Posted on 12/17/2019 9:32:28 AM PST by SeekAndFind
China, the nation that introduced the world to banknotes, is now setting the pace in the competition to become the first cashless society.
Already by 2017, more than three-quarters of Chinese people were using digital payments in preference to cash, and the number was rising fast.
Now, the central bank and other financial authorities have announced they want to spread the benefits of going cashless to the four out of 10 people in China who still live in rural areas.
The focus on agricultural communities will put a further dent in the perception that electronic payments are the preserve of prosperous urban millennials.
In global terms, China is behind Sweden, which aims to go completely cashless as early as 2023. However, the growth in non-cash payments in China is much more significant, given its population size.
The Chinese have, to an extent, leapfrogged the credit and debit card revolution that overtook advanced economies in the last century, with most of new adopters using mobile technology to go cashless.
As payments processor Worldpay said in its 2018 global payments report highlighting China's boundless growth opportunities in the sector: "China presents a payment landscape shaped by consumers that came of age in a digital and mobile-first world. Mobile wallets dominate Chinese payments unlike anywhere else on the planet."
The report noted that almost two-thirds of online sales and more than one third of payments in stores were now made through leading mobile wallet operators including Alipay and WeChat Pay.
China is already the world's largest mobile payment market and is also a leader in peer-to-peer payments, in which people are able to pay each other by text.
Although the cashless revolution in China and elsewhere appears unstoppable, there are still disagreements over the pros and cons of ditching old-fashioned notes and coins.
(Excerpt) Read more at straitstimes.com ...
Barter will make a comeback.
666
Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name.
Revelation 13:16-17
I actually barely remember when I used cash last time unless abroad.
Yep, the one good thing about a cashless society. Bums won’t ask you for money.
You can honestly say them you don’t have any. Although I forgot when last time seen a bum too:)
I use my debit card to buy goods online and I pay my bill peer to peer.
Cash Is increasingly obsolete. I havent had cash in my wallet for years.
This is exactly the concern. And my guess is that there is absolutely no turning back. This will go global.
It’s a bunch of hype. 1/3 of in person payments in China are made with non-cash payment methods. In the US, it’s 2/3.
Of course, they want to be ablemto automatically cut you off from your momey and any loans or credit. tie in with your ‘social credit score’ bs.
Excellent
Of course, it will also further the crippling social control network that the CCP (aided by western IT firms) is presently implementing.
Get uppity? Get out of line with the CCP? Turn off their cash and credit cards.
Just what I thought, prefaced by "So a communist government can make this cashless society mandatory. And thus can determine whether you can buy or not, and know and regulate what you can buy, and where you are whenever you buy in real time. And all of the above conditions would apply to selling. Unless you buy or sell illegally, which makes you a criminal, who can run but hardly hide. Indeed, what could possibly go wrong?
It is like the old "Thief in the night " movie, except more high tech. And the Christians did not get raptured (which awaits the end of the Trib. I think).
Count me out.
I don’t mind doing cashless when it’s convenient, but cash always works and I will fight doing it under compulsion.
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