The future of money three ways to go cashless

Around?the?world,?the?trend?towards?a?cash,?the?society?is?accelerating.?But?what?will?that?digital?future?look?like?and?how?will?it?vary?across?the?globe??The?economist?correspondents?share?their?insights?on?the?major?digital?payment?systems?in?three?key?market.?There?have?been?set?of?a?few?winners?from?this?trend,?which?sort?of?really?accelerated?during?cavin?in?nineteen,?during?the?pandemic,?when?people?were?set?of?having?to?shop?for?everything?from?home.?In?particular,?in?places?like?the?us,?people?have?been?used?news?cards?more?and?more?as?payments?have?shifted?more?digitally.?

The?reason?that?network?is?so?sort?of?entrenched?and?so?resilient?because?it?has?an?extremely?sort?of?clever?underlying?model,?which?is?that?the?card?issuers,?these?are?in?master?card?charge?enormous?fees?to?the?merchants,?the?sort?of?shoppers?say,?you?know,?your?your?coffee?shop?or?or?insight?of?amazon?and?wolberg.?And?those?merchants?feel?like?they?should?have?have?to?pay?those?fees.?They?have?to?accept?these?cars?because?they?also?ubiquitous?us.?

Most?of?that?fee?sort?of?a?outed?to?the?the?issuing?bank?of?janie?Morgan?chase?or?city?bank?uh?or?whoever?should?have?issued?the?credit?card?that?you're?using.?But?they?use?that?fee?to?then?pay?the?consumers?who?use?those?cards?that?have?really?enormous?rewards.?So?this?is?the?sort?of?m?miles?or?hotel?points?or?cash?back?that?americans?have?become?sort?so?accustomed?to?receiving.?

Uh?the?cards?also?come?with?out?of?huge?amounts?of?sort?of?consumer?protection.?Uh?so?you?know?if?something?isn't?delivered?as?a?described?doors?of?an?airline,?councils?or?ticket,?you?have?recourse?through?these?credit?card?companies?and?they've?afford?to?have?all?of?those?luxuries?because?the?fees?are?so?high.?And?so?it?is?very?difficult?to?see?so?of?what?could?could?disrupt?that?model?because?consumers?love?to?use?these?cards?and?and?merchants?feel?like?they?have?to?accept?them.?

When?india?is?doing?is?really?a?fundamentally?different?model,?then?you?know?what?we?have?in?the?west?are?really?what?uh?you?know?china?has?with?digital?payments.?Um?so?it's?called?unified?payment?interface?or?UII.?It's?now?the?largest?digital?payment?network?in?the?country?of?process.?

The?trillion?dollars?in?transactions?last?year,?that's?about?a?third?of?india?GGDPH.?And?the?way?it?works,?the?government?has?set?up,?uh?you?know,?a?nonprofit?that's?partially?owned?by?the?central?bank.?And?baby?sits?in?the?middle?of?every?uh,?mobile?transaction?in?the?country.?Um?so?there?are?lot?of?banks,?a?lot?of?fin?tech?wallets?in?india,?just?like?other?countries.?

But?what?theyve?done?if?if?they?made?them?all,?uh,?talk?to?each?other,?uh?it?called?interOperate?ability?where?the?UPI?system?sits?in?the?middle?of?each?one?and?they?have?a?common?set?of?standards?and?API?the?law?allows?for?payments?between?um?my?bank?account?and?your?bank?account?directly?facilitated?by?a?syntax?APP?in?the?PI?system.?Uh?so?so?different?then?uh?you?know?the?west?because?there's?no?need?for?a?credit?card?network.?Uh?and?so?you?know?people?who?only?have?a?mobile?phone?and?may?not?have?a?credit?history?and?might?not?be?able?to?get?into?the?financial?system?otherwise?are?now?able?to?do?digital?payments.?

Um?I?think?that's?like?a?pretty?big?change?for?a?country?that?was?previously?mostly?are?using?cash.?One?of?the?things?that?so?fascinating?is?how?a?shift?towards?these?type?of?payments?can?unlock?a?whole?range?of?other?changes?within?the?financial?system?as?people?have,?uh,?more?data?generated?about?their?transaction.?So?it?changes?their?credit?worthiness,?which?in?turn?might?change?their?ability?to?get?insurance?or?loans.?

How?is?that?playing?out?of?india??Loan?provision?has?basic?taken?off,?uh,?you?know,?as?a?result?of?the?data?produced?by?UP.?I,?they?have?a?system?where?you?can?basically?export?your?data.

H?lets?you?are?using?one?payment?upper?or?one?bank.?you?can?export?data?as?call?the?account?aggregator?system,?and?then?you?can?import?it?into?another，you?know?a?financial?services?environment.?So?basically?allows?you?to?kind?of?our?own?your?data?a?and?and?then?get?you?know?financial?services?from?anyone.?

And?I?think?that that?like?kind?of?linkage?between?payments?and?other?financial?services?is?what's?really?taking?off?around?the?world.?okay.?So?we?have?the?newest?model,?I?think?it's?fair?to?say,?are?one?of?the?newest?models?in?india.

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You?have?this?sixty?year?old?model?in?amErica?and?europe?with?the?bank?card?system.?And?then?in?china,?you?have?something?different,?right,?which?is?is?neither?uh?you?have?a?statistic?in?your?report?origin?about?how?alipay?in?in?which?had?control?about?ninety?percent?of?digital?payments?in?in?china.?And?I?remember?the?last?time?I?was?in?china,?this?is?prepare?demand,?but?to?pay?for?something?with?my?credit?card.?

And?it?was?even?at?a?western?chain,?I?think?it?was?a?starbucks.?And?they?had?to?go?to?the?backs?and?get?out?a?credit?card?machine?and?plugged?in?because?everyone?else?was?paying?with?their?phones.?And?so?tell?us?for?people?who?might?not?be?familiar?what?that?payment?system?looks?like?and?what?its?longevity?as?you?think?in?china?or?how?it?might?might?be?your?elsewhere.?

So?it's?not?an?open?system?like?U,?P,?I?is.?But?it's?also?not?like?a?car?network,?uh,?uh,?have?the?us?works?rather?it's?you?know?authentick?APP?or?two?as?you?mentioned,?oi?pay?and?rica?pay?and?they're?clothes?networks.?That?means?a?you?know?you?can?typically?only?pay?from?one?alipay?account?to?another?alipay?account,?from?one?reach?up?pay?account?to?another?reach?up?pay?account.?

And?the?reason?why?the?the?the?system?kind?of?took?off?the?way?it?did?is?because?in?two?thousand?eleven,?uh?you?know?know?alipay?financial,?they?basically,?uh?you?know?at?the?time?as?alibaba,?they?basically?launched?uh?uh?uh?AQR?code?system?where?you?could?basically?scan?ARR?coat?at?emerged?shop?and?then?you?could?pay?directly?and?that?was?really?ground?breaking?because?previously?you?needed?expensive?card?readers?as?you?mention.?Uh,?which?you?know?a?lot?of?businesses?in?emerging?market,?you?know?don't?really?want?to?spend?money?on,?which?is?why?they?would?prefer?cash?like?you?are?code?are?super?cheap.?You?just?you?know?you?know?a?slap?a?sticker?on?your?storefront?and?then?you?can?start?accepting?digital?payments.?

And?by?then,?smartphones,?we're?getting?you?know?becoming?ubiquitous.?So?that?kind?of?what?allowed?all?you?pay?to?really?take?off?and?then?reach?out?pay?was?able?to?basic?copy?it?and?grow?because,?you?know?we?chat?was?used?for?messaging,?right??It's?kind?of?like?you?know?ubiquitous?as?like?a?facebook?is?in?the?west.?

Uh?and?so?you?know?everyone?was?already?boarded?on?their?platform,?so?it?was?very?easy?for?them?to?kind?of?already?have?the?network?effects?built?in?and?then?simply?add?the?payment?business?on?top?of?that.?And?so?just?to?give?you?context?some?context?of?the?numbers,?you?are?invention?the?ninety?percent?of?statistics,?right,?ninety?percent?of?digital?payments?were?happening?on?these?two?platforms?is?also?hugely?valuable?business?because?the?other?services?they?put?around?uh?the?payment.?So?you?know?alipay?got?AH?financial?really,?really?lending?right?um?you?know?right?before?a?covin?uh?you?know?something?around?twenty?percent?of?all?short?term?consumer?credit?with?original?via?financial?which?is?you?know?insatiate?you?think?about?you?know?how?much?money?is?going?into?lending?in?these?countries。

I?supposed?to?IPO?for,?you?know,?three?hundred?billion?dollars,?but?of?course,?that?was?blocked?by?the?government.?And?in?in?fact,?you?know,?the?kind?of?presence?of?this?type?of?dominant?huma?provider?that?controls?so?much?of?the?financial?system?was?a?it?scary?to?the?to?the?chinese?government,?which?is?why?they?end?up?doing?what?they?did?and?that?was?was?actually?you?know?uh?a?one?of?the?motivations?for?why?U.?P.?

I?was?designed.?The?it?was?is?so?the?system?didn't?create?such?huge?um?individual?player?that?group?controls?so?much?of?finance.?This?video?is?part?of?a?longer?discussion?between?the?economist?journalists.?If?you?are?subscriber,?you?can?watch?the?whole?thing.?Please?click?this?link?you?next?time.?

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