OT: the future of money

Maybe it was the Olympics and South Korea, or maybe I was listenting to a podcast and this was about China, eitherway the enlightening information was that in the large cities of this country cash was becoming almost non-existent. To drive home the point, beggers now hang a QR code around their neck because no one has cash to drop in their cup. People use their cell phones for the majority of purhases, not even credit cards.

In a separate story, (90% sure S.Korea), they now have convenience stores that have no humans. You swipe your credit card as ID to get in the door, then you collect your items and pay. There is a phone in case you need someone to help you with something.

Like the man said, the future is here, it is just not evenly distributed.

  • Coming to a country near your. There is an investment to be made out there.

hmmm, maybe this was related tod Weibo, which has a very popular payment app. Tencent may have their own too. You can’t completely ignore Chinese stocks, I think there are less shenanigans going on these days and lots of leading edge technology growth (or at least the people are much earlier adoptors than we see in the US, so they are telling us what is coming).

P.

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A brilliant way for an opressive government to keep track of everything you do.

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“Two payment platforms—Alibaba-backed Alipay and Tencent’s Tenpay—handle some 90% of China’s online payments by transaction value, iResearch says. As China’s market matures, Alibaba and Tencent are chasing growth overseas, helping local startups in emerging markets run mobile-money systems that don’t require plastic.” ~wsj.com

Long Tencent,

Naj

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The country is Sweden. There is so little cash in circulation that some banks can’t even perform
transactions for cash. Their central bank is considering a crypto currency.

What could possibly go wrong there?

Dan

No Cash Signs Everywere

http://business.financialpost.com/news/economy/no-cash-signs…

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