The future of money: three ways to go cashless
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- Опубликовано: 24 июл 2024
- Non-cash payments are on the rise all over the world. Our writers explain how digital technology has changed the way consumers shop in three important markets: America, China and India.
00:00 Cashless transactions are on the rise
00:18 America: account and card
02:01 India: Unified Payment Interface
04:06 China: App payments
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Leader: The fight over the future of global payments
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Digital money is the end freedom for the people. Keep cash alive.
It’s becoming harder and harder to keep cash alive since they banks keep closing down branches , ATM’s are disappearing and banks start limiting amounts people can daily withdraw .
We put our cash in a bank account and they invest it. They are in control of our cash and it’s immoral if they want to abolish cash
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India has advanced as a country without the need of other private companies in the Fintech area is mind boggling.
Private players were ther reason it grew, paytm, phone pe, gpay
A Índia literalmente possui a maior mão de obra barata do mundo. Seus produtos são abundantes graças a Deus, e geralmente muito baratos como era na China. Mesmo assim nem se compara com os países altamente industrializados que crescem muito mais e mesmo com uma população bem menor
@@rishikeshpadikkal8159 - actually, private companies and research companies mainly innovate, and they sell their IP or grow fast, and India has a great funding opportunity from multiple financial instruments; I know it well, coming from another growing economy with little to low funding potential due to a lack thereof such growth apparatus. I have to debt finance all of my businesses so innovation is almost zero.
But India Government also touched down on integration so they can regulate and ensure lower transactions fees and security, which is great oppose to China providing all power to the private companies and then not helping them grow with looming threats against the government.
I agree that after watching this, the Indian system is best
So advanced that people are lynched by mob for having beef😁
Cash is freedom
CASH IS KING ALWAYS.
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The difficulty lies in effectively employing it and not just watching videos or reading investing books.
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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'.
And when the power goes out? And when they take your money? Think is Pure human control
@@user-pr5 I was in Walgreens and their system went down. they could only accept cash payments. there was a line at the ATM. if we were 100% cashless those people couldn't buy their meds and food.
Cash stands for freedom. Why would you give this up? Theres room for digital and Cash to co exsist
Not accepting cash should be illegal. Payment discrimination.
It's true in NYC, cash must be accepted.
But cash is also used to evade tax and hide criminal activities. And in developing countries it also comes in the way of Financial inclusion
@@ravindra7791 It's preferred to have financial transparency and have an open banking system where poor people can have a banking account, if they wish.
@@ravindra7791 Spoken like a true fascist...
I think it is illegal already at least in my country even then business prefer money to evade the irs easily
Alibaba via Ant tried to create a monopoly using Paytm in India but UPI made it an level playing field
Conclusion is UPI is the best among these three because you can pay from any app to any app unlike china.
We connect the bank account to the app and you can pay for anything you want and it’s controlled by our country atm company called sibs and the app is called mbway
@@Stallion_1044yes CCP stooge
Nope. Cash is the best system.
@@amazer747Bro living in 1900s😂
A total end to the privacy of your spending habits. A wonderful tool for marketing and surveillance and the ability to cut you off from all funds for whatever reason. A cashless society does not benefit the common man, it benefits financial institutions and banks who won't have to employ people to make, count and track cash, as well as charge you though the nose for employing their services. Result is becoming a permanent hostage to whatever situation involving payment of some kind. In China. social habits are monitored, for instance, if you make a purchase at the liquor store for what is considered too frequent, you're flagged by a computer and then interviewed to find out what kind of social problems you may be having, talk about "Nanny state"... What I do with money is no one else's business and it should stay that way. Going cashless is one more inroad to giving up control of your life and passing it on to someone else to manage you.
Get with the times, cash is a thing of the past
@@WorldaffairsloverNo it isn't. Not while huge financial terrorists aka banks run the cashless society.
Except that banks and credit card issuers charge 2% on every transaction. Imagine thinking it costs banks to money lol
Any conspiracy in a storm ^^^
@@ariellubonja7856 I never said it cost the banks money. If the banks control all the money supply. they can charge whatever they like because without cash there would be no other option. If there's a glitch or spanner in the computer works, without cash what can you do?
@@Worldaffairslover so is your freedom of choice. Ever been in a store when the power went out? Know what the could sell? Nothing. because the computers went down and they had no other way of documenting sales or inventory Technology can fail and frequently does. the analog of using cash may be tedious in this fast moving super whizzy techno age but without cash or the ability to handle it. there's no alternative if things go sideways. Cash doesn't need electricity, programming or updating, it's just cash, period and it works regardless
I have had my debit card hacked 3 times in 6 months. I have started to keep a bit of cash out incase that happens again. I might add in Seattle you can't go cashless. They made it illegal due to this problem.
Your card? Or your account?
@@bulthaosen1169 My card. The bank contacted me because they were for hundreds of dollars of items I never buy.
@@bulthaosen1169 The card is the card.
Make sure to get a chip card - those cannot be skimmed by readers. And only make purchases from reputable sites.
@@tonyk8368 All of them were chip cards.
Save cash at all costs.. digital currency equals the banks control it!
They're not controlling cash, they're controlling YOU.
@@amazer747 indeed, through controlling the money....
and or government control
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
That's the whole point.
Is there someone stooping you from using money?
It’s just more convenient, we being using atms for decades but now apps are even simpler to use why it’s only a problem now? Money has been digital for decades are you going to keep 10K€ under your mattress or pay a intermediate to store it ,also I can pay a man in China for something I want and need instead of booking a flight,hotel ect and pay the man.
Europe has the strongest privacy and consumer protections in the world, you don't have anything to worry about unless you plan on evading taxes.
Unless you're doing a ton of illegal stuff, why do you even care? I have no problem with people knowing what I'm doing because I'm not doing anything wrong. I have nothing to hide. Do you?
Going cashless is all about control and surveillance its awful
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.
Having just been paid cash for an item I sold on-line, I think a cashless society is a pipe dream.
lets hope so
One Chinese 🇨🇳 accidentally found 4 100-yuan (pronounced "junk") notes of the *same serial number.*
They are real, valid money. Lol
Yeah banks dont work atm in Holland
So much for your cashless society
Promote cash payments-card or electronic money spending is a means of control by a System we don’t want..!!
Dawn day for master card or visa if digital payments are everywhere, unless they are the one running it.
In 1974's sci-fi epic Forever War, Joe Haldeman put forward the concept of the cash card/cashless transactions. This idea has been around for a while!
Lol, whoever that person is, he wasn't inventing anything. The Diner's Club card was invented in 1950 and was the first modern credit card.
Just goes to show you that most things that people think are "new" are actually much older than believed. It's just that most people aren't paying attention so they don't notice social changes until way after they first begin.
NO- Not the credit card. An automatic transfer of funds. No paperwork No interest.
This is different it's a block chain programmable spy dollar that includes completely erasing cash privacy which also will make purchasing illicit drugs & prostitution nearly impossible because everything is reported to the federal government
I don't think I can survive without UPI ♥️
Cashless leads to states controlling people in ways never imagined before. Never go cashless. Keep your privacy and independence!
Not always the case, you can go cashless e.g. return to coins, precious minerals, and other type of cashless assets. I believe government want to deviate from cash economies for reason of providing high liquidity and be less dependent on other countries currencies.
the way to go is to invest in Gold and hold on to that for as long as you can....
@analienfromouterspace who said liquidity is a cure to everything? It has negative effects
Cash leads to corruption....With digital no corruption .every penny is counted..
We don't need a cash less society.
People should use cash as much as possible to prevent it happening.
There is no public discussion about it. Everything gets foisted on unwitting consumers without consultation.
A cashless society will be a nightmare for many . Stop it before it becomes a reality. Pay with cash whenever you can and encourage others to do the same.
In a world of myriad payment options cash still has a place.
Im only 25 and i use cash for 95% of my purchases
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.
power outage ?Its all on mobile...How can govt controle your funds??In India UPI is free no charge..So digital adoption happend like a boom.
Digital transition...very insightful
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We can feel mutual love when we all connect, feel a common connection between us, and try to fulfill each other through such a connection
as i expected, if it's a Chinese innovation, then it's government surveillance, but people never thought Western government could also monitor you through credit card payment system .
No way
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.
No matter you are poor or rich...Starbucks or small tiny shop upi is for all...All the banks in india connected to same network..There are 50+ upi apps like paytm,amazon pay,gpay,phonepe..Upi is the best thing happend to india in recent past years
Why do we have to customers lose again?
Money, coins & bills are beautiful history
This is pure COMUNISM !!!
Exactly. That's the point.
When
RECALLS ON DEBR MANAGEMENT AS IN COURT DEBT REVIEW COMPANIES WHICH COUNTRIES WITH COURT AARANGEMENTS
America with that ENORMOUS card payment the vendors make to have access...3%. ENORMOUS!
Yes, a journalist should never say something like that without giving the data. Saying “enormous “ is an editorial statement rather than a report of information
Cash is useful when atms and payment network is unavailable and you need to raid your cash stash.
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
Should have talked about Brazil's Pix
it seems that UPI is very similar to PIX, so it cannot be considered as a different digital payment method and it was launched earlier, in 2016.
Upi is like pix in Portugal is called mbway a lot of countries have the same system but adopting is higher in developing countries because they jump one generation of banking method
@@weird-guy Adoption makes it popular..Billions of indian doing trillions of transaction seamlessly and free..Financial inclusion😍
@@sanrezendeUpi was launched in 2016 while pix in 2020 i guess..
Creepy video using hypnotic music to draw you to your own enslavement.
You forgot Brazil. We have PIX, a free digital cashless trasaction that was made by the Central Bank
I use credit card even for small transactions using scan and pay... No need to swipe and pay mdr for small transactions!
Lines in conductions...!?
I hate to comment before watching, but I’m sure there are more than three ways to go cashless.
well yeah this is an advertisement disgusised as news
India upi system is best ✌️✌️✌️✌️🔴🔴🔴🔴
If only we had a peer-to-peer version of electronic cash that could be exchanged without the need for trusted intermediaries
Having a decentralized one that is stable is a challenge.
If only someone invented such a thing maybe back in 2009 or so
Yes, something that fluctuates wildly sounds really ideal for an electronic cash system.
"without the need for trusted intermediaries"
That's the problem bit. With all the scams, accidents and failures in the blockchain world, it's not the answer for anyone other than enthusiasts or researchers.
You're all still measuring the cost of goods and services (I.e. unit of account) in a currency that government can and will be forced to print to infinity.
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
Jio, UPI, Aadhar and the Jandhan Yojana have completely changed the way Indians live.
how about we dont go cashless
India should export UPI to africa..its the best system out of the three..
From my understanding they could pay via text a few years ago nowadays I don’t know, I’m not from Africa
No- rather live outside a system like that.
Nice
Believe me , UPI is wayyyyyy more easy and user friendly to use in comparison to card system
Allow UPI to operate in your country........ all other digital paying methods will be elclipsed
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 you...prevent inflation
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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)
That's not something to be proud about. People are beginning to reverse their ways. We MUST keep cash alive.
People like you making it easier for our freedom to be taken away. Foolish.
Really bad idea at least get the app of your phone and just use a card :(.
Proud of India ❤
An article that discusses advancements in payment systems and fails to mention Brazil demonstrates a significant lack of research. We have one of the most advanced banking systems in the world (unfortunately, for negative reasons). We've had tools for direct, immediate, and free transactions for several years. We were the first to adopt a card system that's accepted even by coconut water vendors on deserted beaches, with chip and PIN cards, while the US still uses magnetic stripe cards. My brother, who is in Europe, talks about how behind they are in this regard. Moreover, in other countries, everything related to bureaucracy still needs to be done via physical letters. Insane.
Conditioning people for what's to come. Revelation 13:16-18
Alibaba's QR Code System revolutionized the Indian Digital Payments! 👌👍
They work in totally different way, unless it's Alibaba who invented QR code.
@@y.u.so. Exactly!
@@y.u.so.QR Code was invented in 1994 by a japanese company called Denso Wave.
If they eliminated cash the strippers will runs out work 😅
M-pesa is king 👑
Hehe😂 my fellow east african. I reckon you are kenyan
@@derickndossy ofcourse.😂😂
Dont use digital cash too much. Too easy for government to track and they could lock you out of your money if they deem it so.
Dude you are using your own bank account. Well in UPI atleast.
Why do you use a driver's license? The government can track you. Just walk.
Digital payment is much better than cash payment. Now, we don't have to carry money everytime. I haven't used cash in last one year. We use UPI everywhere.
We being using “fake money” for decades and now is when you become afraid because of an app😂😂.
Better not invest in the stock market close your bank account and put your money under the mattress waiting to be robbed😂
@@Abhinay_Singh0and when the government wants to freeze your bank account because of your wrong think???
I am sorry to break it to you, but the best has come and gone.
Digital world = Digital money
😊
Never let that 2happen
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.
No card just your simcard
And eat ze bugz and live in ze podz of course!
We here Việt Nam actually cashless implemented. Now we can go anywhere with a smartphone only
Cash forever, no Chinese system!
This Economist channel would be in favor of this kind of mess, wouldn’t it?
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.
Cool fanfiction. In reality Africans are plundering France right now
What's with all the sort of??????
there's a 4th way. create economic turmoil and convert everyone into CBDCs >:)
Did you forget the elephant in the room crypto currency perhaps?
Nah, I don't want them controlling what I do with my money. Cash is king
Not for long😢
Yea, I haven’t used cash in some time. Unless it was required by a business.
Who is "them"?
Cash is fine, but not all times you have time to go to ATM, and with the stores ATM's charging $2-3 I rather go to my bank's ATM.
@@silvasilvasilvaThe bankers obviously.
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
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Similar 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.
The global-integral reality in which we live is a closed system, and we receive responses from it according to our attitudes to it.
dumb hocus pocus distraction
Wow Babylon is rising
RUclips Babylon is alive and well by David Assherick
Raise of A.I and Black hat hackers using it as a tool it’s always wise to have hard currency.
Someone could easily rob you at gunpoint. Or hack into your back account.
Hard money can easily be lost or stolen
The financial banking is very secure you are more easily scammed than hacked, people are the weak point not the “system” itself .
What about the poor drug dealers?
Would they get closed down ?
Lol
Not a chance
You can get closed down too for "wrong opinions".
Banks and other corps are already into political activism and you need to "align with their values".
Very bad digital payment
Book of revelation people, you cannot buy or sell without the mark of the beast,
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.
Erratum I can t be bothered
People build their own cages
Why should I listen, much less subscribe, to a channel whose writers gave the movie "Sound of Freedom," such a nasty review. I am blocking your channel!
Cash is king we need to avoid this
America is not a country, it's a continent. You never learn, don't you?
XRP ❤
Not with this current generation
Pple see the world of two ways, easily said, a lonely planet or a ranking, and some entries the divergence is too far
cryptocurrency will take over in the end that is the best that could happen.
sort of annoying how many times the person has to say sort of...
USA is really behind technology these days. We have been having this for years. Mobile payments and Phone video calls been around too. Only USA is trying to find out about this and finding out
Shanghai makes New York look like a third world country. In guangzhou there are self-driving buses and self driving deliveries cars. I can pay by face recognition in most stores. J/S China is very technologically advanced . Because they invest in infrastructure and tech.
@@MementoMori_2070 Biometric authentication is not 100% accurate and is also an invasion of privacy. That is a major downgrade in security and privacy over the chip card asymmetric authentication system that the U.S. credit card companies use. The only downside of the U.S. system is that it is conducted by private companies instead of the government, so they skim some off the top, making each transaction cost more for businesses and consumers.
The U.S. has self-driving technology too. The reason it is not widely used yet is because of legal issues, not technological ones.
@@tonyk8368 ok brother
@@MementoMori_2070 haha, who th wants that? From my travel experience in China, they don't even allow foreigners to sign up for cashless payments since the government wants to have Chinese tie their accounts with their national ID.
Go troll for China somewhere else.
US is doing fine, people should pay for cash if they want; no business in the US will go hungry bc they can't collect payment here lol. We have ApplePay, GooglePay, touchless cards, and cash, we're fine.
Not a wise route to go down. We need to stay with physical money. Too much surveillance and control given to other parties when we go digital. I hope people resist this.
People value their convenience more than privacy. I still see people at my workplace use simple passwords to login rather than a password vault because it is more convenient for them
The future is Central bank crypto.
The whole point of crypto is that it’s de-centralised.😂🤦🏻
@@RyanKeane9
a currency should never be decentralized unless you want to go back to the gold standard and barter system.