Thursday, March 14, 2019

Cashless Or Bust

Quoted from Alipay and WeChat Pay: The quest for a cashless China.

QUOTE
China never ceases to impress with the sheer scale at which they accomplish tasks. The most surprising development of late, are stories of people turning down cold hard cash in favor of mobile app payments. Imagine walking to an ATM in China, withdrawing crispy new bank notes, and then having the vendors look at you like you’re from another planet? One such story is of a 67-year-old man trying to buy fruit at a popular supermarket with cash. The checkout workers rejected the cash and insisted the man pay with his phone. The situation was finally resolved by a security guard who helped the man install the app and make the payment.

The Chinese obviously don’t mess around with a learning curve: You either get with the program or get out of the way. With a total of 602 cases of cash refusal identified in 2018 alone, the People’s Bank of China had to issue a nationwide notice reminding everyone that renminbi cash is legal tender in China and that refusing it is illegal. The PBoC said in an accompanying statement that such practices could eventually cause the loss of confidence in the nation’s currency and was unfair to those not accustomed to electronic payments. That being said, the speed at which an entire population has essentially ditched the use of cash is astonishing to say the least.
UNQUOTE

In China, it is very difficult to buy and sell with cash. It is easier if you had apps like WeChat or Alipay.

According to the Bible, this will be the future of commerce:
  1. There will be one world government;
  2. It will enforce a cashless world currency (maybe some form of cryptocurrency);
  3. The human body will be the e-wallet, identified by a mark on the right hand or on the forehead;
  4. It will be mandatory.
He required everyone - small and great, rich and poor, free and slave - to be given a mark on the right hand or on the forehead. And no one could buy or sell anything without that mark, which was either the name of the beast or the number representing his name. (Revelation 13:16-17 NLT)

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