The future of money: three ways to go cashless

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

Leader: The fight over the future of global payments

Can the Visa-Mastercard duopoly be broken?

Do Alipay and Tenpay misuse their market power?

[DorathyJoy]

So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 46 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!

[RoaldOates]

Digital money is the end freedom for the people. Keep cash alive.

[awesomebrotherhood]

India has advanced as a country without the need of other private companies in the Fintech area is mind boggling.

[-Pamela]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[angliccivilization]

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'.

[edw]

Cash stands for freedom. Why would you give this up? Theres room for digital and Cash to co exsist

[wilsonkrusk]

The truth is that everybody wants to be financially independent and live a better life.
With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realized early on that achieving financial freedom requires hard work.

[michael]

Not accepting cash should be illegal. Payment discrimination.

[BoggWeasel]

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.

[abhishekrana]

Conclusion is UPI is the best among these three because you can pay from any app to any app unlike china.

[ravindra]

Alibaba via Ant tried to create a monopoly using Paytm in India but UPI made it an level playing field

[hugojames]

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.

[shawnnewell]

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.

[fghjjjk]

Save cash at all costs.. digital currency equals the banks control it!

[elizabethdjokovic]

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.

[tomdobbs]

Going cashless is all about control and surveillance its awful

[enter]

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

[lbenegas]

Cashless leads to states controlling people in ways never imagined before. Never go cashless. Keep your privacy and independence!

[PiperStart]

Having just been paid cash for an item I sold on-line, I think a cashless society is a pipe dream.

[ephilippos]

Promote cash payments-card or electronic money spending is a means of control by a System we don’t want..!!