Tuesday, November 24, 2020

Tag: Preparing For The Cashless Transition

Preparing For The Cashless Transition

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by James Wesley Rawles, Survival Blog:
Most western nations will soon adopt digital currency. Already, more than 80{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of day-to-day transactions in the First World are settled with debit cards, credit cards, PayPal, or checks. In Europe, the use of the EC card—a sort of interbank debit card—has become ubiquitous. Going “cashless” is the Big Trend.

With the now widespread use of smart phones, payment for many small transactions is as simple as just waving a phone at the checkout counter. (This is a so-called “contactless” or “mobile wallet” purchase.) Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are catching on rapidly. So rapidly, in fact, that some urbanites no longer carry any cash. At many stores, kiosks, and even restaurants this will likely become obligatory in the next few years. No smartphone? Sorry, “No soup for you!”