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The future of money: three ways to go cashless

The Economist 132 views

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Keep CASH ALIVE BUT WE ALL KILLED IT BY ALLOWING A PAYMENT SYSTEM TO BE INVADED IN OUR PHONES AS AN APP OR DIGITAL WALLET WE MADE IT EASIER FOR THESE PAYMENT SYSTEMS TO CREATE AN APP TO FIT INTO OUR PRIVATE PHONES WE ALL SHOULD HAVE SAID NO!! So that companies wouod have to develop a separate device with software for a digital payment system
Comment from : @HandsONreviews4u

As long as cash remains as some form of competition, there will be a limit to the fees which can be charged As for the network owned by any single company, if the fees are too high the incentive for an alternative payment system will grow dramatically Of course without cash as some form of competition, all payment providers could simply choose to unofficially operate like a cartel and the fee’s could be as high as they wish This is why no society should ever go cashless, the consumer will, in the end, pay a high price for this brThe Indian system may be a viable way to go, with a democratically elected government being controlled by the voters to ensure the fees don’t go crazy Other alterative are payments moving directly between banks, by passing credit card providers Bpay in Australia is a possible model for this A better model may be MobilePay, a person to person payment system available in Denmark, using mobile phone providers brThe real revolution will be when its possible to use your smart phone as a payment terminal, allowing bank to bank transfers to occur when you purchase something This would bypass credit card providers, payment network providers and payment switches This is not here yet, but if the current payment providers try and rip off the consumers and retailers too much, its certainly an option There is nothing stopping retailers from charging surcharges to compensate for high fees, encouraging customers to use such a feeless system
Comment from : @peterfmodel

The world population is going gold back currencyBye,by a CBDC agenda CBDC will end
Comment from : @bradhigginbotham7038

What the video didn't mention is that fact that for uses to use Alipay or WeChat Pay (or any other Chinese state-approved e-payment systems for that matter) they MUST submit their real personal info, which means the state is monitoring your every move even if you're not directly connected to the internet
Comment from : @SECRETMANlAC

How comes nobody talk about Kenya who have been going cashless since the inception of MPESA in 2013 Most Kenyans don't carry cash even to buy smallest of things like tomatoes I never here Kenya being mentioned
Comment from : @Missmops

Hard pass
Comment from : @Procopius464

Cash is king we need to avoid this
Comment from : @lewissmith5764

UPI is very similar to the Intercomputer network here in the US With an unparalleled digital payment system, I believe the Fed wants to implement it, but is rightly concerned the card companies will legally try to fight it
Comment from : @mcdogloo

In China, paying with cash at a convenience store is unusual, at least in big cities It's all app based Allthe better to monitor people
Comment from : @acmelka

Im only 25 and i use cash for 95 of my purchases
Comment from : @oasis4life014

sort of annoying how many times the person has to say sort of
Comment from : @shag2235

In fairness… going cashless would be much harder for criminals to get away with their scams, here but especially in the USA, scamming the elderly and vulnerable out of tens of thousands and taking their life savings, getting them to send huge amounts of cash to money mules… but I get it is a huge pain for the rest of us and independent businesses
Comment from : @bt7king

Cash is useful when atms and payment network is unavailable and you need to raid your cash stash
Comment from : @axiomfinity

People build their own cages
Comment from : @balsarmy

Are you kidding me "60 year old paymentsystem America and Europe"? First of all, the payment system within Europe varies from country to country Many European countries don't only use the same card based payment system as America Many European countries have a national network that doesn't use eg Visa or Mastercard In Norway we've got BankAxept Not to mention that loads of countries use Vipps, MobilePay or even PayPal in some
Comment from : @tomern91

This is pure COMUNISM !!!
Comment from : @danutavram831

WE DIDN’T VOTE FOR THISbrEveryone needs cash when the internet goes offline…brCUT UP THE CREDIT CARDSbrSTOP GIVING THE BANKS ALL YOUR MONEY
Comment from : @Nothinglefttosay

Having just been paid cash for an item I sold on-line, I think a cashless society is a pipe dream
Comment from : @PiperStart

Cashless only makes the banks creating money out of thin air easier
Comment from : @henryairconcepts2999

I don't think I can survive without UPI ♥️
Comment from : @KitsGravity

Never let that 2happen
Comment from : @Pagan-hn4du

Discussing the evolution of digital payments without mentioning the brazilian Pix is a disservice to your audience, i hope it is brought to attention in the full video
Comment from : @Vinilencioni

A waitress in Pizza Hut recently made a huge song and dance to me about how her company no longer accepted cash So I paid for my meal with a bank card, took out a ten-pound note, and said to her "I was going to give this to you as a tip, but of course you don't take cash, so I can't", and put it back in my pocket Big laugh for me - less so for her
Comment from : @hugojames85

Proud of India ❤
Comment from : @sandamaliworld2633

Book of revelation people, you cannot buy or sell without the mark of the beast,
Comment from : @forlatagate1

Believe me , UPI is wayyyyyy more easy and user friendly to use in comparison to card systembrbrAllow UPI to operate in your country all other digital paying methods will be elclipsed
Comment from : @ankurantil6137

Lines in conductions!?
Comment from : @maryluzserranocalderon6428

America is not a country, it's a continent You never learn, don't you?
Comment from : @polluxar

Did you forget the elephant in the room crypto currency perhaps?
Comment from : @malibuss67

Cashless leads to states controlling people in ways never imagined before Never go cashless Keep your privacy and independence!
Comment from : @lbenegas

RECALLS ON DEBR MANAGEMENT AS IN COURT DEBT REVIEW COMPANIES WHICH COUNTRIES WITH COURT AARANGEMENTS
Comment from : @zenzeleluckymtshali8433

Why do we have to customers lose again?br Money, coins & bills are beautiful history
Comment from : @TyrantLibreals

Shame on you, real media is dying coz of media house like u
Comment from : @Theone_one

cryptocurrency will take over in the end that is the best that could happen
Comment from : @elusiveinstinct

Very bad digital payment
Comment from : @ParvinderSingh-zd6dj

If you are not in the financial market space right now, you are making a huge mistake I understand that it could be due to ignorance,but if you want to make your money work for youprevent inflation
Comment from : @clarklex3982

Conditioning people for what's to come Revelation 13:16-18
Comment from : @jesusistheonlywayjohn146

Going cashless is all about control and surveillance its awful
Comment from : @tomdobbs6866

Promote cash payments-card or electronic money spending is a means of control by a System we don’t want!!
Comment from : @ephilippos

Cards and cashless payments are for braindead fools who are inching us closer towards a dystopian future and total enslavement CASH IS KING KEEP CASH ALIVE
Comment from : @bigchief2331

F**K THE BANKSbrCASH IS KING
Comment from : @owenbutcher1954

CASH IS KING ALWAYS
Comment from : @owenbutcher1954

Save cash at all costs digital currency equals the banks control it!
Comment from : @fghjjjk

Erratum I can t be bothered
Comment from : @notyourbusiness3899

WeChat is more like ICQ on steroids, in fact they copied icq 😅
Comment from : @7_of_9

We are only one power outage away from digital currency not working especially with unreliable renewable energy Also the banks and government can control your funds In Australia we need to pay 10 charge to use the convenience of our card on every transaction
Comment from : @600veyron

Not with this current generation
Comment from : @AhmedMehmed-is7jj

Do our thoughts influence nature? br brIndeed, our thoughts influence nature br brWe live in a single global-integral system of nature, we influence it with our thoughts, and we receive feedback accordingly br brSimilar to laws that operate on mechanical, electronic, electromagnetic and other material and biological scales, when we press, push or constrain something, we receive a response Likewise, when we think positively or negatively about others, we accordingly receive a response br brThe global-integral reality in which we live is a closed system, and we receive responses from it according to our attitudes to it
Comment from : @dekelpolak4190

The future is Central bank crypto
Comment from : @علي-ش7ث8ب

Is There a Specific Way Love Should Feel?brbrMutual, reciprocal and whole among all people in the worldbrbrIt is because love is the force that binds us together in our whole and eternal state as a single soul, which we are all parts ofbrbrHow can we feel this mutual love among us as a single soul?brbrWe can feel mutual love when we all connect, feel a common connection between us, and try to fulfill each other through such a connection
Comment from : @silviashefa4097

America with that ENORMOUS card payment the vendors make to have access3 ENORMOUS!
Comment from : @rd9102

The Hopeless Economist should produce a segment on Hopeless France, which will join the ranks of broken nations within 10 years, now that Africa has said enough of plunder That is not much to ask, is it? Plunder is 30 of France's GDP
Comment from : @bircruz555

No security as the Mas and financial institution will only blame you when you get scam due to loopholes they left in the system
Comment from : @chresateo939

The trend towards a cashless society is accelerating worldwide, but the digital payment systems vary across the globe In the US, Visa and MasterCard dominate the market, charging high fees to merchants and issuing banks However, this model offers consumers rewards and protection, making it difficult to disrupt In India, the government has established a non-profit organization, partially owned by the central bank, that sits in the middle of every mobile transaction in the country This system, called the Unified Payment Interface (UPI), allows for payments between bank accounts directly facilitated by a fintech app, without the need for a credit card network This has allowed people with only a mobile phone to participate in digital payments, which has changed the country's financial landscape The UPI system has generated a vast amount of data about transactions, which has changed creditworthiness, allowing people to access financial services The account aggregator system in India allows users to export their data and import it into another financial services environment In China, AliPay and WeChat control about 90 of digital payments, and the country has a different model than the US or India The shift towards digital payments can unlock a range of changes within the financial system, as people have more data generated about their transactions
Comment from : @marchlopez9934

And eat ze bugz and live in ze podz of course!
Comment from : @jeffondrement160

Cashless is more practical and safe in this modern world I have been practising cashless for years now Safer and more cooler!
Comment from : @frederickdalusim5136

Crazy to realize that i have not withdrawn cash or hold any cash for 2 years now Hardly ever if any Just use my phone all the time (from Thailand bangkok)
Comment from : @susancorgi

I hate to comment before watching, but I’m sure there are more than three ways to go cashless
Comment from : @christianchellis9057

The United States should never go completely cashless for the sake of economic personal liberty No matter how much digital payments are done in the economy, the core should still be the same concepts as 'cash'
Comment from : @angliccivilization1346

Conclusion is UPI is the best among these three because you can pay from any app to any app unlike china
Comment from : @abhishekrana6129

If they eliminated cash the strippers will runs out work 😅
Comment from : @germanbaez9223

Singapore, Indonesia, Malaysia, and Thailand have an interoperable QR code payment system which works cross-border So, i can use my bank's app from indonesia (or a host of Fintech apps) to pay a hawker in Singapore and visa versa ASEAN is getting its act together
Comment from : @esquared5064

I use credit card even for small transactions using scan and pay No need to swipe and pay mdr for small transactions!
Comment from : @vivekanandan5093

Creepy video using hypnotic music to draw you to your own enslavement
Comment from : @lewtube6436

A new era is upon us, Corporate tyranny
Comment from : @martinpalm5

India is now innovating on an Open eCommerce Technology stack called ONDC If successful, it would give a huge challenge to the giant e-commerce marketplaces like Amazon or Flipkart Even food aggregators like Swiggy & Zomato might have to move away from their proprietary platforms We already have a disruption with the mobility platforms like Uber, Ola
Comment from : @SkpalTube

M-pesa is king 👑
Comment from : @elomondi

Curious I'd be retiring/ working much less in 5 years, and keen to know best, how people split their pay, how much of it go into savings, spendings or investment, I earn $160 per year and I got into t rading stocks and cripto Big thanks to Mrs Elaine Vega I now make huge P rofits by weekly through her services while still learning to stand on my own Cash is still very strong For my part I don't want companies, the government or diverse security services misusing my data that's why I prefer cripto I dislike dislike leaving a money trail behind describing my life in fine detail I barely make use of credit cards and mainly because I'm forced to (not appreciated!) If the banks control all the money supply, they can charge whatever they like because without cash there would be no other option
Comment from : @eddieortiz4096

India should export UPI to africaits the best system out of the three
Comment from : @nav5801

India has advanced as a country without the need of other private companies in the Fintech area is mind boggling
Comment from : @awesomebrotherhood7698

What about the poor drug dealers?brWould they get closed down ?brLol
Comment from : @oneshothunter9877

I am sorry to break it to you, but the best has come and gone
Comment from : @davidnyc487

Wow Babylon is rising brYouTube Babylon is alive and well by David Assherick
Comment from : @glennhollier7562

One more erosion of liberty, I live in Spain and the Spanish have full access to my Bank account Being more and more directed to a digital world gives you as individuals have less rights to privacy in your life, Everything is documented whatever you do buying anything
Comment from : @1701enter

Cash forever, no Chinese system!
Comment from : @paololain9713

Here in Brazil, our model is similar to the indian one, with brazilian central bank's PIX system, which connects digitally all bank accounts in real time And this week we have launched a blockchain version of our state currency (Real R$), which will be called DREX
Comment from : @konradcabral

WWAAAAAyyyyy too many filler words Not sure how that happens when it's all pre-recorded You should have written her script and made her practice
Comment from : @empmachine