Yes the future is coming our way and we will benefit from same, just like most inventions.
I have edited this article as it is also referring the sharemarket, and do not like to give advice on the market.
But it is coming .... believe it or not... No it is already here in China.
Jay&Dee
If you haven't visited a certain ancient society lately, you may find the following story hard to believe... even alien to you.
But by simply accepting it and understanding the sheer genius of it, you may find yourself very interested in ways to invest in this exciting technology.
But before I get to how to invest in it...
Imagine a society where people stroll out of their houses in the morning and leave their wallets behind.
They go about their day with no credit cards, no debit cards, and NO cash. (In fact, merchants laugh at them if they even attempt to pay with these "primitive" items.)
Well, that society not only exists today, but it's also 50 times larger than the Australian population, and it seems far ahead of us when it comes to implementing this radical, game-changing, and extremely profitable technology.
This quote from a Bloomberg reporter sums it up well: "So when I tried to use cash to pay for meals or odds and ends at 7-Eleven, waiters and shopkeepers were either confused or bemused."
I'm talking about China, where people in urban areas can glide through their normal days with nothing but one or two apps on their smartphone.
Call it "the death of credit cards" or "the death of cash" or whatever you want...
... But it's spreading quickly across the globe, and I believe every investor needs to understand this or risk missing out on several companies that could potentially rake in billions from this inevitable wave.
How much longer do you think this technology stays under the radar with this kind of coverage?
The New York Times calls it "a gold mine of staggering proportions."
Research firm IDC told the Times: "Literally every business and brand in China is plugged into this ecosystem."
BI Intelligence estimates global growth from roughly $100 billion this year to $700 billion in 2020 a roughly 88% compound annual growth rate.
And heck, even The Sydney Morning Herald says the Reserve Bank figures show a steady decline in cash withdrawals from ATMs
elliemike said
09:51 AM Oct 26, 2019
I remember (maybe ten years ago) reading an article in the West Australian I think ? about "Money" Barter, Coins , Bank Notes, Credit Cards. It forecast then saying the "Credit Card" would be the shortest lasting form of currency transaction we have had, it's time was already limited. The phone app would doing it all for us. Facial recognition at the pay point as well.
I can remember in the early fifties, going to a Saturday morning kids cinema (The Premier) in Liverpool UK. We could pay our Sixpence, or pay with six half pound Jam Jars . The jam jars had a penny refund on them. One pound Jam Jars were worth Tuppence each so only three required. How times change.
Whenarewethere said
10:06 AM Oct 26, 2019
A typical problem in the outback & not so outback Australia. There was no mobile coverage either.
What are the crooks going to do with the millions of dollars in folding notes they've got stached away? Cheers Pete
Whenarewethere said
12:10 PM Oct 26, 2019
There are 300 million $100 notes, 3 times as many as $5 notes. Only 10% of the $100 have every reappeared in circulation. So $100 notes will simply stay under the bed.
Craig1 said
08:15 PM Oct 26, 2019
There are new Federal laws ready to be passed. "Cannot pay more than $10,000.00 in cash " for a commercial transaction. Will be some high beds soon.
Knight said
09:23 AM Oct 27, 2019
Craig1 wrote:
There are new Federal laws ready to be passed. "Cannot pay more than $10,000.00 in cash " for a commercial transaction. Will be some high beds soon.
The law already existed requiring banks to report amounts withdrawn over $10,000.00
-- Edited by Knight on Sunday 27th of October 2019 09:25:41 AM
Mamil said
02:18 PM Oct 27, 2019
Yep, when I bought my car with cash four years ago the dealer had to notify the authorities by filling out a form with all my details on it, to prevent money laundering.
spida said
04:13 PM Nov 2, 2019
And when there is a major power cut and all our batterties are flat, and the shops dont have Eftpos - let alone the ability to open their electronic doors to let us in..... abd we want to camp outback where they only take cash because there is no internet access..... this headlong dash into ANOTHER new world needs some careful consideration I feel.
Valkie said
04:20 PM Nov 2, 2019
George Orwell was an optimist
It's far far worse than he could ever have imagined.
And it's getting worse.
Yes the future is coming our way and we will benefit from same, just like most inventions.
I have edited this article as it is also referring the sharemarket, and do not like to give advice on the market.
But it is coming .... believe it or not... No it is already here in China.
Jay&Dee
If you haven't visited a certain ancient society lately, you may find the following story hard to believe... even alien to you.
But by simply accepting it and understanding the sheer genius of it, you may find yourself very interested in ways to invest in this exciting technology.
But before I get to how to invest in it...
Imagine a society where people stroll out of their houses in the morning and leave their wallets behind.
They go about their day with no credit cards, no debit cards, and NO cash. (In fact, merchants laugh at them if they even attempt to pay with these "primitive" items.)
Well, that society not only exists today, but it's also 50 times larger than the Australian population, and it seems far ahead of us when it comes to implementing this radical, game-changing, and extremely profitable technology.
This quote from a Bloomberg reporter sums it up well: "So when I tried to use cash to pay for meals or odds and ends at 7-Eleven, waiters and shopkeepers were either confused or bemused."
I'm talking about China, where people in urban areas can glide through their normal days with nothing but one or two apps on their smartphone.
Call it "the death of credit cards" or "the death of cash" or whatever you want...
... But it's spreading quickly across the globe, and I believe every investor needs to understand this or risk missing out on several companies that could potentially rake in billions from this inevitable wave.
How much longer do you think this technology stays under the radar with this kind of coverage?
And heck, even The Sydney Morning Herald says the Reserve Bank figures show a steady decline in cash withdrawals from ATMs
I remember (maybe ten years ago) reading an article in the West Australian I think ? about "Money" Barter, Coins , Bank Notes, Credit Cards. It forecast then saying the "Credit Card" would be the shortest lasting form of currency transaction we have had, it's time was already limited. The phone app would doing it all for us. Facial recognition at the pay point as well.
I can remember in the early fifties, going to a Saturday morning kids cinema (The Premier) in Liverpool UK. We could pay our Sixpence, or pay with six half pound Jam Jars . The jam jars had a penny refund on them. One pound Jam Jars were worth Tuppence each so only three required. How times change.
A typical problem in the outback & not so outback Australia. There was no mobile coverage either.
There are 300 million $100 notes, 3 times as many as $5 notes. Only 10% of the $100 have every reappeared in circulation. So $100 notes will simply stay under the bed.
The law already existed requiring banks to report amounts withdrawn over $10,000.00
https://www.hsbc.com.au/content/dam/hsbc/au/docs/pdf/aba-fact-sheet.pdf
-- Edited by Knight on Sunday 27th of October 2019 09:25:41 AM