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The road to cashless societies


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The shift to cashless is challenging cash’s reign as the dominant medium of exchange as people increasingly replace their wallets with smartphones.

 

https://www.ubs.com/global/en/wealth-management/chief-investment-office/key-topics/2018/cashless-societies.html?campID=SOME-CASHLESS-GLOBAL-ENG-TWITTER-UBS-HOMEPAGE-SKOREA-09052018-BANNER-ANY-ORGANIC&hootPostID=d0649d2c671dbb0ad3a583457c914f71#How_Asia_moves_cashless

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This is so true. I do a lot of work in India and they are leaving the world behind with regards to digitisation in the Payments space. There was over circa 120 different digital wallet players in India - I believe there will be something of a rout now that the government has changed the rules and all wallets need to be fully KYC’d, only the big boys will remain. By PayTM for instance now has over 400m registered users and you can use it to pay pretty much anywhere.

for those folks who’s world view is primarily the US, UK or EU (I’m UK based) it’s truly another world out there in developing markets. Some of these places can barely build a road, protect their citizens from each other or provide clean drinking water for half the population. But the stuff that’s going on in the digital payments space is unreal. 

The opportunities for crypto - and in particular XRP with its speed and low cost - haven’t even begun to reveal themselves ..... yet!

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