is a computer chip that can store 500 times the data of a magnetic stripe card. For now, most smart cards handle a single task, such as storing electronic "money," which can be downloaded from your bank account.
In the years ahead, though, a single card might handle many of the tasks mentioned above. Either way, the marriage of silicon and plastic could be the biggest leap in consumer convenience since automatic teller machines.
For millions of people around the globe, they already are. In Europe, where phone rates are high, smart cards have long been a popular alternative to credit cards, which require an expensive phone call to a central database to authorize each transaction. The chips in smart cards make it possible to authorize a purchase on the spot. But in the U.S., where telephone costs are low and magnetic-stripe credit cards are the plastic of choice, there has been little interest in smart cards. Analysts estimate only 2% of all smart cards are used in the Americas, while Europe claims 90%.
That's about to change. After years of predictions, smart cards may finally be poised for takeoff in the U.S. Banks and other card issuers say the capabilities of magnetic stripe cards are tapped out. They see smart cards as a way to offer brand-new services. A single smart card, for instance, can be used to buy an airline ticket, store it digitally and track frequent-flier miles.
And there's a bigger force at work: the Internet. As electronic commerce gains steam, smart cards provide a crucial link between the Web and the physical world. The same digital money used to buy things on the Net - including purchases under $5 for which credit cards are prohibitively expensive - can be downloaded from your online bank account onto a card. That card could then be used to buy milk at the corner grocery store. Smart cards and E-cash could make up half of the $7.3 billion in online sales expected by 2000, figures market researcher Jupiter Communications Inc.
Such possibilities are fueling heady forecasts. Research firm Dataquest Inc. predicts that by 2001, smart-card shipments in the Americas will grow to 6.8 million or 20% of the estimated 3.4 billion units worldwide. "The Internet combined with the development of electronic cash will finally start the smart-card revolution in the U.S.," says Keith S. Kendrick, senior vice-president, smart payments, with AT &T Universal Card.
There's already a flurry of activity. Credit and debit-card companies from AT &T to VISA are migrating from magnetic stripe-based cards to ones with microchips. Hewlett-Packard Co. on Apr. 23 said it would spend $1.18 billion to acquire VeriFone Inc., which makes smart-card readers, as part of a broad push into electronic commerce. Sun Microsystems Inc. is promoting its Java software as an operating system for smart cards. And in April, GE Capital took a stake in Gemplus Card International, a French smart-card maker (box). "Everyone's getting positioned," says Mike Nash, the chief executive of DigiCash, a Dutch supplier of E-cash software that has just moved its headquarters to Silicon Valley.
This optimism will be put to the test as several smart-card experiments are rolled out in the U.S. this year. In October, Citibank and Chase Manhattan Corp. will issue 50,000 cards on Manhattan's Upper West Side, where 500 merchants will accept the cards for payment. The pilot was pushed back a year when Chase switched from proprietary technology to E-cash software from Mondex International, in which the bank took a stake last year.
AT &T, another Mondex investor, is testing a card at its Jacksonville (Fla.) Universal Card headquarters, where employees use them in the cafeteria. This summer, it will test Mondex on the Net. Says Janet Hartung Crane, CEO of Mondex USA: "This year and the next are lab years."
If past experience is any indication, these latest pilots will have to work overtime to lure both consumers and merchants. The most ambitious U.S. smart-card trial to date was hosted by VISA, which allowed visitors to last summer's Olympics to use the cards at 1,500 participating Atlanta merchants. Technically, it went off without a hitch. But not enough merchants participated or were properly trained to drum up excitement--and purchases. Similarly, in San Francisco, Wells Fargo & Co. has been testing a smart card over the past year using the Mondex system among 500 employees. They can use the card in the company's cafeteria as well as at a handful of nearby stores, delis, and coffee shops. "We love Mondex sales. There's no cash, no paperwork involved," says Chelsea O'Hara, store manager at Papyrus, a card shop two blocks from the bank's offices. The only problem: "It hasn't brought in much business," she says.
Just like ATMs, which took a decade to catch on with consumers, smart cards may take years before they reach widespread use. For one, they require a massive retrofitting of the magnetic stripe and ATM infrastructure that has been built up over the years. There's also the matter of standards, which will be needed to ensure that smart cards from different suppliers will work in the same card readers. VISA, MasterCard International, and Europe's Europay are working on a common format.
The pieces are starting to fall into place. Many PCs, keyboards, and Web TVs, for example, will be shipped with smart-card readers in 1998. Microsoft Corp., along with HP and other hardware makers, is pushing a smart-card specification for PCs and will include electronic wallet software in a version of its Internet Explorer browser due this summer. And in the Manhattan trial later this year, Citibank and VeriFone plan to test personal A TMs for downloading money into a smart card from home.
But for the best take on the future of smart cards, ask the next generation of consumers. Drew Pullman, a junior at John F. Ross high school in Guelph, ant., which began a communitywide pilot in February, fits the bill. He uses his card to buy lunch, CDs, clothing, and gas. He loves the convenience. "It's just like cash, except better," he says.
Now that's a ringing endorsement.
By Amy Cortese in New York
1 Read the article and answer the following questions:
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