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Eddy currents (also called Foucault’s currents) are loops of electrical current induced within conductors by a changing magnetic field in the conductor according to Faraday’s law of induction. Eddy currents flow in closed loops within conductors, in planes perpendicular to the magnetic field. They can be induced within nearby stationary conductors by a time-varying magnetic field created by an AC electromagnet or transformer, for example, or by relative motion between a magnet and a nearby conductor. The magnitude of the current in a given loop is proportional to the strength of the magnetic field, the area of the loop, and the rate of change of flux, and inversely proportional to the resistivity of the material. When graphed, these circular currents within a piece of metal look vaguely like eddies or whirlpools in a liquid.

Source: Eddy current – Wikipedia

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Source: Cities: Skylines | Paradox Interactive

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Ride-sharing giant Uber Technologies Inc. plans to foray into the payments and financial services market. Citing a massive opportunity in this sector, Uber announced a new division called Uber Money catering to the company’s debit and credit card offerings along with digital wallet facilities.

Source: Uber Dives in Payments and Financial Services Market with Uber Money