Cash is already pretty much dead in China as the country lives the future of mobile pay right now

[Celebrity]

I'm not sure I would like to conduct only cashless transactions. So, it's a good thing I'm not Chinese.

Rather than, "Do you take credit card?" the question was often "Do you take Alipay? WeChat Pay?" The running joke was that street beggars would rather take a mobile donation rather than cash.

I guess it would make sense in a country that wants to centralize their economy. This sort of technology meshes well with data collection. But I'm not sure how this will affect the Chinese people if their economy is expanding at the same time. Aren't Chinese businesses becoming less regulated?

We will have to wait and see what measures are taken to keep the population in check.

Mobile payment volume in the country more than doubled to $5 trillion in 2016, according to Analysys data cited by Hillhouse Capital in a May report. In the first quarter of this year, Alipay had 54 percent of that mobile payments market, while WeChat Pay accounted for 40 percent, the study showed.

The Chinese mobile pay habit is also affecting other countries. More than 6 million Chinese traveled abroad during the "Golden Week" national holiday in early October, according to state-backed media outlet Xinhua. That puts pressure on popular tourist destinations like Japan and Hong Kong to add mobile pay services.

Oh, and don't forget to look out for creeping communism, America. Those mobile pay apps are really taking eastern Asia by storm. Wow. Maybe the apps will include propaganda ads to brainwash communists into thinking that the government is good and foreigners are bad.

Customers can buy traditional Chinese calligraphy brushes at this Xi’an, China, store using QR payment codes. From left to right: WeChat Pay, Alipay and the QR code for the store’s WeChat account.

https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html

 

[Carjosse]

Meanwhile in the rest of the Western world contactless payments through phone or card are already commonplace. It is only strange to Americans because for some reason the US is about 10 years behind in payment technology.

 

[Hawkeye10]

Meanwhile in the rest of the Western world contactless payments through phone or card are already commonplace. It is only strange to Americans because for some reason the US is about 10 years behind in payment technology.

America being late to the game is worse than that....as of March still only 44% of visa retailers could read the "new" chips that I saw all around Germany in the mid 90's.

https://krebsonsecurity.com/2017/09...have-impacted-millions-of-credit-debit-cards/

 

[Chomsky]

Nothing new.

We here in the States are most of the way there, and will definitely get there in time.

 

[Carjosse]

We here in the States are most of the way there

That sir is a lie.

 

[Chomsky]

That sir is a lie.

???

Where in the States have you been traveling?

 

[Carjosse]

???

Where in the States have you been traveling?

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

 

[joG]

I'm not sure I would like to conduct only cashless transactions. So, it's a good thing I'm not Chinese.



I guess it would make sense in a country that wants to centralize their economy. This sort of technology meshes well with data collection. But I'm not sure how this will affect the Chinese people if their economy is expanding at the same time. Aren't Chinese businesses becoming less regulated?

We will have to wait and see what measures are taken to keep the population in check.



Oh, and don't forget to look out for creeping communism, America. Those mobile pay apps are really taking eastern Asia by storm. Wow. Maybe the apps will include propaganda ads to brainwash communists into thinking that the government is good and foreigners are bad.

https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html

The main thing about cash is the personal protection against the government overreach and in the case of systems failure like say in a natural catastrophe or hacking attack it affords the citizen.

 

[RetiredUSN]

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

Of all the places I shop, only a couple are not chip ready.

 

[Chomsky]

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

I dunno.

In my city I have no problem being cashless, even though it's still my habit to carry a few twenties.

And phone payment is popular too, but not my thing.

 

[Captain Adverse]

If I could do without a bank account, or credit card, I would. I prefer the independence of cash and carry transactions.

There are several problems with "electronic cash" that the convenience does not excuse.

1. No matter how secure, as the recent Equifax hack has shown, electronic data sources can be hacked and your funds may not be as secure as one hoped. In response to the point "they are guaranteed," I counter with the problems created by identity theft that will still take serious time and effort to clear up.

2. What do you do if the system crashes or your card fails? Being wholly dependent on electronics means you are going to be out of luck unless you also carry sufficient cash or your checkbook.

3. I don't like the idea of my funds being intangible. If it were up to me I'd keep my wages in cash in a home safe. I actually did that for several years after Bank of America lied to me about conversion fees on a trip to Europe and I ended up spending $500 in unexpected fees. I stopped because unlike the good old days, now your "credit report" is necessary to rent apartments, buy a car, etc.

Meanwhile, these days if you keep large amounts of cash in home people think you are some sort of criminal. :roll:

4. I don't like anything that smacks of government control and monitoring of my life...and that includes my finances. Electronic assets can be "frozen" for all sorts of reasons. Cash in your safe deposit or home safe is immediately at hand.

I guess I prefer independence over convenience. :coffeepap:

 

[HowardBThiname]

Nothing new.

We here in the States are most of the way there, and will definitely get there in time.

I use credit-card-by-phone at the local farmer's market. If the old gal that sells her produce there can take credit cards using a clip that attaches to her phone, I guess just about anyone should be able to. My son showed me how to use coupons on my smart phone at the grocery store.

I asked him what would happen to all of this technology if someone were to blow all the satellites out of orbit and he just laughed at me.

And yet - I wonder.

 

[HowardBThiname]

Meanwhile, these days if you keep large amounts of cash in home people think you are some sort of criminal. :roll:

4. I don't like anything that smacks of government control and monitoring of my life...and that includes my finances. Electronic assets can be "frozen" for all sorts of reasons. Cash in your safe deposit or home safe is immediately at hand.

I guess I prefer independence over convenience. :coffeepap:

Agreed. But, we're quickly leaving that world behind.

We may regret it one day.

 

[EMNofSeattle]

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

So what?

The merchants will all have them by next year and in three years all the cards without them will be cycled out

 

[fmw]

Meanwhile in the rest of the Western world contactless payments through phone or card are already commonplace. It is only strange to Americans because for some reason the US is about 10 years behind in payment technology.

I wish we could go back further to gold-backed money.

 

[joG]

I'm not sure I would like to conduct only cashless transactions. So, it's a good thing I'm not Chinese.



I guess it would make sense in a country that wants to centralize their economy. This sort of technology meshes well with data collection. But I'm not sure how this will affect the Chinese people if their economy is expanding at the same time. Aren't Chinese businesses becoming less regulated?

We will have to wait and see what measures are taken to keep the population in check.



Oh, and don't forget to look out for creeping communism, America. Those mobile pay apps are really taking eastern Asia by storm. Wow. Maybe the apps will include propaganda ads to brainwash communists into thinking that the government is good and foreigners are bad.

https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html

The Chinese are introducing a very progressive system for citizens that considers everything from payment habits to earnings and health and political attitudes. It goes from 1 to 5 with five meaning you are undesirable. If cash can be eliminated, the government can control the undesirables payments much more efficiently.

 

[joG]

If I could do without a bank account, or credit card, I would. I prefer the independence of cash and carry transactions.

There are several problems with "electronic cash" that the convenience does not excuse.

1. No matter how secure, as the recent Equifax hack has shown, electronic data sources can be hacked and your funds may not be as secure as one hoped. In response to the point "they are guaranteed," I counter with the problems created by identity theft that will still take serious time and effort to clear up.

2. What do you do if the system crashes or your card fails? Being wholly dependent on electronics means you are going to be out of luck unless you also carry sufficient cash or your checkbook.

3. I don't like the idea of my funds being intangible. If it were up to me I'd keep my wages in cash in a home safe. I actually did that for several years after Bank of America lied to me about conversion fees on a trip to Europe and I ended up spending $500 in unexpected fees. I stopped because unlike the good old days, now your "credit report" is necessary to rent apartments, buy a car, etc.

Meanwhile, these days if you keep large amounts of cash in home people think you are some sort of criminal. :roll:

4. I don't like anything that smacks of government control and monitoring of my life...and that includes my finances. Electronic assets can be "frozen" for all sorts of reasons. Cash in your safe deposit or home safe is immediately at hand.

I guess I prefer independence over convenience. :coffeepap:

That is very suspicious, in deed!

 

[HenryChinaski]

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

That square chip in the lower right of my cards? Everywhere I use it throughout the day takes the chip. My local mom and pop grocery store updated their equipment to take them recently. Soon even Mayberry middle of nowhere will have the readers.

 

[Mason66]

2 points onthis.

First, look at Puerto Rico. How would people survive without cash with the electrical grid down for so much time.

Second is that if you, for example, borrow money from a bank and for some reason can't pay it back when you are supposed to, they will take everything you have and everything you have come in after that until it is paid. If you need money to survive and eat, you will be out of luck.

Why would anybody want their survival to depend on the electrical grid or a faceless institution they have no control over?

 

[danarhea]

Look at the post above yours, the chip still is not accepted most places, let alone more advanced forms of payments.

Actually, here in Houston, the chip is accepted in about 90% of places. I don't think I have swiped any of my cards in about 3 or 4 months.

 

[Carjosse]

So what?

The merchants will all have them by next year and in three years all the cards without them will be cycled out

That is still years behind the rest of the Western world.

 

[EMNofSeattle]

That is still years behind the rest of the Western world.

It has nothing to do with being behind, it is simple preferring a different system

 

[Carjosse]

It has nothing to do with being behind, it is simple preferring a different system

No that is being behind what else would you call adopting a technology more slowly than everyone else. The US is a laggard in payment technology despite creating it.

 

[rocket88]

Meanwhile in the rest of the Western world contactless payments through phone or card are already commonplace. It is only strange to Americans because for some reason the US is about 10 years behind in payment technology.

I frequently carry less than 20 dollars in cash, using my debit card other times.

 

[Rogue Valley]

I'm mostly cashless now, but can still do checks (remember those?) and have significant liquidity on-hand just in case.