china cashless society - cashless society
china cashless society - cashless society
china cashless society - cashless society

china cashless society – cash Is a thing Of the past

china cashless society - cashless society

china cashless society – cash Is a thing Of the past

 

 

china cashless society – cashless society

28/10/2021

Soon in our world, there will be no such thing as cash. in Shenzhen, China, cash Is quickly becoming a thing Of the past.

In all countries, you need a bank account. Take paper work, go to the bank, open an account and after three business days, you’ll receive the card in China. From home, you download an app like WhatsApp called WeChat. Then you’ll have a bank account and you’re the bank owner. They have WeChat paper. Money was invented by the Chinese in the 7th century. That’s how the world knew it before people used to trade goods. Facial vegetables.

If you want a shirt and I want food, awesome, we can trade. So we need to find a third good that we both want that we can trade

Then used gold. However, the Chinese had this idea.

The government started saying, How about we pay you pieces of paper that have the amount of coins we owe you written on them, and you can come pick up your coins at the capital whenever you want your

Money because gold is heavy. Instead of using it when you buy things, they replaced it with paper money. Thus came this idea. Now, the Chinese are the first to want to move on from cash. You’ll stop using cash forever

Going to a china cashless society.

Banks. Let me explain it to you this way. The client has a debit or a credit card to buy something, you need to use this card, for instance, you paid $50 to buy from the seller. The bank is the mediator. The seller receives less than 50 dollars, receives forty seven dollars. Where is three dollars? It goes to Commission Bank Commission, Card Commission, the seller’s bank and the payment method. Then came an app called WeChat in China and cancel this idea.

Wechat is the biggest mobile app in China right now, and one of the biggest in the world

Country is becoming cashless. America’s banks are afraid of this. When I went to Shenzhen and also Shanghai, everything works with QR code with touch. You touch the phone and bam. The up for everything. That’s how they call it super app.

Why when you pay for something, how do you pay for it? Mobile phone cash is definitely not king.

This WeChat application and Alipay, of course, Alipay belongs to Alibaba Company. Wechat is like WhatsApp, but imagine using only WhatsApp. You can do all purchase operations, juice fruits, get a handyman, use a QR code

From the farmers market from closing the store. They’re used to pay for bike rides and bus rides.

This WeChat application and Alipay, of course, Alipay belongs to Alibaba Company. Wechat is like WhatsApp, but imagine using only WhatsApp. You can do all purchase operations, juice fruits, get a handyman, use a QR code

china cashless society From the farmers market from closing the store. They’re used to pay for bike rides and bus rides.

This is a table. He sells mango, apples and bananas selling using WeChat. You won’t need any cash. You scan this buy and move on. It’s not even a supermarket or a shop, just a table. If you make a mistake, they reimburse you from the QR code itself from their account. You won’t wait for three to 10 days for the bank to get the money back. Half the Chinese don’t have bank accounts. How do they pay?

What do you think of people who use cash to pay for things? Yes, that’s rare and weird, he says. Only the elderly and people who don’t know how to use a phone, pay cash,

Download the app and you’ll have a bank account. Transfer everything people send you, you send them, you receive your salary.

You can give a homeless person money with your phone. You would never see that in the U.S..

All you have to do is scan that code to transfer money.

Shanghai got to a point where they don’t use cash, ever.

Can you show me your wallet? I. There’s no cash in Shanghai. I mean, as long as you have a battery, your cell phone, you can pay everything with Alipay or WeChat Pay, so you don’t need cash. No cash here. Yeah, like here if you want. You have to understand that as a and you can’t your cell phone. Oh, so you just scan this and then you order everything through the app and bid. Yeah, and they’ll pay from here. Every place. Yeah, every place. This is small stories like not very big. Yeah, everywhere you can pay with them everywhere. No one use cash anymore. Yeah.

You bid. Yup. It’s a loss for all banks. However, China has another purpose from this. You’re being watched

Alibaba and Tencent to collect so much information

About you by the government. All transactions you do through WeChat, you’re connected to the government when you sign up. You give all your information. The app knows how much you paid and what you buy and what you receive.

You know what you buy. They know where they know where you’re buying it. They know how much you’re spending.

The government can know everything.

The government can know everything.

The Chinese don’t care about privacy, but it won’t work in the U.S. it would never work. The government oversees every transaction the Chinese make in 2019. It happened to tourists. They found Shanghai got to a point where they don’t use cash, ever.

Can you show me your wallet? I. There’s no cash in Shanghai. I mean, as long as you have a battery, your cell phone, you can pay everything with Alipay or WeChat Pay, so you don’t need cash. No cash here. Yeah, like here if you want. You have to understand that as a and you can’t your cell phone. Oh, so you just scan this and then you order everything through the app and bid. Yeah, and they’ll pay from here. Every place. Yeah, every place. This is small stories like not very big. Yeah, everywhere you can pay with them everywhere. No one use cash anymore. Yeah.

You bid. Yup. It’s a loss for all banks. However, China has another purpose from this. You’re being watched

Alibaba and Tencent to collect so much information

About you by the government. All transactions you do through WeChat, you’re connected to the government when you sign up. You give all your information. The app knows how much you paid and what you buy and what you receive.

You know what you buy. They know where they know where you’re buying it. They know how much you’re spending.

you can connect this to your visa card and use the application. If you think about it, this can happen soon. Right now, with social distancing and cash can transmit viruses so soon, this can really happen. We give up using cash. That’s what the world is working on right now. I want to tell you this the last time she held cash was three years ago.

So the last time you hold cash three years ago, it was like two years. Maybe you never hold a cash. I just didn’t have to. You do need right. I don’t need to. I just when I was living in Shanghai, I just QR code my way through everything. With the WeChat, you pay everything. Literally everything. Pretty much. Yeah, even small shops like, yes, water, water,

Anything, everything through WeChat, WeChat controlled the world.

So you miss the cash? No, I hate it. I hate it. It’s annoying because then you can’t just transfer someone else money. I hate cash

Money. When she saw cash on me, she was shocked. Well, he asked, Cash. That’s weird. This guy lives in, though

 

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