Category Archives: Thematic Signals

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Thematic Signals highlights confirming data points and items to watch for our list of investing themes. Whether it’s a news item, video clip, or company commentary, we’ve included this full list of items literally “ripped from the headlines.”

Thematic Reads: March 9, 2020

Thematic Reads: March 9, 2020

Each week Team Tematica consumes a voracious amount of content as we look to stay on top of the latest data and mine it for tailwind and headwind signals for our 10 investment themes.

Aging of the Population
The global demographic shift towards a more senior population


Cleaner Living
Growing demand for items that claim to be better for you and the planet:


Cyber Security & Data Privacy

Securing individuals and organizations against cyber threats and privacy violations:


Digital Infrastructure
The Buildout and upgrading of our Networks, Data Storage Facilities, and Equipment


Disruptive Innovators
Business models designed to transform an entire industry and leap-frog over incumbents.


Digital Lifestyle
The increasingly digital landscape that now underpins the entire consumer experience.


Guilty Pleasures

The products and services people will consume no matter the economic environment.


Living the Life

Those things that bridge the gap between want and ability at every socioeconomic level.


Middle-Class Squeeze

Consumers trading down when and where possible or looking to stretch the disposable dollars they do have.

The ECB warns banks to prepare for coronavirus related jump in cybercrime

The ECB warns banks to prepare for coronavirus related jump in cybercrime

Never underestimate people’s ability to take advantage of a crisis, including the current coronavirus as cyber-criminals have been quick to take advantage of the understandable levels of fear. This morning NortonLifeLock (NLOK) sent an email to its clients warning about a phishing email going around that uses the logo of the CDC Health Alert Network claiming to provide a list of local active infections. Recipients are asked to click a link where they are then to enter email login credentials, which are then stolen.

Also this morning, the European Central Bank warned banks that there may be a jump in cyber attacks as hackers look to exploit virus-related chaos.

The watchdog urged banks in a letter this week to test the capacity of their technology systems “also in light of a potential increase of cyber-attacks and potential higher reliance on remote banking services.”

The outbreak has prompted lenders to ask more employees to work from home or spread them across different offices, while more clients may choose online banking over going to branches. While banks have improved defenses against hackers in recent years, the ECB has called cybercrime and technology deficiencies some of the top risks for the industry this year.

The ECB letter is part of efforts to ensure banks can keep functioning in case they’re directly affected by the coronavirus outbreak that’s rippling through the global economy.

These warnings follow a recently published blog post by Fortinet (FTNT) on how it has seen a significant increase in malicious activity surrounding the coronavirus. In the post, the company shared it has found reports appearing from “trusted sources, such as governmental agencies, news outlets, etc. that were actually malicious.” Fortinet goes on to point out the World Health Organization (WHO) is contending with malicious activity as “criminals are disguising themselves as WHO to steal money or sensitive information.”

We suspect in the coming months we are likely to see a spike in companies reporting cyber attacks and data privacy violations, which will not only shortcomings but also spur demand for companies found in the Foxberry Tematica Research Cybersecurity & Data Privacy IndexOur advice is to wash your hands frequently and be wary of what you click on and where you click. It’s a viral world.

Source: Banks Told to Prepare for Cybercrime Jump in Coronavirus Fallout – Bloomberg

Disclosure: NortonLifeLock (NLOK) and Fortinet (FTNT) are constituents in the Foxberry Tematica Research Cybersecurity & Data Privacy Index

 

Sizing up thematic returns in February

Sizing up thematic returns in February

Equities continued to swoon during February as investors came to grips with the expanding impact of the coronavirus. Amid a growing sea of corporate warnings that led investors to question earnings forecasts for the current quarter as well as all of 2020, all the major stock market indices finished February down 6.4%-10.1%. The hardest hit was the Dow Jones Industrial Average, and the US stock market barometer that is the S&P 500 fell 8.4% in February, which added meaningfully to its decline year to date. 

Despite investors taking profits in the Technology and Healthcare sectors, they along with Communication Services helped temper the market’s February selloff. Names like Regeneron Pharmaceuticals (REGN), Biogen (BIIB) and Gilead Sciences (GILD) saw gains on advances in potential coronavirus treatment development in particular. While markets overall were impacted by unfolding events during the month Energy, Utilities and Consumer Discretionary names seemed to lead the way down. Muted demand for oil due to reduced manufacturing activity and fears of continued softening in the global economy saw oil prices drop almost 17% during the last week of the month. Unsurprisingly, cruise line operators Norwegian Cruise Lines (NCLH) and Caribbean Cruise Lines (RCL) were among the worst performers this month both posting losses over 30% with Carnival Corporation (CCL) not too far behind losing over 23% of its market value as those companies paired back 2020 expectations due to the coronavirus’s impact. The same was had with airlines with American Airlines Group (AAL) down 29.68% and Alaska Air Group (ALK) off 21.88% as they too canceled flights and reduced schedules owing to the virus.  

At Tematica we’ve often questioned the notion of the S&P 500’s construction as well as the ability of an 11-sector framework to accurately capture the evolving landscapes that we and other investors find ourselves confronting as structural changes associated with our 10 investment themes continue to unfold.  In our view a different perspective is needed, a thematic one, to properly identify those companies at the forefront of these unfolding structural changes. For example, cruise lines such as the ones mentioned above fall into the Consumer Discretionary sector while companies such as Omega Healthcare Investors (OHI) that offer long-term healthcare facilities is classified as Real Estate even though both are feeling the tailwinds of Tematica’s Aging Population investing theme on their respective businesses.

Another example of looking at the world thematically is found in the Tematica Research Cleaner Living Index, which focuses on the shifting consumer preference for cleaner products and services that are better for you, your body, your work, your workplace, and the environment.  Despite sharp February sell-offs in several index constituents, including Acuity Brands (AYI). Fresh Del Monte Produce (FDP) and Hain Celestial (HAIN), solar energy systems companies Sunrun (RUN) and SolarEdge Technologies ((SEDG), as well as plant-based alternative Beyond Meat (BYND) and Tesla (TSLA), led the Cleaner Index to slip by only 3.1% in February. That decline more than offset the index’s modest rise posted during January leaving it down 2.6% year to date vs. the S&P’s 8.6% drop at the end of February. 

Of note during February, 

  • Plant-based meat alternatives notched another win as Beyond Meat announced the Beyond Meat sandwich will be available at Starbucks’ (SBUX) nearly 1,200 coffee shops across Canada on March 3. The sandwich will include cheddar cheese and egg on an artisanal bun. Not to be outdone, Impossible Foods announced its plant-based meats will be available across Walt Disney (DIS) theme parks and cruise lines come Feb. 28. 
  • Confirming the drivers for Cleaner Living are global, during February it was reported by the Fraunhofer Institute for Solar Energy Systems (ISE) that 61.2% of Germany’s net public electricity generation was from renewable sources, marking a new monthly record. 
  • And while Tesla has an early lead in the electric vehicle space, BMW is set to take the wrap off its i4 electric concept car and General Motors (GM) is slated to discuss its electric vehicle and battery strategies at its upcoming EV Day on March 4. GM’s battery facing comments will be ones to watch ahead of Tesla’s “Battery Day” slated for April.

Amid the coronavirus headlines investors were digesting during February, there were two powerful reminders of the growing need for cybersecurity and digital privacy solutions. The first was the announcement from gaming and hospitality giant MGM Resorts International (MGM) that it had been the victim of a data breach in 2019. The second was a statement from the US State Department blaming the Russian military intelligence agency known as the GRU for the cyberattacks that hit Georgia last October and disrupted “several thousand Georgian government and privately-run websites and interrupted the broadcast of at least two major television stations.”

Those attacks are but the latest high-profile ones to be reported and point to the increasing need for companies, governments, other institutions and individuals to protect their data, especially as the regulatory environment could increase the frequency of financially motivated cyber-attacks. Each week in Thematic Reads, we share some of the latest headlines and news stories surrounding the Foxberry Tematica Research Cybersecurity and Data Privacy Index. As society becomes increasingly connected as part of our Digital Lifestyle investment theme and as new technologies associated with our Digital Infrastructure investing theme look to connect more devices than ever before, we continue to see an increasing demand profile for the constituents that comprise the Foxberry Tematica Research Cybersecurity & Data Privacy Index. During February the index fell 8.2% as gains registered in the shares of Cloudflare (NET), Norton Lifelock (NLOK) and ForeScout Technologies (FSCT) were offset by declines in Palo Alto Networks (PANW), Globalscape (GSB) and Mimecast (MIME) shares. 

Turning to the Tematica’s Thematic Dividend All-Stars Index, which is comprised companies with at least ten consecutive years of increasing annual regular dividend payments and whose business models will benefit from multiple thematic tailwinds tracked by Tematica’s Thematic Scorecard, its total return for February was -8.1% vs. the total return for the S&P 500 of -8.3%. Among the index’s 65 constituents, only Healthcare Services Group (HCSG), Albemarle Corp. (ALB) and Target (TGT) finished higher in February, leaving meaningful declines at Aaron’s (AAN), Nu Skin (NUS) and Invesco (IVZ) to have a greater impact on this equally weighted index. 

Generally speaking, companies that continually increase their dividends to shareholders tend to see a positive step function higher in their share prices. During the first two months of 2020, just over 25% of the index constituents announced fresh dividend increases including Aaron’s (AAN), Analog Devices (ADI), Digital Realty Trust (DLR), Best Buy (BBY) and AT&T (T). Given the positive impact of tailwinds associated with Tematica’s investment themes, we look forward to sharing news of new dividend increases at the other 72% of the index constituents in the coming months. 

‘Hidden apps’ to drive an increase in mobile malware attacks

‘Hidden apps’ to drive an increase in mobile malware attacks

“Consider the number of applications on your smartphone today. Which ones are actively used? Which ones are no longer used? While this is a simple check, more important questions often go unanswered. For example, do you know what data each app collects?

So begins the latest McAfee Mobile Threat Report, which points out that mobile malware is becoming increasingly common as cybercriminals focus their attention on smartphones, the device that has become for many the go-to device for communicating, banking, shopping, and other forms of transactions and data consumption. According to data published by the Gartner, exiting 2019 there were 1.5 billion smartphones being used across the globe, which in the view of hackers offers a target-rich environment.

Per McAfee’s findings, how they are looking to attack those devices is through ‘hidden apps,’ which are malicious applications that are designed to avoid user discovery. In some cases, attackers are using a MalBus attack, which involves criminals targeting the “account of a legitimate developer of a popular app with a solid reputation…adding an additional library to the apps and uploaded them to Google Play. During installation, the malicious library checks whether it is already installed, and, if not, runs an update process to download and dynamically load a malicious Trojan disguised as a media file.”

McAfee sums this latest report with two key observations: first, 2020 is likely to be the year of “mobile sneak attacks” and attackers will increasingly look to make their activities appear more legitimate. In our view, this only solidifies the growing importance and demand for data privacy and cybersecurity solutions represented by the Foxberry Tematica Research Cybersecurity & Data Privacy Index.

Some interesting observations from the latest McAfee Mobile Threat Report include:

According to figures in the newly released McAfee Mobile Threat Report, the total number of detections for different types of mobile malware reached over 35 million during the final quarter of 2019, representing a jump of 10 million detections compared with 2018.

Thousands of apps are actively hiding their presence after installation, making them difficult to locate and remove while annoying victims with invasive ads.

In order to help bypass security protections offered to Android users by the Google Play Store, cyber criminals are turning towards other channels to help distribute their malicious apps. This often sees attackers use comments below YouTube videos, or links in popular chat apps like Discord, that claim to offer free or cracked versions of well-known applications.

The download pages for these fake applications will use icons, text and imagery of the real app to add authenticity and encourage potential victims to download the malicious software – but then the app will seemingly disappear after installation.

Apps will sometimes just disguise themselves as something under the ‘settings’ menu of the phone, or the app will claim that it can’t be installed in the user’s country – while secretly installing the malware all along.

And because the application is hidden in such a way that the user is unlikely to be able to find it, the malware will drain the phone battery by performing actions that generate ad revenue.

Source: Warning over ‘hidden apps’ as mobile malware attacks increase – and get sneakier | ZDNet

GRU’s Grand Day Out and MGM’s Bad Privacy Luck

GRU’s Grand Day Out and MGM’s Bad Privacy Luck

In the last twenty-four hours, we’ve had two powerful reminders of the growing need for cybersecurity and digital privacy solutions. The first was the announcement from gaming and hospitality giant MGM Resorts International (MGM) that it had been the victim of a data breach in 2019. The second was a statement from the US State Department blaming the Russian military intelligence agency known as the GRU for the cyberattacks that hit Georgia last October and disrupted “several thousand Georgian government and privately-run websites and interrupted the broadcast of at least two major television stations.” 

As the digital world becomes increasingly pervasive so too does the need for cybersecurity and data protection solutions. The passage of General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act are both driving spending on security measures as companies race towards compliance with these new personal data privacy regulations.

In the case of the MGM breach, the personal details of more than 10.6 million guests of the resort chain were published on a hacking forum, including information from driver’s licenses, passports, and military ID cards. While the company doesn’t have any current operations in California, it does have operations in Maryland, Massachusetts and New York. All three of those states introduced new privacy laws in 2019, which are pending in Maryland and Massachusetts but active in New York as of January 2020. 

Those new laws and a growing number of similar legislative acts emerging in other states are intended to increase the cost to companies of data breaches compared. As we noted in “A Whitepaper on Cybersecurity and Privacy”, fines associated with privacy law violations can be $100-$750 per user, which could be financially devastating. If a company doing business in California experienced an attack similar in size and scope to MGM’s, it would be staring down a potential fine between $1-$8 billion. For some perspective, the MGM breach paled in comparison to the 2018 breach at Marriot International (MAR) that exposed data of up to 500 million guests. 

Luckily for MGM, this data breach occurred in 2019 before new privacy laws were enacted this year. Even so, in response to the attack, MGM retained two cybersecurity forensics firms to conduct an internal investigation into the server exposure and has “strengthened and enhanced the security of our network to prevent this from happening again.”[1] That means spending on cybersecurity and data privacy solutions. Given the evolving nature of attacks, this will not be a one-time investment. MGM, and all companies facing such risks, will need to be perpetually vigilant in safeguarding their networks especially customer data. 

Threat intelligence firm KELA identified the culprit behind the MGM attack as a member of the GnosticPlayers[2], a hacking group responsible for the hacks of more than 45 companies and the leaking of over one billion user records throughout 2019. The new privacy laws in the US and the European Union expand the potential damage such hacking groups can inflict on companies, increasing the need for cyber protection lest they leave themselves vulnerable to attacks and privacy-related fines. The new privacy regulations increase the potential financial harm to a company from hacking, creating yet another powerful incentive for preventative security spending. 

While the attack on MGM was a clear example of the need for better corporate cybersecurity and data privacy, the cyberattack on Georgia, is one of cyber warfare. The Georgia attack knocked out thousands of government, private sector, and media websites, and interrupted broadcasts of at least two major television stations.

The UK’s National Cyber Security Centre (NCSC), concluded, “with the highest level of probability, “the attacks, aimed at web-hosting providers, were carried out by the GRU (a Russian military spy agency) in a bid to destabilize the country. The GRU is also believed to be behind NotPetya, a June 2017 cyberattack that invaded global corporate networks crashing many systems worldwide, disrupting business for companies including “Maersk, pharmaceutical giant Merck, FedEx’s European subsidiary TNT Express, French construction company Saint-Gobain, Mondelez, and Reckitt Benckiser. “[3]

In terms of the size of the NotPetya attack, “According to confirmation received by WIRED from former Homeland Security adviser Tom Bossert, the result of this attack was more than $10 billion total loss in damages.”[4] That compares to losses of $4-$8 billion associated with the WannaCry virus in May 2017.

While the attack on Georgia is gaining renewed exposure, the reality is it is just the latest in a growing number of cyber warfare attacks; a list of such attacks is being compiled by the Center for Strategic & International Studies. 

The bottom line is in a world of increasing connectivity that brings ever greater accessibility, companies, governments, and institutions are facing a cyber arms race that will generate continual and growing demand for evolving cyber defense solutions. If a company opts not to secure itself, it risks devastating fines. We suspect the more prudent companies will instead engage with cybersecurity and data privacy companies that comprise the Foxberry Tematica Research Cybersecurity & Data Privacy Index.


[1] ZDNet, “Exclusive: Details of 10.6 million MGM hotel guests posted on a hacking forum”, 2020. Available at https://www.zdnet.com/article/exclusive-details-of-10-6-million-of-mgm-hotel-guests-posted-on-a-hacking-forum/

[2] ZDNet, “Exclusive: Details of 10.6 million MGM hotel guests posted on a hacking forum”, 2020. Available at https://www.zdnet.com/article/exclusive-details-of-10-6-million-of-mgm-hotel-guests-posted-on-a-hacking-forum/

[3] NS Tech, “Russia’s GRU launched cyberattacks aimed at destabilising Georgia, says NCSC”, 2020. Available at https://tech.newstatesman.com/security/russia-gru-cyber-attacks-georgia-ncsc

[4] Business Standard, “NotPetya: How a Russian malware created the world’s worst cyberattack ever”, 2018. Available at https://www.business-standard.com/article/technology/notpetya-how-a-russian-malware-created-the-world-s-worst-cyberattack-ever-118082700261_1.html

Hackers are ramping up attacks on retirement accounts

Hackers are ramping up attacks on retirement accounts

When we think of cyber attacks we tend to think of ones against companies, large or small, but we as cybercriminals become more sophisticated we are seeing them target a different set of targets. One of these newer targets includes new types of financial accounts, which bleeds over in data privacy, a key aspect of the Foxberry Tematica Research Cybersecurity & Data Privacy Index

 

Bank accounts are a top target for hackers, and retirement accounts may not be far behind. Cybercriminals are moving toward retirement and loan accounts. Although the number of consumers affected by identity fraud has declined between 2017 and 2018, hackers are targeting new types of financial accounts — such as customer rewards programs and retirement plans, according to the 2019 Identity Fraud Study from Javelin Strategy & Research.

Part of the problem is identity theft, which can provide hackers the keys to getting into important accounts.

 

With the burgeoning 5G market expected to hit a tipping point in the coming quarters, giving rise to the industrial internet (otherwise known as the internet of things), we suspect this is only one of many new target vectors we will be reading about in the coming months.

Source: Hackers are ramping up attacks on retirement accounts — how to keep yourself safe – MarketWatch

Internet Crime Costs Americans Billions

Internet Crime Costs Americans Billions

While investor focus this week looks to be squarely on COVID-19 and its potential economic impact, the very real costs of cybersecurity threats, which are features in our Safety & Security investment theme, continue to grow at an impressive pace, rising nearly 30% in 2019 from 2018 and nearly 340% over the past 5 years.

Infographic: Americans Are Losing Billions Due To Internet Crime | Statista You will find more infographics at Statista

 

According Statista,

“The FBI’s Internet Crime Complaint Center (IC3) has released its 2019 Internet Crime Reportwhich found that 2019 was a record year for both victims of internet crime and dollar losses in the United States. 467,361 complaints were logged by IC3 in the last calendar year – 1,300 per day on average. The most frequent internet crimes recorded in 2019 were phishing, non-payment/non-delivery scams and extortion. Individuals and businesses lost $3.5 billion in total, an increase on the $2.7 billion lost in 2018.”

Donna Gregory, the chief of IC3, said that while the FBI did not see an increase in new types of fraud in 2019, “criminals are getting so sophisticated” and that “it is getting harder and harder for victims to spot the red flags and tell real from fake.” The companies in the Foxberry Tematica Research Cybersecurity & Data Privacy Index look to provide solutions for and benefit from this growing problem.

 

Infographic: Top Cybercrimes in the U.S. | Statista You will find more infographics at Statista

 

Source: • Chart: Americans Are Losing Billions Due To Internet Crime | Statista

2019 Marks an Inflection Point in Media Consumption 

2019 Marks an Inflection Point in Media Consumption 

On the one hand, it’s official; on the other hand it comes as no surprise to us here at Tematica that “internet consumption,” which of course includes video streaming be it on Netflix, Google’s YouTube or some of the newer platforms, such as Disney+, given our Digital Lifestyle investing theme. With more streaming services from Apple and AT&T to be had plus the looming launch of 5G networks, before too long we could see “TV viewing” go the way of newspapers and magazines. Again, no real surprise, just a matter of time.

According to Zenith, daily mobile internet consumption will amount to 130 minutes per day, up from just 80 minutes in 2015. Adding 40 minutes of desktop internet use, total internet use is expected to amount to 170 minutes per day this year, compared to 167 minutes of daily TV viewing. In line with the old advertising adage “money follows eyeballs”, online advertising expenditure is also on the rise and, according to Zenith, surpassed TV ad spending for the first time in 2017.

Source: • Chart: 2019 Marks an Inflection Point in Media Consumption | Statista

Can The Santa Experience Save Brick-And-Mortar Retail This Holiday Season?

Can The Santa Experience Save Brick-And-Mortar Retail This Holiday Season?

This is a quaint idea, but as the data published by ShopperTrak for Black Friday 2019  showed there is no putting the digital shopping genie back in the bottle, especially not after companies like Target and Walmart have ramped up their digital commerce efforts to battle Amazon.

Some holiday traditions are easy to explain — things like wrapping presents, drinking hot chocolate and baking cookies are all neatly summed up with the knowledge that the vast majority of people like opening presents and eating cookies.

Source: Can The Santa Experience Save Brick-And-Mortar Retail This Holiday Season?

Going cashless may break the law?

Going cashless may break the law?

Here at Tematica, one of the things we like more than anyone of our investing themes is when two or more of them intersect as it forms a super-theme of sorts. We’ve seen numerous examples over the last several quarters, but there are also times when the tailwind of one of our themes presents a headwind for another. We are seeing that unfold between the cashless consumption aspect of our Digital Lifestyle investing theme and our Middle Class Squeeze and Safety & Security ones.

There are benefits to be had with the move by business to digital commerce…

Some retailers are cutting out cash to speed up transactions, reduce the risk of theft and accommodate the increased use of credit and debit cards, as well as digital wallets like Apple Pay and Google Pay, to purchase services and products.

… and there are times when having to pay only by cash can be a hassle, especially if you’ve gotten used to paying with a swipe or a tap. There are also those folks that are tapping their credit cards harder than others as they look to make ends meet. According to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report, consumer household debt balances have been on the rise for five years and quarterly increases continued on a consecutive basis, bringing the second quarter 2019 total to $192 billion.

But as the below excerpts note, not everyone in the entire population is able to participate in cashless consumption be it because they lack a debit or credit card. Others have those but are wary about leaving a digital trail that could be exploited by cyber attackers and compromise their privacy.

But with 6.5% of U.S. households in 2017 not having bank accounts, according to the FDIC, and 18.7% having accounts but also using financial services outside of insured institutions, some are pushing back on the trend

But it’s not just those without credit and debit cards who may balk at being told they can’t use cash. In an era when data breaches have occurred at institutions such as Capital One and credit rating agency Equifax, some consumers worry that cashless payments can infringe on their privacy.

“You do hear a good portion of people saying ‘Once we move to this cashless economy, there is a digital trail for every single one of my purchases, and I’m not entirely comfortable with that,’’’ Santana says. “And there’s a possibility there could be a data breach where your information gets compromised. The probability of a data breach happening is very low, but it is isn’t zero.”

Interestingly enough, despite these headwinds, the tailwind for cashless consumption continues to blow as evidenced by the continued decline in using cash.

Square Inc. found that four years ago, shoppers used cash for 46% of purchases that were less than $20. But this year, shoppers used cash for 37% of transactions in the same price range.

 And while there may be some overlap in the user numbers, earlier this year Paypal’s (PYPL) Venmo reported 40 million users that completed one transaction in the prior 12 months, while Square reported 15 million Square (SQ) Cash App users for “monthly actives (at least one transaction in the past month).” While those numbers are larger than some digital user figures at banks — Bank of America (BAC) reported that its active base of digital users was 37 million in the March 2019 quarter and for the same period Wells Fargo & Co. (WFC) had 29.8 million active digital users – during the June 2019 quarter Apple (AAPL) Apple’s Apple Pay completed nearly 1 billion transactions per month, nearly transaction levels in the year-ago quarter.

What those figures tell us is in today’s increasingly connected world filled with more consumers embracing digital shopping and mobile ordering, for both convenience and in many cases better affordable prices, we will likely see a continued movement away from cash usage… but we may not see the use of cash disappear just yet. In thematic speak, two powerful tailwinds may be impeded by one headwind, but that will likely only slow the impact, not eliminate it. 

As that shift away from cash continues, odds are we will see more companies embrace our Disruptive Innovators tailwind and bring new solutions to market. One such company is Tematica Select List resident USA Technologies (USAT) that is bringing mobile payments to vending machines and unattended retail.

Another is the cash to debit card ReadyStation kiosk found at the now cashless Mercedes Benz stadium in Atlanta. The kiosk by ReadyCard that converts cash to a prepaid debit card that can be used anywhere VISA is accepted. That is but one solution that could thwart regulatory headwinds, especially if like the ReadyStation kiosk the resulting debit card is fee free.

From Philadelphia to San Francisco, several cities and states have passed or are considering bills that prohibit retailers from refusing to accept cash, a policy they say shuts out the millions of Americans who don’t have a bank account, lack credit cards or don’t have photo identification. 

Another reminder that where there is a pain point, solutions tend to result.

Source: Going cashless? If you do in these cities, you’re breaking the law