Topic: China Can’t Afford a Cashless Society (Perhaps No One Can) (Read 407 times)
You should learn Chinese culture. You don't know China. You must know why the United States is so afraid of China. This shows that the rise of China is affirmative. They have succeeded in a cashless society. But they did not use cryptocurrency.
I think it's more caused by people switching to digital payment methods out of convenience and increasing practicality and user-friendliness of these methods that banks just can't keep up with.
Not surprised about the anti-capitalist sentiment. In today's day and age of global interconnectedness, private enterprises can achieve more power than centralized structures due to the sheer reach of potential consumers. (Just look at at Amazon). Governments don't like this. Trump hates Bezos.
Not surprised about the anti-capitalist sentiment. In today's day and age of global interconnectedness, private enterprises can achieve more power than centralized structures due to the sheer reach of potential consumers. (Just look at at Amazon). Governments don't like this. Trump hates Bezos.
In fact, China's mobile payment is now very developed, and the preferred payment method for Chinese people is mobile payment!
You think that China does not have a cashless society. It may be that China's mobile payment is not paid in cryptocurrency!
You think that China does not have a cashless society. It may be that China's mobile payment is not paid in cryptocurrency!
Cashless society soon or later will happen. Information technology including internet user growing very fast and peoples can use internet making transaction more faster and easier. I am believe in next 5 years, people will not using paper money for their transaction anymore except in place without internet connection
I think it's too fast to implement a cashless society in a country that has a very large total population with a very large number of poor people too, China is a big industrial country but they also have many poor people, in 5 years it won't make a big difference , it took few decades to change from cash to digital..
I have read a lot of comments. I think everyone is too limited. Many people don't see the future. To know that China's cashless society has formed, they have surpassed the world for decades! Cashless cryptocurrencies can also be implemented globally. However, a cashless society does not mean rejecting the circulation of banknotes, but can spread in both directions. Hey, look at your comments and think that you are ignorant. I have been to China, I suggest to study.
most of the city dwellers are accustom to cashless payment. Cash mainly use by foreigner, old people, back water community or black market and illegal business. if you living a honest life in China, cashless payment binded to bank is the way to go.
I'd have to agree, i mean there would be alot of infrastructures to build to make a nationwide crypto currency happen. For one thing, internet access must haopen all over the land. I mean they use Fiat as a transition or even place a lesser tax on people who want to use crypto currency. There are lots of ways to do it if they have political will.
Yes, I think this applies to most of the countries, if not all, especially the developing ones. Most of the countries are yet also experiencing wide gap between rural and urban lifestyle. Huge amount of population is unaware of smart and internet connection. I think cashless society can be a reality only on paper, in real world I don’t think it can be implemented at least for the next two decades. Moreover problems like poverty and illiteracy can't really be solved using Bitcoin or other innovative cryptocurrencies.
What I see is that in China, in most cities at least, mobile phone adoption is so high anyways that going cashless doesn't necessarily affect many people since everyone already has the technology to do it anyways.
There are concerns, for example, people who live in absolute remote areas with no internet connection could be left behind on this. Also, potentially people who don't have valid identification cards may also be affected.
There are concerns, for example, people who live in absolute remote areas with no internet connection could be left behind on this. Also, potentially people who don't have valid identification cards may also be affected.
hundreds of millions of people in china don't have access to formal banking. paying for something through alipay requires a bank account. opening a bank account in china requires a valid passport and usually also an employment pass, student pass or work permit---that will never happen for a substantial part of the population. then there's bank account maintenance fees.
and then what do they get in return, besides losing all privacy in their transactions? the privilege of saving 12-18 seconds at the counter? great!!
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This piece attempts to blame cash and paper money shortages in china on 3rd party payment apps like Wechat, Alipay and Tencent.
When people hear the term "paper money shortage" what comes to mind? Is this something that is likely to be the fault of private sector enterprise: corporations which build and implement electronic payment networks? Or is it more likely to be the fault of governments who produce and distribute paper money? I would be interested to know peoples feelings on this topic.
Would also be curious to know if anyone that reads this piece feels as if there is "anti-capitalist" sentiment present. Perhaps similar to the anti-capitalist sentiment pushed by venezuela which led to the severe deterioration of its private sector. Followed by loss of jobs, heavily reduced production via corporations in the country, etcetera.
No mention of bitcoin or crypto currencies, here. Should they also be considered in "cashless society" discussions? What are peoples thoughts on this?
When people hear the term "paper money shortage" what comes to mind? Is this something that is likely to be the fault of private sector enterprise: corporations which build and implement electronic payment networks? Or is it more likely to be the fault of governments who produce and distribute paper money? I would be interested to know peoples feelings on this topic.
Would also be curious to know if anyone that reads this piece feels as if there is "anti-capitalist" sentiment present. Perhaps similar to the anti-capitalist sentiment pushed by venezuela which led to the severe deterioration of its private sector. Followed by loss of jobs, heavily reduced production via corporations in the country, etcetera.
No mention of bitcoin or crypto currencies, here. Should they also be considered in "cashless society" discussions? What are peoples thoughts on this?
What I see is that in China, in most cities at least, mobile phone adoption is so high anyways that going cashless doesn't necessarily affect many people since everyone already has the technology to do it anyways.
There are concerns, for example, people who live in absolute remote areas with no internet connection could be left behind on this. Also, potentially people who don't have valid identification cards may also be affected.
China's probably going to continue going cashless at this stage, it's interesting that their approach is to have two competing cashless wallets though. Also, there is no paper money shortage as far as I know of. All there is is that people are increasingly less willing to deal with the hassle of change and pieces of paper.
Not only China, other country too can't afford a cashless society. Cashless society is just imaginary, practically its not possible. There are many countries which are having very less literacy rate, although the literate countries too have some portion of illiterate people. So there illiterate people will face many difficulties in operating smartphones or PC's. So imagining a cashless society is a wacky thing.
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In my country they actually did a survey where they asked the persons, who operate
the cashier in a major supermarket chain which payment method is faster (paying cash
or paying with a debit / credit card). The overwhelming majority expressed the opinion that paying cash is
much faster than card payments. Keep in mind that these are the persons that make hundreds of
transactions a day and probably can make an educated guess about this topic.
Maybe you have just been unlucky or selectively remember the few times where someone actually
took forever to count a few coins.
I really wanna see that survey and how it was taken since;
https://www.huffingtonpost.com/john-rampton/how-mobile-payments-will-_b_9386860.html
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More importantly, as already mentioned, these type of mobile payments are more secure than traditional payment methods and EMV. They’re also faster when checking out. The Smart Card Alliance says that “Chase has reported that customer time at the POS is reduced 30-40%, and American Express has reported that contactless transactions are 63% faster than cash and 53% faster than using a traditional credit card.” MasterCard found that “12-18 seconds were shaved off the purchase time as compared to cash” in drive-throughs.
You might be able to beat a card payment with PIN if you have exactly the right amount of money already prepared and there is no change involved but nothing, absolutely nothing can be faster than a contactless payment.
Tomorrow morning when I'll drop by the store to pick up whatever I'll need I'll start the chronometer on my smartwatch the moment the clerk is done with the scanning. and stop it once the receipt is out. I'm curious about this myself
LE:
As I promised, 8.4 seconds!
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I don't like to use cash, I don't want to use cash and when there is a guy counting bills and coins ahead of me at the store and taking forever I sometimes feel the urge to hit him with the POS.
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I don't like to use cash, I don't want to use cash and when there is a guy counting bills and coins ahead of me at the store and taking forever I sometimes feel the urge to hit him with the POS.
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In my country they actually did a survey where they asked the persons, who operate
the cashier in a major supermarket chain which payment method is faster (paying cash
or paying with a debit / credit card). The overwhelming majority expressed the opinion that paying cash is
much faster than card payments. Keep in mind that these are the persons that make hundreds of
transactions a day and probably can make an educated guess about this topic.
Maybe you have just been unlucky or selectively remember the few times where someone actually
took forever to count a few coins.
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Cashless society means that everyone needs a mobile device or a personal computer.
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Cashless society means that everyone needs a mobile device or a personal computer.
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In most developed countries this is already nearly the case and the few remaining people will
switch eventually or will simply die (many of the people, who don´t own either device are probably
the really old persons).
The link you posted explicitly states "85% of sweden's population has access to electronic banking".
This means: 15% of sweden's unbanked demographic will suffer if a cashless society is implemented.
I would be curious to know, what part of this is a "conspiracy".
This means: 15% of sweden's unbanked demographic will suffer if a cashless society is implemented.
I would be curious to know, what part of this is a "conspiracy".
As pawel7777 has said before....really? It states exactly that explicitly?
About the conspiracies....
I think its safe to say a cashless society would only benefit less than 1% of the population. Everyone else would suffer as a result of cashlessness.
The 1% elitists that brush their teeth with caviar while the rest of the population works in slavery..bla bla bla..
Imagine there is an island city with two bridges. One bridge can be utilized by anyone as the cash/paper money bridge. The other bridge requires a bank account or access to electronic transactions to use. The owners of the electronic transaction bridge want to shut down the cash/paper money bridge so everyone is forced to use the bridge they themselves own & have control over. This would grant them a monopoly or centralized market which they could then leverage for their own gain. It is a good move for the owners of the single bridge, for everyone else is it likely a bad arrangement.
When in human history has a monopoly or single option ever been preferable to having multiple options? From this precedent alone it might be derived that having less options translates to increased suffering due to the higher potential for abuse and exploitation. That appears the rational and natural precedent which can be projected from known circumstances. Feel free to share your own conclusions.
When in human history has a monopoly or single option ever been preferable to having multiple options? From this precedent alone it might be derived that having less options translates to increased suffering due to the higher potential for abuse and exploitation. That appears the rational and natural precedent which can be projected from known circumstances. Feel free to share your own conclusions.
Not for everyone else. I couldn't give an f-word about the cash bridge. I don't like to use cash, I don't want to use cash and when there is a guy counting bills and coins ahead of me at the store and taking forever I sometimes feel the urge to hit him with the POS.
As for the alternatives.... if cryptos would eliminate fiat...would that be a monopoly?
But, back to the questions, I've asked you and you elegantly decided to bypass:
So, everybody is suffering in Sweden? Are they seeing a diminishing GDP, less spending?
Has any of that come true in the last decade since Sweden has taken this cashless path?
Yes its not easy to turn such a big populous country in to cashless society and India too is struggling to do such thing.Its very difficult to change people's mindset immediately to leave traditional currencies and switch to digital cashless transactions and there are still huge volume of illiterate people and also older aged people who feel comfortable in staying with traditional fiat currencies.
This is something that will happen as the world advances. We have so many problems in India. The infrastructure is not up to the standard, natural catastrophes have an adverse effect on the masses which was seen in the recent Kerala flood. Having these problems at head, how can you think about making your society cashless when majority of the people do not have access to electricity let alone crytpocurrency. No countrie in the world (even China and USA) can't afford a 100% cashless society,because the implementation would be very expensive.Cashless society means that everyone needs a mobile device or a personal computer.Paper money are still way more convenient.
The cost of implementation will of course be expensive not only in US but in the rest of the countries as well. Almost all the people would need to have access to the technology and to the internet to make things happen.The shift has already been seen in countries like Venezuela where the printing the money was more costly and would rather lower the value of money so this system was introduced. The cryptocurrency system can very well be established but it will take a huge time.
Paper money shortage? The article was telling a story on how a growing % of people dont want paper money anymore because they would like to use electronic payments more. This is making a sector in China's society worry because the older generation and the low income sector do not have access to online and electronic payments. Its making them hard to transact with the use if cash. Theres no paper money shortage.
Unfortunately, the older generation does not understand they are living a borrowed time. That is even by the way. Normally, we do not always expect a change to just occur rapidly without having some setbacks most especially from the government. If they feel that the big merchants are the cause of the shortage of paper money, then so be it.The world is advancing in technology by the day, what is the advantage of the paper money anyway, at least, money is money as long as you can use it to pay for a value in whichever form it is, and I wonder why the Chinese government will want to be creating a huge fuss about it.
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This piece attempts to blame cash and paper money shortages in china on 3rd party payment apps like Wechat, Alipay and Tencent.
When people hear the term "paper money shortage" what comes to mind? Is this something that is likely to be the fault of private sector enterprise: corporations which build and implement electronic payment networks? Or is it more likely to be the fault of governments who produce and distribute paper money? I would be interested to know peoples feelings on this topic.
Would also be curious to know if anyone that reads this piece feels as if there is "anti-capitalist" sentiment present. Perhaps similar to the anti-capitalist sentiment pushed by venezuela which led to the severe deterioration of its private sector. Followed by loss of jobs, heavily reduced production via corporations in the country, etcetera.
No mention of bitcoin or crypto currencies, here. Should they also be considered in "cashless society" discussions? What are peoples thoughts on this?
When people hear the term "paper money shortage" what comes to mind? Is this something that is likely to be the fault of private sector enterprise: corporations which build and implement electronic payment networks? Or is it more likely to be the fault of governments who produce and distribute paper money? I would be interested to know peoples feelings on this topic.
Would also be curious to know if anyone that reads this piece feels as if there is "anti-capitalist" sentiment present. Perhaps similar to the anti-capitalist sentiment pushed by venezuela which led to the severe deterioration of its private sector. Followed by loss of jobs, heavily reduced production via corporations in the country, etcetera.
No mention of bitcoin or crypto currencies, here. Should they also be considered in "cashless society" discussions? What are peoples thoughts on this?
I wouldn't say that they can't "afford" a cashless society, considering that one is already pretty much in full swwing at the moment.
But there are obvious flaws to such cashless society where the cashlessness is brought through technology developed by private companies, whose technology may not suit everyone. Also, it's not really that there is a cash shortage, it's that people may get left behind when cash is no longer an option for them, and restricts them from transacting online as well.
Apart from that, obviously in the long term, cashless society discussions will definitely encompass bitcoin as one of the main viable options as well. But right now, adoption rates are still low, especially in China which has quite varied demographics.
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The link you posted explicitly states "85% of sweden's population has access to electronic banking".
This means: 15% of sweden's unbanked demographic will suffer if a cashless society is implemented.
The link you posted explicitly states "85% of sweden's population has access to electronic banking".
This means: 15% of sweden's unbanked demographic will suffer if a cashless society is implemented.
Nice fake quote. There's no "electronic banking" mentioned anywhere in the article. There's "online banking" though. The difference is you don't need to be registered for online banking to use credit/debit card or use payment apps, making your conclusion that 15% must be un-banked baseless.
That's not to mention we don't know who's included in that 15% of un-online-banked. This number could include young people who are yet to open their first account, or newly arrived 30-something-year-old "Syrian refugee" children from Afghanistan.
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